What is Ayekart Accelerates Growth, Records Strong Results for FY 2023-24?
Ayekart Accelerates Growth, Records Strong Results for FY 2023-24 is a trending topic covered by Sejal News Network with latest updates and insights.
Mumbai, 28, August 2024: 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 operates 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 ₹19 Cr to ₹45.10 Cr in FY23-24, marking a compound annual growth rate (CAGR) of 379% from ₹3.13 Cr in FY 2021-22. In FY 2023-24, EBITDA surged to ₹17.64 Cr, up from ₹5.97 Cr in FY 2022-23 and ₹1.02 Cr in FY 2021-22, indicating a CAGR of 415%. Profit Before Tax (PBT) rose from ₹0.18 Cr in FY 2022-23 to ₹1.49 Cr in FY 2023-24, while Profit After Tax (PAT) increased from ₹0.08 Cr in FY 2022-23 to ₹1.17 Cr in FY 2023-24. The Gross Transaction Value (GTV) for FY 2023-24 reached ₹1,558 Cr, up from ₹657 Cr in FY 2022-23.
In the past six months, Ayekart raised ~₹54 Cr in equity, including ~₹45 Cr in primary funding and ~₹9 Cr 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.”
