Agritech innovator Fasal has secured $12 million in a Series A funding round led by TDK Ventures and British International Investment (BII), signaling a major stride in fortifying its B2B brand, Fasal Fresh, and investing in cutting-edge research and development.
Key Highlights:
- Strategic Funding: Fasal’s Series A funding of INR 100 Crore ($12 Mn) involves key investors such as TDK Ventures, BII, ITI Growth Opportunities Fund, Navam Capital, and Aureolis Ventures. Existing backers, including 3one4 Capital, Omnivore, Wavemaker Partners, Genting Ventures, and The Yield Labs Asia Pacific, also participated.
- B2B Expansion: The fresh capital infusion positions Fasal to scale up and extend the reach of its B2B brand, Fasal Fresh, not only in India but also in Southeast Asia. Fasal Fresh serves as a vital component in Fasal’s commitment to optimizing the agricultural value chain while ensuring fair returns for farmers.
- Technological Advancements: Fasal plans to channel funds into advanced research and development, particularly focusing on enhancing its proprietary farm IoT-crop intelligence technology. This precision horticulture platform leverages AI, crop sciences, and IoT to provide farm-specific intelligence for optimized resource utilization and increased productivity.
- Carbon-Negative Horticulture Value Chain: A portion of the funding will contribute to the development of a carbon-negative horticulture value chain. This aligns with Fasal’s dedication to sustainable farming practices and delivering high-quality, traceable produce through an end-to-end optimized value chain.
- Previous Fundraising Success: Fasal’s Series A funding follows its successful Pre-Series A round in 2021, where it raised $4 million led by 3one4 Capital, Omnivore, and Wavemaker Partners. The consistent support from investors underscores the confidence in Fasal’s vision and technological prowess.
Founders’ Vision:
Co-founded by Shailendra Tiwari and Ananda Verma in 2018, Fasal envisions an expanded footprint from 75,000 acres to 500,000 acres, leveraging technology to provide farmers with access to sustainable crop inputs, farm-level crop insurance, and working capital at lower interest rates. The strengthened B2B brand, Fasal Fresh, aims to provide buyers with sustainably grown, high-quality, and traceable horticulture produce.
Transforming Agriculture Landscape:
Fasal’s funding arrives at a crucial juncture as the agritech sector in India undergoes a significant transformation. Traditional farming practices are being reshaped by innovative technologies, ushering in a data-driven era for agriculture. The investment in Fasal reflects the broader trend of increasing interest and investment in agritech startups, recognizing their potential to revolutionize the agricultural landscape in India.
