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

The board of Arya.ag approved a special resolution to issue 53,695 Compulsorily Convertible Preference Shares (CCPS) at Rs 45,137 each, raising the $29.2 million, as per regulatory filings accessed from the Registrar of Companies (RoC).

The company received Rs 134.46 crore from existing investors, Asia Impact and Quona Capital, through Quona Blue Earth and Accion Quona. According to estimates by TheKredible, Arya.ag is valued at approximately Rs 2,700 crore ($325 million) post-allotment. The valuation may change with future fundraisings.

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

Arya.ag operates a grain commerce platform connecting agricultural producers (sellers) with buyers, offering additional services such as warehousing and loans through third-party lenders.

The company reported a profit for the fiscal year ending March 2023, with a 49.48% year-on-year increase in gross scale to Rs 290 crore and an elevenfold profit increase to Rs 7.58 crore. For FY24, Arya.ag reported net revenue of Rs 360 crore and a net profit of Rs 17 crore, although the audited annual report for the last fiscal year is yet to be filed.