Agricultural machinery startup Balwaan Krishi has raised Rs 100 crore in a Series B funding round led by First Bridge India Growth Fund Private Equity, as it looks to expand manufacturing, distribution and product development.
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The round also saw participation from other institutional investors, whose names were not disclosed. Investment banking firm Right Pillar Advisors advised on the transaction.
The Jaipur-based startup said it will use the fresh capital to expand domestic manufacturing capacity, strengthen its dealer and service network in Southern India, and develop farm equipment with predictive maintenance and IoT capabilities.
Expanding manufacturing and distribution
Balwaan said a significant portion of the funding will be used to increase its manufacturing capabilities in India, giving it greater control over product quality, supply chains and availability while reducing its dependence on imported machinery and components.
It also plans to increase product availability and after-sales support across agricultural markets in Southern India.
The startup follows a hybrid B2B and B2C distribution model. According to its Series B announcement, it has more than 800 dealers across Northern India, alongside an e-commerce presence.
Balwaan said more than four lakh farmers currently use its equipment.
Its product portfolio includes power weeders, sprayers and other agricultural machinery aimed at smaller farms.
The new funding will also support the development of equipment with predictive maintenance and IoT capabilities, including power weeders, battery sprayers and other mechanisation products.
Focus on small and marginal farms
Founded in 2016 by brothers Rohit Bajaj and Shubham Bajaj, Balwaan Krishi develops agricultural machinery designed for Indian farming conditions.
Small and marginal farms make up a large part of India’s agricultural landscape. According to the Agriculture Census 2015-16, small and marginal operational holdings of less than two hectares accounted for 86.08% of the country’s total operational holdings.
Balwaan is targeting this segment with relatively low-cost farm equipment, positioning smaller machinery as an alternative for farmers for whom larger equipment may not be economically suitable.
“India’s small and marginal farmers are increasingly facing rising labour costs and pressure to improve productivity, yet access to affordable mechanisation remains limited,” co-founder and CEO Rohit Bajaj said.
He added that more than four lakh farmers already use Balwaan machines and said the latest funding will allow the company to strengthen manufacturing, expand its reach and continue developing products for Indian farming conditions.
Previous funding
The Series B follows a Rs 40 crore investment from JM Financial Private Equity in June 2024 as part of Balwaan’s Series A funding exercise.
In June 2024, JM Financial Private Equity invested Rs 40 crore in Modish Tractoraurkisan Private Limited, which operates the Balwaan Krishi brand, as part of the company’s Series A funding round.
Before that, Balwaan raised $2 million in a pre-Series A round in May 2023 led by the Caspian Leap for Agriculture Fund, which is managed by Caspian Equity.
