Arya.ag, an agritech startup based in Noida, has successfully raised Rs 242.36 crore (approximately $29.2 million) from its existing investors. This marks the company’s first investment round since January 2022.

In a special resolution, Arya.ag’s board approved the issuance of 53,695 Compulsorily Convertible Preference Shares (CCPS) at an issue price of Rs 45,137 each, raising the substantial sum of $29.2 million, according to regulatory filings accessed from the RoC.

Among the investors, Asia Impact and Quona Capital, through Quona Blue Earth and Accion Quona, contributed Rs 134.46 crore. The company’s post-allotment valuation is estimated at around Rs 2,700 crore ($325 million), according to TheKredible estimates. Arya.ag may pursue additional funding rounds, potentially affecting its valuation further.

To date, Arya.ag has raised approximately $110 million, including $60 million in a Series C round in 2022, led by Asia Impact SA, Lightrock, and Quona Capital. Notably, Lightrock (formerly Aspada Investment) was the largest external shareholder with a 17.89% stake, followed by Lightrock Venture with 12.84%.

Arya.ag operates as a grain commerce platform, connecting agricultural producers (sellers) with buyers and offering ancillary services such as warehousing and debt financing through third-party lenders. Unlike many companies of its age, Arya.ag reported a profit for the fiscal year ending March 2023. The company’s gross scale grew by 49.48% year-on-year to Rs 290 crore in FY23, and its profit surged 11-fold to Rs 7.58 crore during the same period.

For FY24, Arya.ag reported a net revenue of Rs 360 crore and a net profit of Rs 17 crore, though the audited annual report for the last fiscal year is yet to be filed.

Arya.ag faces competition from other agritech companies such as DeHaat, Ninjacart, and Bijak.