Full-stack horticulture startup Fasal has raised Rs 100 crore in a Series A funding round led by TDK Ventures and British International Investment (BII) and contributions from ITI Growth Opportunities Fund, Navam Capital and Aureolis Ventures.
The round also saw participation from all its existing investors including 3one4 Capital, Omnivore, Wavemaker Partners, Genting Ventures, and The Yield Labs Asia Pacific.
“With this capital infusion, we plan to expand Fasal’s presence from 75,000 acres to 500,000 acres and enable our technology to deliver more to our farmers by providing them access to sustainable crop inputs, farm-level crop insurance, and working capital at lower interest rates,” Shailendra Tiwari, Founder and CEO of Fasal, said.
“We will provide our buyers with sustainably grown, high quality, and traceable horticulture produce by further diversifying and strengthening our B2B brand ‘Fasal Fresh’,” Tiwari added.
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Founded in 2018, Fasal is a precision horticulture company that uses a patented Internet of Things (IoT)-crop intelligence technology to reduce irrigation water consumption, minimise pesticide usage, curb greenhouse gas emissions, and increase crop yields and quality.
“By supporting the development of Fasal’s climate-smart solutions, we will be able to reach more smallholder horticulture farmers, helping them become more resilient to the impact of climate change which is greatly affecting the agriculture sector,” Srini Nagarajan, Managing Director, and Head of Asia for BII said.
Fasal previously raised a $4 million pre-Series A round led by 3one4 Capital with participation from existing investors Omnivore and Wavemaker Partners.
Edited by Affirunisa Kankudti
