B2B Agri-Start-up Bijak Raises INR 143.92 Crore from Bertelsmann

According to a regulatory filing, Bijak, a B2B agricultural trade platform, raised INR 143.92 crore ($19.37 million) in a Series B fundraising round headed by Bertelsmann.

According to the company's registration with the Ministry of Corporate Affairs (MCA), existing investors Omidyar Network India, RTP Global Advisors, Better Capital, and Sequoia Capital India's scale-up programme Surge Ventures also took part in the fundraising round.

According to the filing, the money will be used to meet the demands of the company's growing operations, as well as long-term capital requirements, expansion goals, and general corporate reasons.

According to the filing, Bijak issued 393 equity shares at an issue price of INR 6,124.67 per share and 2,350 Series B compulsorily convertible cumulative preference shares (CCCPS) at an issue price of INR 6, 12,466.81 per share as part of the transaction.

Bertelsmann put in $13.15 million, Omidyar put in $3 million, while RTP Global Advisors put in a little more than $2 million. Bijak, which is run by Krishiacharya Technologies Pvt Ltd, is valued at $163 million in the latest round.

Bijak is a B2B agricultural commerce platform that allows dealers, wholesalers, and processors to keep track of their transactions. It was created in May 2019 by Nukul Upadhyaye, Mahesh Jakhotia, Jitender Bedwal, Daya Rai, and Nikhil Tripathi.

The platform intends to address the agricultural commodities trade's information gap and lack of accountability. Bijak promises to give buyers and sellers with better pricing and higher working capital by providing a platform with optimised logistics solutions.

Bijak last obtained money in April 2020, when it received $12 million from RTP Global Advisors as part of its Series A fundraising round.

In contrast, numerous agritech businesses have been aggressively soliciting financing during the previous two years., which is run by Arya Collateral Warehousing Services Pvt Ltd, raised $60 million from Asia Impact SA, Lightrock India, Quona Capital, and the US International Development Finance Corporation last week (DFC).

BigHaat Agro Pvt Ltd, another agritech firm, secured Rs 100 crore ($13.5 million) in a Series B fundraising round sponsored by JM Financial Private Equity's second fund last week.

DeHaat, a platform that provides end-to-end agriculture services to farmers, including agricultural input, crop consulting, market linkage platform, and finance services, secured $115 million from Belgium-based investment company Sofina and Lightrock India in October.

Mark Kahn, Managing Partner of agritech-focused venture capital (VC) company Omnivore, has stated that several agritech businesses may become unicorns this year. Omnivore, which has also supported Bijak, is India's sole agritech-focused venture capital firm, with ten fresh investments made last year. The venture capital firm recently created OmniX Bio, a programme to support early-stage agrifood and life sciences companies.