Aqua Exchange is a full-stack aquaculture tech platform that announced a 36.7 percent increase in operational revenue to Rs 104.9 crore in FY24. The startup provides technology services for aquaculture farmers. The platform provides IoT solutions to reduce crop finance, crop expenses, input procurement, and harvest facilitation. The sales of these products and services are the company’s major source of revenue. The startup also provides technology to increase crop yields, combat rising input costs and mitigate crop risks.
Entrackr mentioned in its report that the firm also earns income through commissions on online sales, factoring, information technology, and other services. The company has secured over 11 million USD across multiple funding rounds since its inception, including $6 million raised during its series A funding round led by Endiya Partners, Ocean 14 Capital, and other investors. The startup data intelligence platform, thekredible mentioned that the company’s founder and chief executive account for 45 percent of the firm’s total stake in the business.
The Bhimavaram-based startup provides products for aquaculture farmers. This startup’s product portfolio includes power management and feed automation devices. Aqua Exchange posted a 92 percent increase in its net loss to Rs 9.35 crore in this financial year.
The employee benefits increased by 3.85 times and stood at Rs 13.10 crore in the same duration. The cost of materials was around Rs 94.36 crore of the total expenses in this fiscal year. The total expenditure of the firm increased by 43.1 percent to Rs 116.9 crore in the same duration.
The company also noticed increased finance costs bringing the total expenditure to Rs 116.9 crore in FY24. The company failed to control its losses and saw a 92 percent increase in FY24. The firm aims to minimize its loss by cost-cutting measures. The legal fees, information technology, advertising, allowance for doubtful debts, and others increased to Rs 33 lakh and pushed the total expenditure for this financial year.
The EBITDA margin also stood at -6.18 percent while the ROCE was around -14.07 percent. Aqua Exchange faces competition from other platforms in the same market segment such as Aquaconnect, and Efishery.
Conclusion:
The Aquaculture tech startup Aqua Exchange announced a 36.7 percent increase in its operations from revenue to Rs 104.9 crore in FY24. This company provides technology services for aquaculture farmers. The startup uses technology to increase crop yields and combat rising input costs. The sales of these products and commissions on these sales are the firm’s primary sources of revenue.
The loss also saw a 92 percent increase to Rs 9.35 crore in FY24. The total expenditure of the firm saw an increase of 43.1 percent and crossed Rs 116.9 crore in the same duration. The startup plans to follow cost-cutting measures by reducing operating and employee expenses to control its losses. The company has secured over 11 million USD across multiple funding rounds to date.
Disclaimer – We have collected this information from various trustworthy sources on the Internet, and the facts have been checked manually and verified by our In House team.
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