Precision agriculture platform Fasal has raised a $4 million pre-Series A round from 3one4 Capital and existing investors Omnivore and Wavemaker Partners.
Other investors in this round include Genting Ventures (Malaysia), The Yield Lab Asia-Pacific, Antares Investments, and Sandeep Singhal of Nexus.
Fasal is a full-stack artificial intelligence-powered IoT SaaS platform for progressive horticulture. Using on-farm sensors and scientific algorithms, Fasal delivers farm and crop-specific actionable insights to farmers in vernacular languages. The platform is also working on a range of new services including fruit and vegetable market linkages and parametric crop insurance.
The start-up, founded in 2018, has helped save more than 9 billion liters of water from irrigation, reduced pesticide expenditure by about 60 per cnet, and increased yields across 40,000+ acres of farmland, till date.
Fasal will use the funds raised in this round to expand their business across India and Southeast Asia, strengthen their full-stack services, and ramp up hiring for their sales and marketing, agronomy, and technology teams. By ensuring maximum yield from small farms, Fasal’s eco-friendly and affordable precision farming solution is disrupting the $42 billion progressive horticulture industry.
Based out of Bangalore, Fasal was founded by Shailendra Tiwari and Ananda Verma. Shailendra is a production engineering graduate from NIFT, and Ananda studied computer science at IIIT Bengaluru. Both founders hail from Uttar Pradesh, where their families have been practicing agriculture for many generations.
“As government policies are evolving to support more robust and open supply chains, there has never been a bigger incentive for horticulture farmers to grow more and grow better. Fasal’s full-stack offering will fuel a rapid transition of Indian horticulture farming from gut-based legacy operations into knowledge-led profitable businesses”, Fasal co-founders Ananda Verma and Shailendra Tiwari said in a statement.
Anurag Ramdasan, Partner at 3one4 said, “Fasal’s precision agriculture solution is perfectly packaged for the needs of horticulture farmers, where advisory is both necessary and welcome. We are excited to support Fasal as they become the critical component of the global horticulture stack and usher in a new age in sustainable agriculture worldwide.”
Mark Kahn, Managing Partner of Omnivore, commented,“Fasal has proven the fact that farmers are eager to adopt precision agriculture technologies. In the years to come, we foresee Fasal playing an important role in driving sustainable agriculture and becoming a valued brand in the global horticulture space.”
Gavin Lee, General Partner at Wavemaker Partners in Southeast Asia, said, the value-add is clear as shown by the 10-100% growth in farmers’ profits, depending on the crop. “We’re excited to see what the team can do in Southeast Asia, where there’s an obvious need for tech solutions in the agriculture sector,” Lee said.