Unnati Agri has partnered strategically with IPL Biologicals to prioritize climate-ready products. The partnership includes a pre-series B funding round of Rs 28.5 crores led by IPL Biologicals’ family office.
Incofin Investment Management, Nabventure, and Orios have also participated in the funding round.
Ashok Prasad, Co-Founder of Unnati Agri, expressed enthusiasm about expanding their sustainable product portfolio. Unnati Agri plans to assist farmers in adopting sustainable farming practices with the help of IPL Biologicals’ bio-products.
The startup aims to serve 5 million farmers and is already serving over 1.2 million. It has a network of more than 75,000 ‘uStores’ to reach farmers.
Unnati Agri’s ‘uStore’ network has played a vital role in its success. The startup aims to positively impact the agriculture sector with its services. The agriculture support firm has served more than three lakh farmers through its extensive uStore network. The platform has digitised agri-input retailers, traders, and other ecosystem players.
Its digitally-enabled services have helped farmers improve their farm incomes. The startup has experienced significant growth, expanding more than 15 times in the last 12 months. Ashok also expressed the company’s commitment to bringing all farmers onto a single digital platform and doubling their farm income.
The startup focuses on expanding services throughout the agricultural supply chain and financial services. It has strengthened its technological infrastructure to support its growth.
Response of IPL Biological
Harsh Vardhan Bhagchandka, President of IPL Biologicals, expressed optimism about the partnership with Unnati Agri. IPL Biologicals’ technology-driven approach to sustainable products aligns well with Unnati’s distribution reach.
The collaboration aims to accelerate the adoption of bioproducts in India. Harsh Vardhan Bhagchandka emphasized the aggressive expansion plans across India through the partnership. IPL Biologicals with this partnership seek to drive widespread adoption of bioproducts in the country.
About IPL Biological
Ipl Biologicals Limited is an unlisted public company based in New Delhi, Delhi. It was incorporated on May 11, 1994, and classified as a public limited company. The company has an authorized share capital of INR 12.50 crore and a paid-up capital of INR 10.18 crore.
Ipl Biologicals Limited’s operating revenues range from INR 100 to INR 500 crore. Its EBITDA has increased by 39.96% compared to the previous year. The company’s book net worth has also shown an 8.82% increase.
Ipl Biologicals Limited provides biological solutions for agricultural applications. Its products and services include bioinsecticides, bio fungicides, plant nutrients, and pest and soil management.
The company is active and held its last reported AGM on September 30, 2022. The company has three directors, including Devkishan Karnani and Mukesh Sharma.
About Unnati Agri
Amit Sinha and Ashok Prasad, former Paytm Mall chief operating officer, founded Unnati Agri in 2017. The company operates as a fintech-based agricultural platform, offering various services.
The platform provides pre and post-harvest support to farmers. Farmers can access working credit lines through Unnati. The platform enables farmers to purchase agricultural supplies directly.
They facilitates the direct selling of farmers’ produce to food processors and agribusinesses. The platform connects farmers with relevant buyers in the agricultural industry. Their services encompass financial support and a streamlined supply chain for farmers.
It achieved a remarkable 150% revenue growth in FY23, reaching Rs 398 crore.
The company effectively controlled expenses, resulting in a modest 29% increase in losses.
Jumbotail, a B2B marketplace and retail platform, emerged as a notable competitor for Unnati. Jumbotail generated revenue of approximately Rs 380 crore. AgroStar, backed by HeroMotoCorp, surpassed Rs 250 crore in revenue in FY22. Unnati’s revenue growth outperformed that of Jumbotail in the same fiscal year.
Unnati’s losses experienced a smaller percentage increase than its revenue growth. AgroStar also poses significant competition for Unnati with its strong revenue performance.