Total of 450 Agritech startups received more than $248 million funding in the first half of 2019, a report published by IT industry body Nasscom.
450 start-ups in the agri-tech segment have received more than $248 million funding in the first six months this year.IT industry body Nasscom said.
In a recent report by IT industry body Nasscom 450 Agritech startups received more than $248 million funding in the first half of 2019. The agriculture sector in India is under-valued and not much investment in the sector but now the government’s initiative is to increase farmer’s income by double in the coming years. To achieve this target needs huge investment and technology advancement in the sector.
To fill up the rift many Agritech startups are coming up with new technology and ideas to support the agriculture sector.
“India’s agriculture sector is advancing steadily towards its digital transformation and the startup ecosystem is playing a critical role here, bringing innovation and disruption in much-needed areas. The findings of the report are a testimony to the potential of the Agritech industry and the opportunities that India presents in the agriculture and farming landscape.”Debjani Ghosh, President NASSCOM, said in a statement.
Many global and sector-focused funds directly or indirectly funding the sector via these startups.
Up to June 2019 as per the Nasscom report sector got a fund of $248 million. This amount is 300% more than the previous year.Tweet
Farmer’s income also increased 1.7 times in the last decade and this enables the farmer to invest more in their farms.
Top Agritech startups funded in 2019
1.Gramophone is a Indian Agritech startup founded in 2016 by Indian Institute of Technology (IIT) graduates Tauseef Ahmad Khan, Nishant Vats Mahatre, Harshit Gupta and Ashish Ranjan Singh. Agriculture tech startup Gramophone on 6th August has raised Rs. 24 crore from existing investor InfoEdge in Series A funding round. Gramophone also raised $1,000,000 in 2018 by Seed round from Info Edge.
Startups claim that they served over 2.5 lakh farmers last year mainly in central India and they will use this fund to expand business in other states of the country. Gramophone is funded by 4 investors. Raveen Sastry and Asha Impact are the most recent investors.
2. Agrostar is a Pune-based Indian Agritech startups founded in 2008 by Shardul Sheth and Sitanshu Sheth. On Mar 13, 2019, Startups got $27M funding from Bertelsmann India Investments in Series E funding round. Agrostar is funded by 4 investors. Aavishkaar Venture Capital and Bertelsmann India Investments are the most recent investors in the company. Chiratae Ventures and Accel are other investors who invested in earlier funding rounds.
Agrostar’s products include PowerGrow organic soil nutrition, an organic fertilizer made from plant extracts; PowerGrow organic liquid fertilizers; and SuperSero, a bio-organic plant nutrient made from a mixture of botanical extracts and natural minerals.
3. Intello Labs is a Haryana based indian agritech startup Intello Labs is an Asia’s most awarded Agritech Venture founded in 2016.
Intello Labs aims to revolutionize agriculture by enabling farmers, traders, millers, retailers and end-users in communication though images for product quality, infestation, plant health or even soil conditions. Business adoption of ‘machine intelligence’ by solving complex problems through Image matching and Machine learning. The company claimed that 1M image reading daily.
Intello Labs has raised a total of $2M in funding over 1 round. This was a Seed round raised on Apr 2, 2019 from Nexus Venture Partners and Omnivore Partners.
4. CropIn is a Bengaluru- based indian Agritech startup CropIn Technology founded in 2010 by Krishna Kumar, provides SaaS solutions to agri businesses globally. Agritech startup CropIn delivers decisive decision-making tools that bring consistency, dependability, and sustainability to agri-businesses. With capabilities of live reporting, analysis, interpretation, and insight that span across geographies, we’re digitizing every farm, while data-managing the entire ecosystem. Company’s smarter
Agri solutions are powered in real-time; for you to archive patterns, predict trends, to make a blueprint for your business in the times to come.
The company also claims that they Digitized 5 million Acres of farmland and with a 92% client retention rate. Company presence in 30 countries with 185 clients and benefiting 2.1 million farmers worldwide.
CropIn Technologies has raised a total of $11.7M in funding over 6 rounds from 7 investors. Their latest funding was raised on Nov 19, 2018 from a Series B round. Chiratae Ventures and Bill & Melinda Gates Foundation are the most recent investors.
