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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 148.00 | ACUITE BBB- | Stable | Assigned | - |
| Non Convertible Debentures (NCD) | 112.00 | ACUITE BBB- | Stable | Assigned | - |
| Total Outstanding | 260.00 | - | - |
| Total Withdrawn | 0.00 | - | - |
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Rating Rationale |
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Acuité has assigned its long-term rating of ‘ACUITÉ BBB-' (read as ACUITE Triple B Minus) on the Rs. 148.00 Cr. bank facilities of Ayekart Private Limited (APL). The outlook is ‘Stable’.
Acuité has assigned its long-term rating of ‘ACUITÉ BBB-' (read as ACUITE Triple B Minus) on the Rs. 112.00 Cr. Non Convertible Debentures (NCD) of Ayekart Private Limited (APL). The outlook is ‘Stable’. Rationale for rating The rating assigned factors in the Ayekart’s experienced promoters supported by qualified senior management, growing network and scale of operations with a shift towards distribution business. The rating also factors the healthy capital infusion backed by reputed investors at attractive valuations, ensuring financial support for expansion. Further it also factors the efficient operating cycle with moderate receivables and inventory which further supports liquidity. However, these strengths are offset by limited track record of operations, moderate financial risk profile marked by increasing debt levels to support the growing scale. The rating also considers the low profitability margins improvement in which remains a key rating monitorable. |
| About the Company |
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Incorporated on December 18, 2020. Mumbai based Ayekart Private Limited is a agri fintech organisation operating in the food and agriculture supply chain, specializing in sourcing of agricultural commodities/products such as wheat, paddy, maize, wheat flour and rice and the distribution of processed agricultural commodities and FMCG products.
The current directors of the company are Mr. Debarshi Dutta, Mr. Ashutosh Singh and Mr. Kunjal Bharatkumar Thackar. |
| About the Group |
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Ayekart Agro Private Limited (100% held by APL)
Ayekart Agro is into agricultural sourcing by connecting farmer collectives with processors and corporate buyers. Ayekart Retail Private Limited (100% held by APL) Ayekart Retail is a tech-enabled FMCG distribution network, operating across 10+ states and 80+ cities with 35+ leased warehouses, It distribute 100+ brands through a network of over 300 distributors, reaching 3+ lakh retailers in urban, semiurban, and rural markets. Unnayan Bharat Finance Corporation Private Limited (UBFC) (91.30% held by APL) UBFC is an NBFC dedicated to MSMEs in the agriculture and rural value chain providing financial solutions. It was founded in 2019 and acquired by Ayekart group in 2024. Natures Fresh Vegetables Private Limited (37.62% held by APL) Handles sourcing, quality control, logistics and supply chain operations. |
| Unsupported Rating |
| Not Applicable |
| Analytical Approach |
| Extent of Consolidation |
| •Full Consolidation |
| Rationale for Consolidation or Parent / Group / Govt. Support |
| Acuite has taken a consolidated approach of APL along with its subsidiaries - Ayekart Retail Private Limited, Ayekart Agro Private Limited, UBFC and its associate - Natures Fresh Vegetables Private Limited. The consolidation is in view of inter linkage in operation between the group companies.
