AquaExchange revenue crosses Rs 100 Cr in FY24

Full-stack aquaculture tech firm AquaExchange did not replicate its growth trajectory from FY23, where it achieved a 100% increase in operating revenue. However, the Bhimavaram-based startup managed a 36% increase in revenue for the fiscal year ending in March 2024 compared to FY23.

AquaExchange’s revenue from operations grew to Rs 104.88 crore in FY24 from Rs 76.73 crore in FY23, according to its financial statement.

Other income for AquaExchange also increased substantially to Rs 33 lakh which took its total revenue to Rs 105.10 crore in the last fiscal year.

Four-year-old AquaExchange helps aquaculture farmers leverage technology to increase crop yields, mitigate crop risks and combat rising input costs. Its product portfolio includes power management (PowerMon) and feed automation (AquaBot) devices.

The company’s expenses rose in FY24, driven by increased costs in several key areas including employee benefits. The cost of materials consumed was Rs 94.36 crore, compared to Rs 71.18 crore in the previous year. Employee benefit expenses surged 3.85X to Rs 13.10 crore in FY24. 

To check complete Expense Breakdown visit thekredible.comView full data

Moreover, finance costs grew to Rs 1.98 crore from Rs 0.68 crore, indicating increased borrowing or higher interest expenses. Depreciation and amortization expenses also rose to Rs 3.18 crore in the last fiscal year. At the end, AquaExchange’s total costs stood at Rs 117 crore.

Despite the increase in revenue, AquaExchange’s losses spiked 92% and stood at Rs 9.35 crore in FY24. This higher loss was due to increased expenses across employee costs, finance costs, and depreciation. 

According to startup data intelligence platform TheKredible, AquaExchange has raised nearly $10 million from investors including Ocean 14 Capital, Endiya Partners, and Accion Venture Labs. The company’s founder and chief executive, Pavan Kosaraju, controls stake of over 45% in the business.