Aquaculture tech startup AquaExchange reports Rs 104 crore revenue in FY24; losses jumps 92%

Bhimavaram-based aquaculture technology startup AquaExchange reported a significant 36% revenue growth for the fiscal year ending March 2024.

According to Entrackr's report, the startup's revenue from operations reached Rs 104.88 crore, up from Rs 76.73 crore in FY23.

Including other income sources, AquaExchange’s total revenue stood at Rs 105.10 crore for FY24, showcasing a steady growth despite a challenging market environment.

In January 2024, the startup raised $6 million in a Series A funding round led by Ocean 14 Capital, with participation from existing investors Endiya Partners and Accion Venture Labs.

Product innovation in aquaculture

Founded to address the unique needs of aquaculture farmers, AquaExchange offers technology-driven solutions aimed at increasing crop yields, reducing hazards, and addressing rising input costs.

The startup's product line includes the PowerMon for power management and AquaBot for automating feeding processes, both designed to boost productivity and efficiency.

Rising operational expenses impact profits

While AquaExchange achieved revenue growth, its expenses rose steeply in FY24, significantly impacting profitability.

Total expenses for the year reached Rs 117 crore, a jump from previous levels. A major contributor to this rise was the cost of materials, which climbed from Rs 71.18 crore in FY23 to Rs 94.36 crore in FY24.

Employee benefit expenses also surged by 3.85 times to Rs 13.10 crore, reflecting the company’s continued investment in talent to support its growth goals.

Furthermore, finance costs nearly tripled, indicating higher borrowing or increased interest rates, and depreciation expenses rose to Rs 3.18 crore as AquaExchange continued investing in technology infrastructure.

Increased losses amid revenue growth

Despite the revenue growth, AquaExchange faced an increase in losses, with net losses reaching Rs 9.35 crore in FY24, representing a 92% rise from the previous fiscal year.

This spike in losses is attributed to the rising operational costs, particularly in employee expenses, material costs, and financing.