SUMMARY
- AquaExchange’s revenue from operations reached Rs 104.88 crore in FY24.
- AquaExchange’s total expenses were Rs 117 crore in FY24.
- The company experienced a 92% surge in losses to reach Rs 9.35 crore in FY24.
While Full-stack aquaculture tech company AquaExchange hit a 100% revenue increase in FY23, the startup achieved a growth of 36% in its revenue in FY24.
The Bhimavaram-based company’s revenue from operations reached Rs 104.88 crore in FY24, compared to Rs 76.73 crore in FY23, according to its financial reports.
AquaExchange also saw a substantial increase in other income, rising to Rs 33 lakh, which took its total revenue to Rs 105.10 crore in the year under review.
Operating since its establishment in 2020, AquaExchange aids aquaculture farmers in using technology to increase crop production, reduce agricultural risks, and manage the increasing costs of inputs. Its range of products includes energy management (PowerMon) and feed automation (AquaBot) devices.
The company’s expenditure also increased in FY24, marked by higher expenses in employee benefits, material costs, and depreciation. The material costs jumped to Rs 94.36 crore from Rs 71.18 crore, with employee benefits rising by 3.85X to Rs 13.10 crore in the same period.
Its financial costs rose to Rs 1.98 crore from Rs 0.68 crore, suggesting a reliance on more borrowing or increased interest payments. The costs related to depreciation and amortization also grew to Rs 3.18 crore in the fiscal year. AquaExchange’s total expenses were Rs 117 crore.
Despite the rise in revenue, the company experienced a 92% surge in losses to reach Rs 9.35 crore in FY24, mainly due to escalating costs in employee expenses, finance, and depreciation.
The company has secured nearly $10 million in funding from backers like Ocean 14 Capital, Endiya Partners, and Accion Venture Labs. Pavan Kosaraju, the founder and CEO, holds over 45% equity in the business.
