Agriculture is the backbone of the Indian economy and more than half of the population is engaged in agriculture. With Prime Minister Modi’s aim of doubling farmer’s income by 2022, agriculture technology (AgriTech) could be a major driving force to achieve this. A new wave of Business Opportunites is taking shape because of the increasing demand for innovation in Agriculture.
For budding entrepreneurs in the AgriTech space, here are the salient features that can be used as opportunities to enter this sector
- The agriculture sector employs 50% of India’s workforce but contributes only 18% of the GDP.
- India ranks 6th globally in Agritech startups.
- 450+ Agritech startups in India, growing at 25% YoY.
- Every 9th Agritech startup in the world is from India.
- More than 50% of Agritech Startups offer supply chain solutions.
- India ranks among the top 5 countries in food processing.
- By 2024, the sector will employ 9 million – 60% Organised and the rest unorganized.
- Post-harvest loss in India amounts to USD 13 billion.
- 1.7X increase in average farmer income in the last decade enabling farmers to try new technological solutions.
- By the year 2050, annual foodgrain production would need to grow to 333 million tonnes.
Some the well-funded in Agritech to watch out for are
A B2B fresh produce supply chain that connects farmers, manufacturers, and brands to retailers directly.
Incorporated – December 2019
Funding – Raised a total of $164.2M in over 10 rounds. The last funding was raised in December 2019 from a Series C round by 19 investors. Syngenta Ventures, Flipkart, and Walmart are the most recent investors.
CropIn is a leading AI and Data-led Agritech organization that provides SaaS solutions to agribusinesses globally using deep learning.
Incorporated – August 2010
Funding – Raised a total of $12.6M in over 9 rounds. Their latest funding was raised on November 19, 2018, from a Series B round. CropIn is funded by 8 investors. Chiratae Ventures and Bill & Melinda Gates Foundation are the most recent investors.
AgNext is working at the intersection of hardware, software, and analytics for quality estimation in agriculture and food.
Incorporated – September 2016
Funding – Raised a total of $4.1M in over 3 rounds. Their latest funding was raised on Jan 22, 2019, from a Series A round. AgNext Technologies is funded by 3 investors. Omnivore and Kalaari Capital are the most recent investors.
Licious is an online meat and seafood orders startup that follows an end-to-end business.
Incorporated – July 2015
Funding – Raised a total of $94.5M in over 6 rounds. Their latest funding was raised on December 16, 2019, from a Series E round. Licious is funded by 16 investors. 3one4 Capital and Bertelsmann India Investments are the most recent investors.
What do you think? If you have other interesting ideas that you wish to share, please add them to the comments section.