Agritech Startup Fasal has successfully raised 100 Cr ($12 million ) in Series A funding round led by TDK Ventures and British International Investment (BII). Investors from ITI Growth Opportunities Fund, 3one4 Capital, Omnivore, Navam Capital, and Aureolis Ventures also participated in this round.
The startup previously raised $4 million in a pre-Series A round that was led by 3one4 Capital. In 2019, Fasal raised its first funding round of $1.6 million, led by Omnivore and Wavemarket Partners.
Fasal, which was founded by Shailendra Tiwari and Ananda Verma in 2018, uses AI, crop sciences, and IOT to provide crop-stage-specific intelligence and enable resource optimization.
Regarding the recent investment, Shailendra Tiwari, CEO, of Fasal stated-
“We are delighted to welcome our new investors to the Fasal Family, with TDK Ventures and British International Investments (BII) co-leading this round. Their participation strongly validates the depth of innovation in our patented IoT-crop intelligence technology and its impact on making the horticulture value chain resilient to climate change and carbon-negative. We extend our gratitude to our existing investors for their unwavering faith and support as we reform the horticulture ecosystem,”
Fasal says that by using their platform, farmers have decreased irrigation water consumption by 82.8 billion liters and pesticide consumption by 127,426 kg.
According to Fasal, it has collaborated with horticulture farmers who grow crops such as grapes, pomegranates, bananas, and apples on more than 75,000 acres with its patented IoT-crop intelligence technology.
Srini Nagarajan, MD, and Head of Asia for BII said –
“Providing climate finance is a core part of BII’s strategy in India and Southeast Asia. By supporting the development of Fasal’s climate-smart solutions, we will be able to reach more smallholder horticulture farmers, helping them become more resilient to the impact of climate change which is greatly affecting the agriculture sector. We are impressed by how Fasal has contributed to water conservation and greenhouse gas reduction, as this will ultimately help achieve our planet’s sustainability goals,”