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Friday / October 11. 2024
HomeAgribusinessAgri and food supply chain platform Ayekart records strong results for FY 2023-24

Agri and food supply chain platform Ayekart records strong results for FY 2023-24

 Company’s Gross margin increased substantially from Rs 19 Crore to Rs 45.10 Crore in FY23-24, marking a compound annual growth rate (CAGR) of 379 per cent from Rs 3.13 Crore in FY 2021-22.

 Ayekart, an agri and food supply chain platform focused on empowering businesses and supporting communities with technology, embedded finance, and value-added services—particularly for FPOs and MSMEs—has announced its robust financial results for FY 2023-24. Since its inception in December 2020, the company has processed over six lakh transactions, onboarded more than 40,000 merchants, and operated in over 220 pin codes across 19 states.

The company’s audited financial performance approved by the board highlights its significant growth, as demonstrated by its strong financials. Gross margin increased substantially from Rs 19 Crore to Rs 45.10 Cr in FY23-24, marking a compound annual growth rate (CAGR) of 379 per cent from Rs 3.13 Crore in FY 2021-22. In FY 2023-24, EBITDA surged to Rs 17.64 Crore, up from Rs 5.97 Cr in FY 2022-23 and Rs 1.02 Crore in FY 2021-22, indicating a CAGR of 415 per cent. Profit Before Tax (PBT) rose from Rs 0.18 Crore in FY 2022-23 to Rs 1.49 Crore in FY 2023-24, while Profit After Tax (PAT) increased from Rs 0.08 Crore in FY 2022-23 to Rs 1.17 Crore in FY 2023-24. The Gross Transaction Value (GTV) for FY 2023-24 reached Rs 1,558 Crore, up from Rs 657 Cr in FY 2022-23.

In the past six months, Ayekart raised Rs 54 Crore in equity, including Rs 45 Crore in primary funding and Rs 9 Crore in secondary funding from venture capital, bolstering its expansion initiatives.

Debarshi Dutta, Co-Founder & CEO, stated, “Our remarkable growth reflects our strong commitment to leveraging technology and forming strategic partnerships that empower businesses across the food and agri value chain. At Ayekart, we provide comprehensive support in capacity-building for farmers and FPOs while creating both backward and forward linkages for manufacturers and processors to enhance market access and operational efficiency. Through our platform, we are focusing on building a robust distribution and retail network to reach the last mile. This integrated approach drives productivity, fosters sustainable growth, and significantly impacts lives and livelihoods.”

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