Exclusive: Ayekart to raise new round with 2.8X valuation surge

Ayekart, a full stack agri-food network is all set to raise Rs 65 crore (approximately $7.4 million) in a fresh round of funding from Vihu Hospitality Pvt Ltd and Enchant Packaging Pvt Ltd.

This funding follows its $6.5 million Series A round raised in February 2024 led by Omnivore, Siana Capital and Unleash Capital.

The Ayekart’s board passed a special resolution to approve the issuance of 5,333 equity shares at an issue price of Rs 1,21,862 each to raise the above-mentioned capital, according to its filing with the Registrar of Companies.

Vihu Hospitality will lead the round with a Rs 35 crore investment, while Enchant Packaging will participate with Rs 30 crore.

The proceeds will be used to expand the retail and distribution business, and to strengthen sourcing, processing, and the supply of raw materials, the filing added.

As per the filing, the company is likely to raise additional funds, with total fundraising expected to reach up to Rs 150 crore. Existing investor Omnivore is also expected to participate in the ongoing Series B round with an investment of up to Rs 35 crore.

According to Entrackr’s analysis, the firm’s valuation will soar 2.8X to Rs 1,331 crore or $151 million post money from Rs 474 crore valuation in its previous round.

Founded in 2020, Ayekart is a vertically integrated agri-food platform that connects farmers and FPOs for sourcing, processes commodities through partners, and distributes products via a growing FMCG network. It provides services such as quality checks, logistics, payments, and traceability using proprietary tech.

According to startup data intelligence platform TheKredible, the Mumbai-based company has raised over $13 million to date. After the allotment of this round, new investors Vihu Hospitality and Enchant Packaging will hold 2.63% and 2.25% stakes, respectively, while Omnivore will remain the largest external shareholder with 13.71%. Co-founder and CEO Debarshi Dutta will retain a 25.91% stake in the firm.

For the fiscal year ended March 2024, Ayekart’s Gross Transaction Value (GTV) rose over 2.3X to Rs 1,533 crore from Rs 643 crore in FY23. The company also reported a profit of Rs 94.3 lakh during the period. Its FY25 numbers are yet to be disclosed.