As the world fights its battles against the challenges posed by food security, protection of the environment and resources, Fasal has become a beacon of hope. At the forefront of bringing innovation to agriculture, Fasal has bought an impressive investment of $12 million or ₹100 crores in a funding round led by TDK Ventures and British International (BII).
“By supporting the development of Fasal’s climate-smart solutions, we will be able to reach more smallholder horticulture farmers, helping them become more resilient to the impact of climate change which is greatly affecting the agriculture sector,” Srini Nagarajan, Managing Director, and Head of Asia for BII said.
The funding round saw the participation of existing investors, such as 3one4 Capital, Omnivore, Wavemaker Partners, Genting Ventures, and The Yield Labs Asia Pacific. Additionally, Navam Capital, Aureolis Ventures, and ITI Growth Opportunities Fund also participated in the fundraising round.
“With this capital infusion, we plan to expand Fasal’s presence from 75,000 acres to 500,000 acres and enable our technology to deliver more to the farmers by providing them access to sustainable crop inputs, farm-level crop insurance, and working capital at lower interest rates,” said Shailendra Tiwari, founder, and chief executive, Fasal.
Fasal’s dedication to bringing innovation to agriculture is clear in its patented loT-crop intelligence technology. The platform has already gathered support, with a funding of $4 million from a per-Series A round which was led by 3one4capital. In 2019, the Bangalore-based startup secured $1.6 million in the first funding round led by Omnivore and Wavemarket Partners.
Founded in 2018 by Shailendra Tiwari and Ananda Verma, Fasal is a combination of artificial intelligence (AI), agriculture science, and the Internet of Things (IoT).
By reducing emissions of greenhouse gases, decreasing the use of pesticides and improving the use of available resources, Fasal is reinventing the concept of modern agriculture.
Siddharth Mehta, investment director, TDK Ventures, said, “Meeting the horticulture farmers and learning about their core problems convinced me that Fasal’s full-stack approach of combining sensors and technology with the marketplace offers a strong value proposition of improving farmer earnings and a strong sustainable impact.”
The AI-based agricultural platform’s influence can be already seen across 75,000 acres of land, where a variety of crops such as cardamom, chillies, bananas, apples, grapes, and pomegranates, grow abundantly. Having worked with farmers, Fasal has reported a significant reduction in water consumption during irrigation and a remarkable increase in the quality and yield of the crop. According to the numbers provided by the start-up, it has led to a cutback of 82.8 billion litres in water consumption, a 60% deduction in pesticide cost and improvements in the yield by 40%.
About Fasal
Fasal has emerged as a trendsetter with its innovation in technology to transform the landscape of agriculture. Awards such as the IMARK 2021 award, Next Gen Product 2021 and Best Use of AI in Agriculture presented to Fasal, showcase its continuous commitment to excellence and innovation.
“We will provide our buyers with sustainably grown, high quality, and traceable horticulture produce by further diversifying and strengthening our B2B brand ‘Fasal Fresh’,” Tiwari added.
The mastery of Fasal’s technological advancement can be seen in features such as the Irrigation Alert System, where the soil water content is monitored carefully for correct irrigation leading to less water consumption. In addition, its Weather Forecasting tool helps alert the farmers of any potential weather risks for the next 14 days.
By pushing the boundaries in technology, Fasal is a blend of tradition and innovation, paving the way for a sustainable future for farming.
Join The Story Watch’s initiative to create a vibrant community for the startup ecosystem.