Key Highlights
- Unnati Agri’s revenue crosses Rs. 500 crore in FY24, marking 30 percent year-on-year growth.
- Despite a 14 percent rise in losses, Unnati Agri keeps expenses in check while scaling operations.
- Backed by NABVENTURES and VSS Investco, Unnati supports farmers with a full-stack agri platform.
Crossing Rs 500 crore in revenue, Unnati Agri was on a growth path in the fiscal year ending March 2024. Although losses climbed by 14 percent compared to the same time last year, the company managed to keep them under control.
As per the Registrar of Companies, in FY24, Unnati Agri generated Rs. 515 crore from its operations, a 30 percent boost from the Rs. 397 crore achieved during FY23.
Farmers use Unnati to purchase agri-supplies and deliver their goods directly to buyers in the food industry, with 99 percent of Unnati’s revenue earned from those interactions. It includes both harvest support insurance and working credit for farmers, all on one platform.
Approximately 88 percent of all costs were caused by spending on materials. The costs in FY24 were up 27 percent at Rs. 469 crore from Rs. 370 crore reported in FY23. Charges billed for discounted products rose by more than 100 percent to Rs. 31 crore, compared to Rs. 15 crore previously. Benefits for employees rose to Rs. 15 crore and other expenses went up to Rs. 18 crore.
In all, the firm supported by Orios Venture saw its overall expense rise by 29 percent, from Rs. 412 crore in FY23 to Rs. 533 crore in FY24. For further information on spending, please take a look at TheKredible.
Revenue increased even though the company’s losses climbed from Rs. 14 crore in the previous year to Rs. 16 crore this year. The company had ROCE of -17.19 percent and EBITDA of -2.03 percent over the same time period. The company spent Rs. 1.03 for every rupee of operational revenue it earned in FY24.
The company’s total assets increased to Rs. 144 crore for FY24, with current assets at Rs. 141 crore. As per March 2024, the company had Rs. 34 crore in cash and bank accounts as a safeguard.
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As shown by TheKredible, Unnati Agri has raised about $14 million in funding and has been helped by NABVENTURES and VSS Investco as lead investors. Amit Sinha and Ashok Prasad own 44.6 percent of the company between them.
