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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.

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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 & Allied Sectors Rejuvenation, 250 firms have been fostered by the Indian Institute of Millets Research.

The survey highlighted that farmers received incentives lớn connect solar-generated electricity to the local grid. Further, to tư vấn the sector, drones and artificial intelligence-based crop yield prediction models have been launched to monitor crop & soil health.

Commenting on the development, the government said,

“This is slowly gaining acceptance with farmers… Crop yield prediction models using artificial intelligence & drones for monitoring soil & 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 & will have 8-10 startups with more than a billion dollarsin 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 startupMera
Tractor, 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 & JSR Corporation joined as new investors.

In 2022, several agritech startups raised funds, including Pune-basedEcozenraising $10 Mn, Mooo
Farm raising $13 million,Pepper Farmsraising $1 million,Falcaraising$3 million in a pre-series A round, Arya.ag pocketing $60 million in a Series C round, Gurugram-basedAgrowave, Bio
Veda,Otipy, De
Haat, Growcoms, Grow Indigo, andFyllo, among others.

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To further boost the agritech sector, agritech startupNinjacartlaunched anagri seed fund worth $25 million in March 2022. Also, in April 2022,VC firmOmnivoreannounced the launch of its third fund, with a target corpus of $130 million (Rs 1000 crore) to lớn invest in early-stage startups developing breakthrough technologies for agriculture, food, climate, và the rural economy.

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