Agritech startup BigHaat's FY23 revenue climbs to Rs 643Cr from 120Cr in FY22

Agritech startup BigHaat has witnessed remarkable growth, with its gross revenue jumping to Rs 643 crore in FY23, five times more than the Rs 120 crore it made in FY22.

The growth is primarily fueled by its focus on market linkages, which constitute 92% of its overall gross revenue, soaring to Rs 594 crore in FY23. The startup leverages technology to revolutionize agricultural practices, offering comprehensive solutions to enhance farmer productivity.

Scaling challenges reflected in losses

Despite the impressive revenue growth, BigHaat's losses have also escalated, rising 5.8X to Rs 35 crore in FY23 from Rs 6 crore in FY22. This increase in losses mirrors the challenges associated with rapid scaling in the competitive agritech landscape.

The startup's cost of procurement, which is its largest expense, surged by 5.4X to Rs 623 crore in FY23, accounting for 92.5% of its total expenditure.

Strategic investments and financial health

BigHaat's strategic investments in technology and market expansion are noteworthy, even as the company navigates financial pressures. The startup has raised a total funding of $29 million and was valued at $58 million in its last funding round.