- Jiva AG, an agritech startup, grows revenue by 62% in 2023.
- The company expands services and geographical reach.
- Jiva aims for profitability next year through AI integration and strategic expansion.
Sowing seeds of success
Singapore-based agritech startup Jiva AG has reaped a bountiful harvest in 2023, reporting a 62% year-on-year revenue growth.
The Olam Group-backed company, which focuses on empowering farmers in Indonesia and India, has reached a nine-figure top-line milestone despite a marginal 2% increase in losses.
Harvesting future profits
Jiva’s growth strategy included expanding its Indonesian footprint from two to five provinces and diversifying its services.
The company launched a new arm catering to village-level retailers, onboarding 1,000 in 2023. These initiatives, however, led to a 47.5% increase in operating expenses, reaching $140.3 million.
Looking ahead, Jiva aims to achieve net profitability within the next year. The startup plans to leverage AI for various functions, including credit decision-making and user-generated marketing.
Jiva intends to raise external investment in the coming months to fund further expansion, confident it will be the final round before reaching profitability.
To read the original article: https://www.techinasia.com/jiva-grows-revenue-plants-seeds-profit
