Agrizy Aims for $100M Revenue in FY24 as it Connects Agri Suppliers and Buyers
- ByStartupStory | March 16, 2023
Agrizy, a tech-enabled platform connecting agri suppliers, processors, and buyers, is aiming to achieve a revenue of $100 million in the financial year 2024. The platform, which streamlines the processed agri supply chain, expects to earn $35 million in revenue by the end of FY23. Agrizy’s services cater to both food and non-food agri products. It raised $4 million in its seed funding round, led by Ankur Capital, in April 2022.
Agrizy, a platform that connects agri suppliers, processors, and buyers to optimize transactions, with a target of $100 million revenue in FY24. The platform’s growth in FY23 has been driven by the delivery of customized agrifood products, regular demand for SME processors, and strong tech adoption throughout the value chain. In FY24, Agrizy aims to focus on building export sales channels and strengthening its position in these areas to further increase revenue.
Agrizy, a Bengaluru-based agricultural e-marketplace, aims to address the pricing inefficiencies and broken supply chain in the Indian agritech market. The sector is currently facing low productivity and falling revenues due to the lack of credit flow. Founded in 2021, Agrizy connects wholesalers with producers of non-perishable farm products and cash crops such as cereal, pulses, oilseed, and jute to facilitate transactions at scale and sustainable pricing. The addressable agritech market in India is expected to reach $24.1 billion by 2025.
According to Vicky Dodani, founder of Agrizy, the platform offers networking, logistics, and warehousing services, as well as automating payment cycles to support trade between wholesalers and producers of non-perishable farm products like cereal, pulses, oilseed, and jute. Agrizy also helps buyers and sellers with working capital and earns commission on transactions and interest on capital. The firm, which began operating in 2021 in West Bengal, Assam, Tripura, and other eastern states, has expanded to northern and central India and claims to have more than 100 B2B clients onboard.
According to Dodani, Agrizy operates as a B2B platform that links various suppliers and agri-processors, enabling users to procure raw materials transparently. Dodani explained that Agrizy has collaborated with NBFCs to provide working capital support to agri processors, which is one of the constraints to their business growth. The platform collects data on the behavior of these processors on the platform, such as the number of orders placed and payment history, to enable NBFCs to make better credit assessment decisions.
Agrizy plans to expand its reach in two ways: by exploring new states and by hiring teams that focus on the export market. According to Dodani, Agrizy is currently focused on India, its neighbouring countries, and some Middle Eastern countries.
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