RTP Global leads $11.8 mn Series A round in agri-tech startup Bijak

Gurugram-based Krishiacharya Technologies, which owns business-to-business (B2B) agritech platform Bijak, has raised $11.8 million (around Rs 90.8 crore) in a Series A round led by Moscow headquartered venture capital firm RTP Global.

Impact investor Omnivore Capital, Tempo Ventures, AL Trust along with returning investors Omidyar Network India and Sequoia Capital India’s Surge Ventures II also participated in the round.

RTP Global, earlier known as Ru-Net Enterprises, invested $5 million, Omidyar Network India, Surge Ventures II and Omnivore Capital invested around $2 million each while AL Trust and Tempo Ventures individually infused around $150,000 through the round.

In all, the company issued 2,591 Series A preference shares at Rs 3,50,233.93 per share to the investors, regulatory filings show.

As on February 29, 2020, the company’s fair market equity valuation stands at $43 million, according to a valuation report filed by an independent valuer. The valuation is based on discounted future cash flows from the financial year 2020-21 to FY26. 

In the latest round, the company has issued the shares to the investors at 58% premium, compared to its fair market value of Rs 220,827 per share. 

In November 2019, Bijak raised $2.5 million from Surge Venture II and existing investor Omidyar Network along with Better Capital and angel investor Nipun Mehra.

Founded in May 2019 by Daya Rai, Jitender Bedwal, Mahesh Jakhotia, Nukul Upadhye and Nikhil Tripathi, Bijak was part of the second cohort of Sequoia Surge, which selected 20 startups for its 16-week accelerator programme.

The platform is primarily an online marketplace for agri-products. It also allows traders and food processing units to record transactions, access transparent pricing, optimise logistics and improve their working capital cycles. The company provides loans, reducing costs and eliminating wastage via logistics and convenient payment channels. It claims to have operations in 22 states in 80 commodities.

Agri-tech startups are starting to raise investor interest. Earlier this month, another DeHaat, an agritech platform which connects farmers, raised $12 million in Series A round of funding, led by venture capital firm Sequoia India with FMO and Omnivore and AgFunder. 

In February, B2B premium food produce platform Clover Ventures raised $5.5 million in a Series A funding round led by Omnivore Capital and Accel India Management with Mayfield.