Full-stack horticulture firm Fasal has raised Rs 100 crore (approximately $12 million) in its Series A round led by TDK Ventures and British International Investment (BII). The round also saw participation from all existing investors including 3one4 Capital, Omnivore, Wavemaker Partners, Genting Ventures, and The Yield Labs Asia Pacific.
Previously, the Bengaluru-based startup had raised $4 million in its pre-Series A round led by 3one4 Capital. In 2019, the startup raised its first funding round of $1.6 million led by Omnivore and Wavemarket Partners.
The fresh proceeds will be used for business expansion in India and Southeast Asia and to promote sustainable horticultural practices worldwide, the company said in a press release.
Founded in 2018 by Shailendra Tiwari and Ananda Verma, Fasal leverages AI, crop-sciences, and IOT to provide crop-stage-specific intelligence enabling resource optimization (water, pesticides, etc) and higher farm productivity.
Under its B2B brand Fasal Fresh, it procures farm produce to secure the best market rates for farmers while optimising the supply chain play.
The startup claims to have worked with horticulture farmers spanning more than 75,000 acres growing crops like grapes, pomegranates, bananas, apples, chilli, and cardamom with its patented IoT-crop intelligence technology.
According to Fasal, farmers leveraging its platform have reduced irrigation water consumption by 82.8 billion liters, pesticide reduction by 127,426 kg, and have increased their yields and quality by up to 30%.
