Ayekart Secures Rs 65 Crore Funding for Expansion

Ayekart, a leading full stack agri-food network, is poised to raise Rs 65 crore (approximately $7.4 million) in a new funding round from Vihu Hospitality Pvt Ltd and Enchant Packaging Pvt Ltd. This funding follows its successful $6.5 million Series A round in February 2024, which was led by Omnivore, Siana Capital, and Unleash Capital.

According to its filing with the Registrar of Companies, Ayekart’s board has approved a special resolution to issue 5,333 equity shares at an issue price of Rs 1,21,862 each to facilitate this capital raise. The investment round will be led by Vihu Hospitality with a Rs 35 crore contribution, while Enchant Packaging will contribute Rs 30 crore. The funds will primarily be utilised to broaden the retail and distribution business, as well as to enhance sourcing, processing, and the supply chain for raw materials, the filing specified.

The company also indicated plans for further fundraising, expecting the total to reach up to Rs 150 crore. Existing investor Omnivore is anticipated to take part in this ongoing Series B round, potentially investing up to Rs 35 crore.

Startup Superb’s analysis suggests that with this funding, the firm’s valuation will increase to Rs 1,331 crore or $151 million post-money, a substantial growth from its previous valuation of Rs 474 crore.

Ayekart’s Business Model

Founded in 2020, Ayekart operates as a vertically integrated agri-food platform that connects farmers and FPOs (Farmer Producer Organisations) for sourcing, processes commodities through its partners, and distributes products through an expanding FMCG network. The platform is dedicated to providing comprehensive services including quality checks, logistics, payment processes, and traceability through its proprietary technology.

Investment and Stake Distribution

As reported by various startup data intelligence sources, the Mumbai-based company has successfully raised over $13 million to date. Following this funding allotment, new investors Vihu Hospitality and Enchant Packaging will hold stakes of 2.63% and 2.25% respectively, while Omnivore will continue to be the largest external shareholder with 13.71%. Co-founder and CEO Debarshi Dutta will maintain a 25.91% stake in Ayekart.

Financial Performance

For the fiscal year ending March 2024, Ayekart’s Gross Transaction Value (GTV) remarkably increased by over 2.3X, reaching Rs 1,533 crore compared to Rs 643 crore in FY23. Additionally, the company reported a profit of Rs 94.3 lakh for the same period. The figures for FY25 are yet to be made public.