Agritech startup Arya.ag raises $29 million from existing investors: Report
Summary
Noida-based agritech startup Arya.ag has raised Rs 242.36 crore (approximately $29.2 million) in its latest funding round, which was led by existing investors, including Asia Impact and Quona Capital, through Quona Blue Earth and Accion Quona.The board of Arya.ag has passed a special resolution to issue 53,695 CCPS at an issue price of Rs 45,137 each to raise the aforementioned sum ($29.2 million), Entrackr reported, citing the companys regulatory filing accessed from the RoC.Post-allotment, Arya.ag is valued at approximately Rs 2,700 crore, or $325 million. So far, The startup has raised around $110 million from investors.What does Arya.ag do?Founded in 1982 by Prasanna Rao, Arya.ag operates as a grain commerce platform that connects agricultural producers (sellers) with buyers. The startup also provides ancillary services such as warehousing and debt to farmers through third-party lenders.Unlike other startups, Arya.ag is profitable, with its gross scale growing 49.48% year-on-year to Rs 290 crore in FY23.The startups profit increased elevenfold to Rs 7.58 crore during the same period. In FY24, It reported a net revenue of Rs 360 crore with a net profit of Rs 17 crore.