JM Financial Private Equity leads INR 1,000 mn Series B round investment in BigHaat Agro Pvt. Ltd
JM Financial Private Equity (the “Fund”) has finalized a total investment round of INR1,000 mn, along with co-investors, as a part of Series B fund raise in a Bengaluru based agri-digital platform, BigHaat Agro Pvt Ltd (“BigHaat” or the “Company”), to fund the Company’s current growth plans. Beyond Next Ventures, one of the earlier investors in BigHaat also participated in the fund raise. Proceeds from the investment will support augmentation of the existing technology infrastructure and accelerate expansion of the Company’s operations. This marks the closing of the ninth investment by JM Financial India Fund II.
Set up in 2015, BigHaat functions on a unique direct-to-farmer model and is transforming the agriculture value chain by leveraging science, data and technology. It is impacting a large number of farmers across the country by providing access to over 7,000 SKUs of high quality inputs, end-to-end crop guidance and market linkages for various commodities, thus offering a 360 degree solution to farmers. BigHaat’s industry leading technology also allows farmers to diagnose and receive advice on growth and disease related issues. The Company’s pan-India presence has enabled over 700,000 farmers to regularly engage on its platform on a monthly basis. The Company 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, who have combined their strong technology background and their deep roots in agriculture, to bring about a fundamental shift in the life and earnings of the farmers of the country.
Commenting on the investment, Mr. Darius Pandole, Managing Director & CEO, PE & Equity AIFs, JM Financial said, “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. It’s the start of a decade long story and will eventually go on to digitize the oldest, biggest and employment-wise the most important sector of the Indian economy. 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. We believe that BigHaat could eventually emerge amongst the most trusted brand in the farmer community.”
Commenting on the capital raise, Mr. Sateesh Nukala, Managing Director, BigHaat said, “This growth capital infusion and partnership with a seasoned investor like JM Financial Private Equity will help us accelerate our current expansion plans and expand our reach across the Indian hinterlands. Because of their strong agrarian background, the founders deeply understand the challenges and the needs of the Indian farmer and this has led BigHaat to adopt a distinctive approach of directly reaching out and establishing a long term connect with the Indian farmer as a trusted advisor. We are committed to deepening this relationship with each passing year and to create the first profitable, end-to-end agri-tech platform in the country”
This is the ninth investment from the Fund II, and is in line with its stated strategy of investing in growth-oriented companies in the mid-market space.
