Agritech startup Arya.ag has raised approximately Rs 242.36 crore ($29.2 million) from existing investors, marking its first funding round since January 2022. This latest infusion brings the Noida-based company’s valuation to approximately Rs 2,700 crore ($325 million).
The board of Arya.ag approved a special resolution to issue 53,695 Compulsorily Convertible Preference Shares (CCPS) at an issue price of Rs 45,137 each, raising $29.2 million. The regulatory filing, accessed from the Registrar of Companies (RoC), details that the company received Rs 134.46 crore from previous backers, including Asia Impact and Quona Capital through Quona Blue Earth and Accion Quona.
According to TheKredible estimates, Arya.ag’s valuation post-allotment stands at around $325 million, with the possibility of further funds raising potentially altering this valuation. To date, Arya.ag has accumulated around $110 million in funding, including a $60 million Series C round led by Asia Impact SA, Lightrock, and Quona Capital in 2022.
Lightrock (formerly Aspada Investment) emerged as the largest external shareholder during the Series C round, holding a 17.89% stake, followed by Lightrock Venture with a 12.84% ownership.
Arya.ag operates as a grain commerce platform, linking agri producers (sellers) with buyers and offering ancillary services such as warehousing and debt financing through third-party lenders. The company stands out among its peers by posting a profit for the fiscal year ending March 2023. Arya.ag’s gross scale grew 49.48% year-on-year to Rs 290 crore in FY23, with profits surging 11 times to Rs 7.58 crore in the same period. The company reported a net revenue of Rs 360 crore in FY24 and a net profit of Rs 17 crore, though it is yet to file its audited annual report for the last fiscal year.
Arya.ag faces competition from other agritech firms such as DeHaat, Ninjacart, and Bijak. The company’s continued growth and profitability underscore its significant impact on the agritech sector.