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| Key Rating Drivers |
| Strengths |
| Experienced promoters supported by qualified senior management
The promoters have over two decades of experience in the agri sector, including managing fintech and agritech. They are supported by well qualified senior management team with domain expertise. Over time, the group has established relationships with customers and suppliers, which has led to an increase in the scale of operations. The group has demonstrated a significant expansion in its scale of operations, recording a total operating income of Rs. 2,307.41 crore in FY25 compared to Rs. 1,532.25 crore in FY24 (Rs 643.17 crore in FY23). Moreover, in the current year, the group has already achieved an income of ~Rs. 2,350 crore during the first nine months of FY26 and expects to record topline of ~Rs. 3,500 crore in FY26. Moreover, until FY25, the group generated most of its revenue from agriculture procurement activities. However, from the current year onward, the revenue share from the distribution business is expected to increase. Furthermore, the group is developing a tech platform named Aantriva for onboarding farmers, food processors, manufacturers, retailers, etc at one marketplace thereby providing an ease of business. Healthy capital infusion supported by reputed investors The group’s capitalisation has been supported by regular infusions from the promoters and institutional investors including Omnivore, Siana Capital, Unleash Capital Partners and other angel investors. Since its inception in 2020, the group has mobilised equity of Rs.97.59 crore up to the end of FY25. The last fund raise was completed at a post-money valuation of approximately Rs.400 crore. The group is planning an additional infusion of Rs.55 crore in near term, for which it has received equity investment term sheets from two investors at a post-money valuation of approximately Rs.1,350 crore, representing 3.37 times the last fund raise. Of this infusion of Rs. 25 crore is expected by the end of FY26. Efficient operating cycle The working capital operations of the company is efficient marked by gross current asset days of 52 days in FY25 (40 days in FY24). This is mainly attributable to debtor levels which stood at 41 days in FY25 as against 35 days in FY24. The receivable days is expected to remain in the range of 30 days over the medium term. Inventory period stood at 2 days in FY25 and creditor days stood at 6 days in FY25 as against 1 day in FY24. |
| Weaknesses |
| Moderate financial risk profile
The tangible net worth of the group stood at Rs.103.21 crore as on March 31, 2025, compared to Rs.57.15 crore as on March 31, 2024. Simultaneously, to support the growing scale of operations, debt levels have also elevated to Rs.207.21 crore as on March 31, 2025, from Rs.127.29 crore as on March 31, 2024, and Rs.69.92 crore as on March 31, 2023, leading to moderate gearing ratio at 2.01 times as on March 31, 2025, compared to 2.23 times as on March 31, 2024. Further, the debt protection metrics also stood low with debt service coverage ratios remaining below unity in FY24 & FY25. However, the recent debt refinancing through non convertible debentures issuance of Rs.57.72 crore and upcoming equity fundraise is expected to improve the financial risk profile over the medium term. Limited track of operations and low profitability margins The group, in line with the expansion of operations, recorded growth in absolute operating profitability, with EBITDA rising from Rs.5.59 crore in FY23 to Rs.20.18 crore in FY25. Operating margins, however, remained in the range of 0.87%–1.03% over the last three years, due to initial fixed costs incurred by the group. Further, PAT margins remained low at 0.03% in FY25 compared to 0.06% in the previous year, primarily due to significant interest expenses. Going ahead, a higher revenue contribution from the distribution business and stabilisation of existing business are expected to support margin improvement. Moreover, considering limited track record of operations with commencement from 2020 and competition from the existing channel players, the ability of the business to scale remains a key rating monitorable. |
| Rating Sensitivities |
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| Liquidity Position |
| Adequate |
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The company has maintained an adequate liquidity position, reflected in cash and bank balances of Rs.24.95 crore as of the end of FY25. Although net cash accruals were insufficient to meet repayment obligations, the shortfall was managed through the issuance of additional NCDs in FY26. Furthermore, the company is expected to raise an equity infusion of around Rs.55 crore over the near term, which will support the group in meeting its repayment obligations of Rs.16.45 crore, scheduled to pay in FY27. The current ratio stood at 1.27 times as on March 31, 2025.
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| Outlook : Stable |
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| Other Factors affecting Rating |
| None |
| Particulars | Unit | FY 25 (Actual) | FY 24 (Actual) |
| Operating Income | Rs. Cr. | 2307.41 | 1532.25 |
| PAT | Rs. Cr. | 0.72 | 0.94 |
| PAT Margin | (%) | 0.03 | 0.06 |
| Total Debt/Tangible Net Worth | Times | 2.01 | 2.23 |
| PBDIT/Interest | Times | 1.09 | 1.10 |
| Status of non-cooperation with previous CRA (if applicable) |
| None |
| Any Other Information |
| None |
| Applicable Criteria |
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• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Trading Entities: https://www.acuite.in/view-rating-criteria-61.htm |
| Note on complexity levels of the rated instrument |
Rating History : |
| Not Applicable |
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*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support) | ||||||||||||
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