Unnati Agri Achieves Remarkable Revenue Growth in FY24

Unnati Agri, a pioneering agritech platform that digitalises agricultural value chains, has successfully crossed the Rs 500 crore revenue threshold for the fiscal year ending March 2024. Although losses climbed by 14% year-on-year, they remained manageable during this period.

According to its financial statements obtained from the Registrar of Companies (RoC), Unnati Agri’s revenue from operations surged by 30%, reaching Rs 515 crore in FY24, up from Rs 397 crore in FY23.

Empowering Farmers with Innovative Solutions

Unnati Agri enables farmers to purchase agricultural inputs and directly market their produce to food processors and agribusinesses, generating 99% of its revenue through these transactions. The platform also provides pre- and post-harvest services along with working capital through a consolidated interface.

Expense Analysis for FY24

On the expenditure front, material costs constituted the majority at 88% of total expenses. These costs increased by 27%, amounting to Rs 469 crore in FY24 from Rs 370 crore in FY23. Additionally, discount charges related to incentives and promotions more than doubled to Rs 31 crore from Rs 15 crore. Employee benefits rose to Rs 15 crore, and other expenses climbed to Rs 18 crore.

Overall, the Orios Venture-backed company’s total expenses saw a 29% increase, reaching Rs 533 crore in FY24, up from Rs 412 crore in FY23. For a comprehensive breakdown of expenses, please consult various sources.

Financial Performance Indicators

In spite of achieving substantial revenue growth, Unnati Agri’s losses slightly escalated to Rs 16 crore in FY24, compared to Rs 14 crore in FY23. Its ROCE and EBITDA were recorded at -17.19% and -2.03%, respectively. On a per-unit basis, the company incurred a cost of Rs 1.03 to generate one rupee of operating revenue in FY24.

Total Assets and Liquidity

Unnati Agri’s total assets increased to Rs 144 crore in FY24, with current assets totalling Rs 141 crore. By March 2024, the firm had Rs 34 crore in cash and bank balances, providing a liquidity safety net.

Funding and Ownership Structure

According to a startup data intelligence platform, Unnati Agri has successfully raised around $14 million in funding to date, with NABVENTURES and VSS Investco as its main investors. The co-founders, Amit Sinha and Ashok Prasad, collectively hold a 44.6% stake in the company.