Agri-digital platform BigHaat Agro has raised Rs 100 crore in a funding round led by JM Financial Private Equity.
Apart from JM Financial Private Equity, Beyond Next Ventures, one of the earlier investors in BigHaat, also participated in the funding round.
Proceeds from the investment will support augmentation of the existing technology infrastructure and accelerate expansion of the BigHaat’s operations, JM Financial Private Equity said in a statement on Thursday.
This marks the closing of the ninth investment by JM Financial India Fund II.
Set up in 2015, the Bengaluru-based BigHaat functions on a unique direct-to-farmer model and seeks to transform the agriculture value chain by leveraging science, data and technology.
The company’s pan-India presence has enabled over 7,00,000 farmers to regularly engage on its platform on a monthly basis. It has been catering to the input needs of farmers in over 13,000 unique pincodes of the country.
BigHaat was founded by first generation entrepreneurs — Sateesh Nukala, Sachin Nandwana and Kiran Vunnam.
“We are extremely bullish on the fundamental shift that we are witnessing in the Indian agriculture sector driven by the increased internet and smartphone usage in rural India,” Darius Pandole, Managing Director & CEO of PE & Equity AIFs at JM Financial, said.
With its strong emphasis on technology and direct connect with the farmers, BigHaat has developed a unique model of aspiring to work alongside the farmers to not only help increasing yields and limiting losses but also to fetch the best price for their end produce, he added.
Sateesh Nukala, Managing Director of BigHaat, said the growth capital infusion and partnership with a seasoned investor like JM Financial Private Equity will help the company accelerate its current expansion plans and expand our reach across the Indian hinterlands.