Agritech Startup BigHaat to Raise INR 37 Cr in Extended Series C Round The funds will also be allocated for general corporate purposes.
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Bengaluru-based full stack agritech platform BigHaat is set to raise about INR 37 crore (USD 4.1 million) from its existing investors in an extended Series C round, according to Entrackr.
Regulatory filings with the Registrar of Companies show that the startup has approved a special resolution to issue 3,39,450 Series C2 preference shares at a price of INR 1,090 each.
The fresh investment is led by JM Financial India, which plans to infuse INR 15 crore. Existing investors Ashish Ramesh Kacholia and Suresh Kumar Agarwal are set to add INR 10 crore each. Several individual backers, including Neeraj Chaudhary, Kapil Dave, Usha Sharma, and Pramod Kumar Lahoty, along with other angel investors, will also participate in the round.
As per the filings, the newly raised capital will be used to meet the company's working capital needs and support capital expenditure aimed at sustaining its current growth. The funds will also be allocated for general corporate purposes.
BigHaat was founded in January 2015 by Sateesh Nukala, Sachin Nandwana, and Kiran Vunnam. The company operates a digital agriculture platform that offers farmers a wide selection of agricultural inputs such as seeds, pesticides, fertilizers, nutrients, and farm equipment.
It also provides advisory services that cover crop health, soil conditions, and weather trends. Farmers can access the platform through a mobile application, website, or phone support in multiple regional languages.
Along with advisory services, BigHaat manages distribution, marketing, and operations for various agricultural needs.
The company has raised around USD 26 million so far, which includes an INR 100 crore round led by JM Financial in January 2022.
