KUALA LUMPUR (Nov 23): Genting Bhd's corporate venture arm Genting Ventures has invested in the US$4 million pre-Series A round for Fasal, a farm management platform based in India.
The pre-Series A round was led by Indian VC firm 3one4 Capital, Mumbai-based Omnivore, Singapore's Wavemaker Partners, Antares Investments, The Yield Lab Asia Pacific and Sandeep Singhal, co-founder and senior adviser at Nexus Venture Partners, according to agrifoodtech portal AFN.
Genting Ventures' exact investment was unspecified.
According to the report, Fasal was founded in 2018 and describes itself as a "full-stack" software platform for the "progressive horticulture" industry. By using on-farm sensors, it aggregates and analyses data to provide farmers across India with actionable insights in their local language.
The start-up said that the pre-Series A funds will be used to accelerate this process of diversification and scaling up, including through hires to the company's agronomy, sales and marketing, and tech teams.
It also said that the capital raised will be deployed in Southeast Asia, specifically Thailand and Malaysia, as the region presents a massive opportunity for them to improve crop outcomes and help build sustainable farms.