Economic Survey: Agritech Startups In India Raised Rs 6,600 Cr In Funding In Last Four Years
Agritech startups in India have raised around Rs 6,600 crore in funding from private equity investors in the last four years, recording an annual growth of over 50%, as per Economic Survey 2022-2023.
The survey highlighted that India currently India has over 1,000 such agritech businesses helping farmers advance their farming practices.
Economic Survey 2022-2023
As per Economic Survey 2022-2023, over 500 companies are operating in the millet value chain in India. Additionally, as part of the Rashtriya Krishi Vikas Yojana Remunerative Approaches for Agriculture and Allied Sectors Rejuvenation, 250 firms have been fostered by the Indian Institute of Millets Research.
The survey highlighted that farmers received incentives to connect solar-generated electricity to the local grid. Further, to support the sector, drones and artificial intelligence-based crop yield prediction models have been launched to monitor crop and soil health.
Commenting on the development, the government said,
“This is slowly gaining acceptance with farmers… Crop yield prediction models using artificial intelligence and drones for monitoring soil and crop health have been initiated. Smart farming also enables crop diversification, which will help farmers reduce their dependence on monsoons for water.”
Agritech Startups In India
A recent report by Avendus Capital highlighted that India’s agritech sector is likely to grow in scale and will have 8-10 startups with more than a billion dollars in value each over the next five years.
Additionally, last year, in the first nine months, agritech startups witnessed 30 fundraising rounds amounting to $796 million, the report highlighted.
Last month, agritech startup MeraTractor, offering a phygital marketplace catering to farm mechanization products, raised Rs 5 crore in funding. Also, Cropin Technologies, a Bengaluru-based agritech firm, raised Rs 113 crore ($13.7 million) in funding, where Google and JSR Corporation joined as new investors.
In 2022, several agritech startups raised funds, including Pune-based Ecozen raising $10 Mn, MoooFarm raising $13 million, Pepper Farms raising $1 million, Falca raising $3 million in a pre-series A round, Arya.ag pocketing $60 million in a Series C round, Gurugram-based Agrowave, BioVeda, Otipy, DeHaat, Growcoms, Grow Indigo, and Fyllo, among others.
To further boost the agritech sector, agritech startup Ninjacart launched an agri seed fund worth $25 million in March 2022. Also, in April 2022, VC firm Omnivore announced the launch of its third fund, with a target corpus of $130 million (Rs 1000 crore) to invest in early-stage startups developing breakthrough technologies for agriculture, food, climate, and the rural economy.
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