B2B Agritech Startup Bijak Experiences Revenue Decline

B2B agritech startup Bijak is witnessing a consistent decrease in gross revenue for the second year in a row, reporting a 25% year-on-year drop for the fiscal year ending March 2025. The company’s losses escalated by 11%, reaching Rs 61 crore during this timeframe.

According to its annual financial statements submitted to the Registrar of Companies, Bijak’s gross revenue, measured as gross merchandise value (GMV), fell 25% to Rs 551 crore in FY25 from Rs 732 crore in FY24, following a peak of Rs 807 crore in FY23.

About Bijak

Established in 2019, Bijak is a B2B agri-commodities trading platform that streamlines the sourcing of agricultural supplies while offering logistics and working capital support to its suppliers.

Revenue Breakdown

The sale of agricultural products through its applications—Bijak Mandi, Vyapaar, Global, and Just Fresh—constituted over 99% of its FY25 revenue, amounting to Rs 548 crore. The remaining income was derived from commission, logistics, and interest.

Additionally, Bijak earned Rs 6 crore from interest on deposits and current investments, bringing its overall income to Rs 557 crore in FY25.

Expenditure Analysis

For B2B commodity suppliers, the procurement of agricultural commodities represented 87% of total expenses, which decreased by 25% to Rs 538 crore in FY24 in line with operational scale.

Employee benefits, comprising only 4% of total costs, accounted for Rs 25 crore in the last fiscal period. Various factors, including expenses related to advertising, doubtful debts, payment gateways, logistics, brokerage, and other overheads, contributed to the total expenditure of Rs 618 crore in FY25, marking a 22% reduction from FY24.

Financial Performance

As a result of both revenue and expenses declining at a similar rate, Bijak’s losses rose by 11% to Rs 61 crore in FY25, compared to Rs 55 crore in FY24, as the cost reductions were insufficient to compensate for the income shortfall.

Its return on capital employed (ROCE) and earnings before interest, taxes, depreciation, and amortisation (EBITDA) were reported at -285% and -10.13%, respectively. On a per-unit basis, the company spent Rs 1.12 to generate every rupee in FY25.

Moreover, Bijak’s current assets and cash & bank balance saw a significant decline, recorded at Rs 47 crore and Rs 21 crore, respectively, as of March 2025.

Funding and Stakeholders

The Gurugram-based company has successfully raised approximately $33 million to date, including a $20 million Series B funding round in January 2022, which was led by Peak XV and Omidyar Network, valuing the company at around $163 million. Peak XV’s Surge Ventures remains the major external investor with a 13.8% stake, followed by Bertelsmann and Omidyar Network.