Agritech startup Clover Ventures kicked off a Series B round in September last year and raised $8 million led by IvyCap Ventures. The infusion was followed by more than three-fold growth in scale during the financial year ending March 2022.
Clover’s gross revenue from operations grew 3.3X to Rs 44.34 crore in FY22 as compared to Rs 13.3 crore in FY21, the company’s annual financial statement with the Registrar of Companies shows.
The company also posted a non-operating revenue of Rs 36 lakh, which includes interest on fixed deposits, sublease rent, and others – driving the total revenue to Rs 44.7 crore.
Founded by Avinash BR, Gururaj Rao, Arvind Murali, and Santhosh Narasipura, Clover Ventures is a demand-driven full-stack agronomy-focused supply chain platform for perishable fruits and vegetables.
It partners with farmers across India to market premium quality, branded, greenhouse-grown fresh produce through B2B and B2C channels. To date, the startup has raised around $15 million to date from IvyCap Ventures, Accel Partners, Omnivore among others.
As per its expense sheet, the cost of materials emerged was the biggest cost and accounted for over 41% of the total expenditure. The cost ballooned 2.5X to Rs 29.76 crore in FY22 from Rs 12.07 crore in FY21.
Employee benefit expenses went up around 37% to Rs 15.36 crore, whereas advertising promotional and packing materials expenses blew 3.7X and 4.2X to Rs 9.36 crore and Rs 2.5 crore, respectively.
Overall, Clover’s annual expenditure surged over 86% to Rs 72.16 crore in FY22 from Rs 38.75 crore in FY21.
Even as the total expenses rose 86%, the noticeable growth in topline helped Clover control losses, which surged only 14.4% to Rs 27.45 crore in FY22 against Rs 24 crore in FY21. On a unit level, the Bengaluru-based company spent Rs 1.63 to earn a rupee of operating revenue during FY22.