Unnati Agri, a leading agritech platform focused on digitizing the agricultural value chain, has reported significant revenue growth for the fiscal year ending March 2024 (FY24). The company’s operating revenue surged 30% year-on-year, crossing the ₹500 crore milestone, despite a slight increase in losses.
Robust Revenue Growth in FY24
According to Unnati Agri’s financial statements filed with the Registrar of Companies (RoC), the company’s revenue from operations reached ₹515 crore in FY24, up from ₹397 crore in FY23. This growth reflects the company’s expanding presence in India’s agritech ecosystem.
Unnati Agri generates 99% of its revenue by enabling farmers to purchase agri-inputs and sell their produce directly to food processors and agribusinesses. Additionally, the platform offers pre- and post-harvest services and provides working capital support, creating a comprehensive solution for India’s farming community.
Expense Breakdown and Financial Metrics
While revenues grew substantially, total expenses rose by 29% to ₹533 crore, up from ₹412 crore in FY23. The majority of this increase was attributed to rising material costs, which accounted for 88% of total expenses, growing to ₹469 crore from ₹370 crore the previous year.
Other notable expenses include:
- Discount charges: ₹31 crore in FY24 (vs ₹15 crore in FY23)
- Employee benefits: ₹15 crore
- Other operational costs: ₹18 crore
Losses Marginally Higher, Efficiency Maintained
Unnati Agri’s net loss increased slightly by 14% to ₹16 crore in FY24, compared to ₹14 crore in FY23. Despite this, the company managed to keep operational efficiency relatively stable:
- Return on Capital Employed (ROCE): -17.19%
- EBITDA margin: -2.03%
- Cost to earn ₹1 in revenue: ₹1.03
Strong Asset Base and Liquidity Position
As of March 2024, Unnati Agri’s total assets stood at ₹144 crore, with ₹141 crore in current assets. The company held ₹34 crore in cash and bank balances, providing a strong liquidity cushion to support ongoing operations and future growth.
Backed by Notable Investors
To date, Unnati Agri has raised around $14 million in funding, with NABVENTURES and VSS Investco as key investors. The company is also backed by Orios Venture Partners, further validating its business model and growth potential.
Co-founders Amit Sinha and Ashok Prasad together own a 44.6% stake in the company, highlighting strong promoter involvement and commitment to long-term value creation.
