Balwaan Krishi, a Jaipur-based maker of small farm machinery, has raised ₹100 crore in a Series B round led by First Bridge India Growth Fund Private Equity, with other institutional investors taking part. The round was reported by YourStory and Outlook Business on 28 September 2026. Investment bank Right Pillar Advisors advised on the transaction, according to Outlook Business.

The valuation, the size of the stake sold, the names of the other investors and the company’s revenue were not disclosed in any of the reports.

Where the money goes

The company plans to use the funds to expand domestic manufacturing capacity, strengthen its dealer and service network in southern India, and develop new equipment, including power weeders and battery sprayers, with predictive maintenance and IoT features. Outlook Business reports that a significant part of the money will go to manufacturing capacity in India, and YourStory reports that this is meant to reduce the company’s reliance on imported machinery and components. Neither report gives a breakdown of the round.

Balwaan sells equipment priced between ₹10,000 and ₹1 lakh, aimed at small and marginal farmers. The company says more than four lakh farmers use its machines. It has more than 800 dealers across northern India and sells through a hybrid B2B and B2C model, alongside an e-commerce presence. Outlook Business notes that about 86% of Indian farmers are small or marginal, cultivating less than two hectares.

What the founder and investor said

Co-founder and chief executive Rohit Bajaj said that rising labour costs and the need to raise farm productivity are increasing demand for affordable mechanisation, while smaller farmers still have limited access to such equipment, according to Outlook Business. In comments reported by YourStory, he said the company had been built to make practical, reliable equipment that farmers can afford.

Vishal Gupta, managing partner at First Bridge Investment Managers, said Balwaan operates in a large market where adoption of farm mechanisation is growing, and that its affordable products and distribution network could support its expansion, Outlook Business reported.

Balwaan was co-founded by Rohit Bajaj and Shubham Bajaj. In June 2024 it received Rs 40 crore from JM Financial’s private equity arm through JM Financial India Growth Fund III, YourStory reported at the time.

TAD’s reading

  • For machinery makers: The southern push takes a dealer model built in northern India into new territory. How fast Balwaan signs and services dealers there will show whether low-ticket equipment can be scaled region by region on thin per-unit margins.
  • For component suppliers: The stated aim of cutting reliance on imported machinery and components points to more local sourcing, but the reports do not say which parts Balwaan will make itself or buy from Indian suppliers.
  • For investors: With no revenue or valuation disclosed, the round is hard to benchmark. The IoT and predictive maintenance plans suggest a service layer on top of hardware sales, which would need to be priced for buyers spending ₹10,000 to ₹1 lakh on a machine.