B2B agritech marketplace Bijak has had a rough fiscal year, with a significant decline in its core business activities being recorded. For the second consecutive year, Bijak experienced a decline in its gross revenue, which is measured as Gross Merchandise Value (GMV).

During the fiscal year that ended in March 2025, the company reduced the GMV by 25% to ₹551 crore as compared to ₹732 crore in the preceding fiscal year. This decline is after a high FY23, where the business had reached a GMV of ₹807 crore. It has entered a reputable phase of decreasing transaction volumes on its platform.

Core revenue drivers and primary costs

Bijak was established in 2019. Bijak is an agricultural product marketplace whose mission is to simplify the sourcing of agricultural commodities to suppliers and also offer integrated logistics and working capital financing. The revenue model of the company strongly depends on the direct selling of agricultural products through a set of mobile applications, which the company offers: Bijak Mandi, Vyapaar, Global, and Just Fresh. 

These sales contributed over 99% of the total revenue of the company on account of its operations in FY25, which are ₹548 crore. The rest of the revenue was composed of secondary sources like commissions, logistics services, and interest income. The company also gained ₹6 crore interest on deposits and current investment that made its total overall income rise to ₹557 crore during the fiscal year.

The financial statements submitted to the Registrar of Companies show that the total expenditure incurred by Bijak also declined over the period, but the amounts are not enough to enable Bijak to make a profit. The major expenditure of the B2B supplier is still on the procurement of agricultural products, which took about 87% of the total expenses. These procurement expenditures incurred reduced to 25% of those in the preceding fiscal year or ₹538 crore. 

Employee benefit spending was a fairly low portion of the financial frame, contributing 4% of overall expenditure at ₹25 crore. Other expenses, such as advertising, logistics, brokerage, payment gateway fee, and the allowance against doubtful debt, also added up to a total FY25 expenditure amounting to ₹618 crore. This is a 22% decrease in overall spending over last year.

Financial changes and stakeholders landscape

Although these efforts were aggressive to reduce costs, the rate at which the revenue decreases exceeded the cost-reduction strategy of the company. Losses were increased by 11% as Bijak incurred ₹61 crore in FY25 compared to ₹55 crore in FY24. The unit economics of the company underscore the fiscal pressure of the company because it is incurring around ₹1.12 per rupee of revenue in the entire fiscal year. 

Other vital financial health metrics were also indicative of stress. Return on Capital Employed (ROCE) was reported at -285%, and the EBITDA margin was reported at -10.13%. The liquidity position of the company also deteriorated with a serious depreciation of cash and bank balances to ₹21 crore, and total current assets reaching ₹47 crore at the year-end March 2025.

To fuel its operations and expansion, Bijak has raised approximately $33 million in capital. A considerable part of this funding was achieved due to a $20 million Series B round held in January 2022, led by well-known investors Peak XV and Omidyar Network. 

The start-up was estimated to be worth approximately $163 million. Based on the existing cap table, Surge Ventures, which is part of Peak XV, is the largest external shareholder with a 13.8% stake in the company. Other key investors holding strong stakes in the agritech company are Bertelsmann and Omidyar Network.

Conclusion

Bijak has been experiencing consolidation and contraction in the fiscal year 2025. Although the company effectively decreased its overall expenditure by almost a quarter, the concurrent reduction of GMV by 25% allowed it not to reduce its net losses.

Its sustained fall below its FY23 levels raises concerns that market conditions are challenging when it comes to B2B agri-commodity trading. After incurring a loss of ₹61 crore and a difficult payback of capital, the startup has the difficulty of demonstrating the long-term sustainability of its marketplace in the competitive agritech market.