Agritech startup Nutrifresh books Rs 14 Cr PAT on Rs 145 Cr revenue in FY25

Agritech startup Nutrifresh Farms delivered another strong performance in FY25, nearing Rs 150 crore in operating revenue with a 50% year-on-year growth. Significantly, the Pune-based company’s profit also rose 55%  in the fiscal year ending March 2025.

Nutrifresh Farms reported 50% year-on-year growth in its operating revenue to Rs 145.22 crore in FY25 against Rs 96.82 crore in FY24, according to the company’s consolidated financial statements filed with the Registrar of Companies (RoC).

Founded in 2019, Nutrifresh Farms uses hydroponic technology to grow pesticide-free fruits and vegetables in climate-controlled farms. Operating largely on a B2B model, it supplies fresh produce to clients like Zepto, Swiggy Instamart, Blinkit, McDonald’s, and Spar, and also offers customized salads through subscriptions.

Sale of fresh produce and salads was the sole source of operating revenue for the company. The firm also earned Rs 4.55 crore on interest on deposits which took its total income to Rs 149.77 crore in the last fiscal year.

Procurement of materials accounted for 72% total expenses for Nutrifresh which stood at Rs 96.12 crore. This cost surged over 70% in FY25 from Rs 56 crore in the previous fiscal year. Employee benefit expenses also increased by 70% to Rs 10.96 crore while depreciation and amortization expenses accounted for Rs 10.4 crore.

Finance cost, rent, transportation cost and other overheads led the overall expenses for the firm to Rs 134.25 crore in FY25 which rose by 48%.

Driven by a 50% rise in operating scale, Nutrifresh Farms recorded a 55% jump in operating profit to Rs 13.86 crore in FY25 from Rs 8.94 crore in FY24. The company’s EBITDA margin and ROCE improved to 17.31% and 5.6%, respectively. On a unit level, the company spent Rs 0.92 to earn every rupee of operating revenue in the last fiscal year.

According to startup data intelligence platform TheKredible, Nutrifresh Farms has raised approximately $20 million across two funding rounds, including a $5 million seed round in May 2022.

Nutrifresh is a firm that many aspiring entrepreneurs will be tracking, as making a business out of hydroponics farming makes a lot of sense in India. As costs drop, the market will also expand to offer bigger opportunities, and Nutrifresh has done well to turn out profits at the current scale.  Focusing on B2B segments has allowed Nutrifresh to avoid heavy marketing expenses for now, something it will have to relook at some stage if it scales up. Major issues like wastage and  spoilage that lead to higher end prices will also need to be tackled to match global standards and ensure quality delivery. Will Nutrifresh be the firm that shows the way? Time will tell, as aiming that high comes with its own risks and we don’t think the Nutrifresh team will be in a hurry to bet the house for growth yet. By making rapid progress from Seed round to the next level, the founders face the unenviable choice of settling in for steady returns for themselves and their investors, or risking it all for an exponential jump.