Exclusive: Agrostar raises fresh funds from existing investors

Agritech startup Agrostar has raised Rs 57.65 crore or $6.7 million in a fresh round from existing investors. This is the first round of investment for the Accel-backed company this year.

The board at Agrostar has passed a special resolution to issue 1,45,397 compulsory convertible preference shares at an issue price of Rs 3,965 each to raise Rs 57.65 crore, its regulatory filing accessed from the Registrar of Companies shows.

Existing investors Accel India, Evolvence, Chiratae Ventures, Hero Enterprises, Bertelsmann, and Aavishkaar India participated during the round. According to Entrackr’s estimates, the company has been valued at around $293 million post-allotment.

Agrostar operates as a comprehensive platform catering to farmers, offering both online and offline channels for farm advisory solutions and agricultural inputs. Agrostar generates revenue from the sale of agri inputs.

Agrostar has raised over $110 million to date, including $70 million Series D led by Schroders. According to the startup data intelligence platform TheKredible, before this round, Chiratae Ventures was the largest external stakeholder, followed by Aavishkaar Capital, Accel, and Bertelsmann.

The company last filed its financial statements in FY22, where it recorded 88.4% year-on-year growth to Rs 260 with the loss of Rs 142 crore in the same period. It competes with Ninjacart, DeHaat, and Waycool.