Wavemaker-backed agritech firm gets $4m in pre-series A round

India-based AI agritech firm Fasal has raised US$4 million in a pre-series A round led by 3one4 Capital.

Existing investors Wavemaker Partners and Omnivore returned for this round, joined by newcomers The Yield Lab Asia Pacific, Antares Capital, and Nexus senior adviser Sandeep Singhal.

Fasal device at a farm / Photo credit: Fasal

Founded in 2018, Fasal runs a software-as-a-service (SaaS) platform powered by AI and the internet of things. Its solution gathers data from sensors installed on farms, creating crop-specific analytics. The insights, which help horticulture farmers move from “gut-based” to “knowledge-led” decision-making, are also written in vernacular language that farmers can easily understand.

The fresh funds will be used to boost system improvement and talent acquisition as the company eyes expansion plans within India and Southeast Asia.

Fasal founders Shailendra Tiwari (left) and Ananda Verma / Photo credit: Fasal.

“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,” said Fasal founders Ananda Verma and Shailendra Tiwari in a joint statement.

The global horticulture market hit an estimated value of US$17 billion in 2019. It is expected to grow to around US$40 billion by 2026, with China, Japan, and India leading the charge for Asia with their respective greenhouse market developments.