A report by Bain & Company predicted that the India Agritech sector to grow to form a $30 bn-$35bn market in the next four years. Globally, India ranks third in receiving agritech funding with over $1bn from 2017-2020. Investment in this domain in India has increased at a CAGR of 53%. Online grocery buyers are expected to grow five times by 2025. The report points out that this sector is the least digitized and there is an urgent need for urbanisation.
Venture Catalysts has led Rs 4.5 cr seed investment in agritech startup qZense Labs. The round was led by Manish Modi, MD, Mastermind Capital and Vedant Loyalka Chairman, Curae Health, 9Unicorns, The Chennai Angels, Entrepreneur First, London based VC and Lumis Partners. Founded in 2019, by Rubal Chib and Dr Srishti Batra, qZense aims to transform the fresh food supply chain industry with its end-to-end IoT-based solution.
Cisco India announced a competition with prize money of Rs 2 cr to find agri-tech start-ups with innovative solutions. The Challenge is being co-hosted by Principal Scientific Adviser to the GoI K, Vijay Raghavan while conceptualised and managed by NGO — ‘The Nudge Centre for Social Innovation’. The challenge will run in stages over a year and the prize money will support participants in developing, testing, and scaling solutions to address the farming-related issues.
India’s agritech sector has the potential to grow to $24.1B in the next 5 years, according to a new report. With a turnover over of $204M, India’s agritech sector is at under 1% of its market potential today. Five key categories that’ll have the lion’s share are – agritech market for supplying farm inputs $1.7B; precision agriculture and farm management $3.4B; quality management and traceability $3B; supply chain and output market 12B; financial services $4.1B.
The adoption of digital rural products and payments have accelerated since the onset of the pandemic, as per Omnivore’s report. Intermediary reduction and tech-enabled payments are the prime boosters of digitization. Investment in horticulture, dairy, poultry etc are much-needed. Robots, automation and other techs will take over manual tasks, making agriculture more gender diverse. Tech-adoption will increase transparency between farmer and customer.
Agri10x is a GOI-backed AgriTech start-up with 10L+ farmers onboard. It plans to ramp up the number to 30L by December 2020. The start-up uses new-age techs like AI and data precision to determine the ideal time in a year to sell the given crop. IoT, far off sensors enable remote monitoring of the fields. Blockchain technology maintains transparency in the supply chain. Plant wellbeing, soil condition, temperature, dampness etc can also be checked.