AquaExchange, a full-stack aquaculture technology company, did not replicate its exceptional growth from FY23, where it experienced a remarkable 100% rise in operating revenue. Nonetheless, the Bhimavaram-based startup reported a solid 36% increase in revenue for the fiscal year ending March 2024 compared to the previous year.
Established just four years ago, AquaExchange empowers aquaculture farmers by harnessing technology to enhance crop yields, reduce risks, and address the challenges of rising input costs. The company offers a diverse range of products, including PowerMon for power management and AquaBot for feed automation.
In FY24, AquaExchange saw a rise in expenses driven by significant increases in various key areas, particularly employee benefits. The cost of materials consumed rose to Rs 94.36 crore, up from Rs 71.18 crore in FY23. Notably, employee benefit expenses skyrocketed 3.85 times to reach Rs 13.10 crore in the recent fiscal year.
Additionally, finance costs surged to Rs 1.98 crore from Rs 0.68 crore, reflecting increased borrowing or higher interest payments. The depreciation and amortization costs also climbed to Rs 3.18 crore during the last fiscal year. Ultimately, AquaExchange’s total expenses amounted to Rs 117 crore.
According to data from startup intelligence platform TheKredible, AquaExchange has successfully raised nearly $10 million from investors such as Ocean 14 Capital, Endiya Partners, and Accion Venture Labs. The company’s founder and CEO, Pavan Kosaraju, retains over 45% ownership of the business.