5. Farmlink: A Mumbai-based Agritech startups Farmlink is a startup that modernizes the supply chain from farm to shelf using socially responsible practices. FarmLink is developing a pan-India platform of farm-level collection, value addition and staging centers with a strong presence in western India. Farmlink has raised a total of $3M in funding over 1 round. This was a Seed round raised on Nov 8, 2017.
6. Crofarm: A Gurgaon-based Agretiech startups founded 2016 by Prashant Jain and Varun Khurana.
Co-founder Prashant Jain has Over 15 years of experience including Operations, Technology, General Management, Strategy, Online Marketplaces, Category Management, Marketing, Product Development and Bootstrapping with eCommerce startups http://www.mygrahak.com, http://www.mygreenbox.in (acquired by Grofers), Grofers. Co-founder Varun Khurana, previously was CTO at Grofers, an on-demand delivery service connecting consumers with their local merchants. He was the co-founder of Mygreenbox (app-based mobile grocery delivery venture) that was acquired by Grofers. Had previously co-founded Wirkle Technologies that was acquired by Location Labs, a silicon valley company and a leader in location-based services. Also a member of the Indian angel network and also an independent angel investor. Current investments as mentioned LinkedIn Fitso, Daily Ninja, CollegeSearch, Superprofs, Loancircle.
Crofarm is changing the way businesses procure the produce. The aim is to make a supply chain that supports farmers and provides businesses with the freshest produce in the most efficient manner. Crofarm has raised a total of $2.1M in funding over 4 rounds. Their latest funding an undisclosed amount was raised on May 16, 2019 from a Series A round from Kartheek Pulavarthi.
7. Agrevolution is a Patna –based Indian Agritech startups founded in 2012 by Shashank Kumar, also known as DeHaat. DeHaat connects small farmers to their various needs – Seeds, fertilizers, equipment, crop advisory, and market linkage through a wide network of trained micro-entrepreneurs.
Registered farmers get access to a wide range of agricultural inputs (Seed, Fertilizer and Crop protection) directly from competitive sources. Agrevolution has raised a total of $7.3M in Seed funding over 3 rounds. Their latest funding $2.8M was raised on May 15, 2019 from a Debt Financing round.
8. Omnivore Partners is founded in 2010 by Mark Kahn to supports Indian Agritech startup businesses that are developing solutions to improve farm productivity and support agricultural sustainability. Omnivore Partners has made 18 investments. Their most recent investment was on Jul 15, 2019, when they invested in Ecozen.
9. Ecozen is a Pune-based Indian Agritech startup founded in 2012 by Devendra Gupta, Prateek Singhal amd Vivek Pandey.
Ecozen is a technology company enabling the Farm-To-Fork value chain for perishables. Company is Building India’s cold chain with the first-ever solar cold storage with intelligent solar pumping technology. Ecozen has raised a total of $1.2M in funding over 4 rounds. Their latest funding was raised on Jul 15, 2019 from a Series A round led by Caspian Impact Investments and Hivos-Triodos Fund.
10. TartanSense is a Bengaluru-based robotic Agritech startup founded by Jaisimha Rao in 2015. TartanSense unlocks value for the farming community by working at the intersection of robotics and AI-assisted computer vision. Solutions provide a compelling solution to reduce input costs by up to 90%.
TartanSense has raised a total of $2M in funding over 1 round. This was a Seed round raised on Mar 11, 2019 led by BEENEXT, Blume Ventures and Omnivore Partners.
11. Milkbasket is a Haryana based indian Agritech startups founded in 2015 by Anant Goel, Anurag Jain, Ashish Goel, Ekwe Chiwundu Charles, and Yatish Talavdia. Startup Milkbasket is a daily micro-delivery service, offering grocery and household needs for customers. Milkbasket (accessible on milkbasket.com, iOS, and Android) is today fulfilling the entire grocery needs of a household every day at home every morning.
Milkbasket has raised a total of $32M in funding over 8 rounds. Their latest funding Rs 150M was raised on Jun 27, 2019 from a Debt Financing round led by InnoVen Capital.
12. WayCool is a Tamil Nadu-based Agritech startup founded in 2015 by Sanjay Dasari. Waycool is a food company that delivers fresh food products in India.Company claimed that it works with nearly 50,000 farmers, moving 150 tonnes of products per day across 13 cities. Waycool has raised a total of $23.6M in 4 rounds from 4 investors. Their latest funding Rs. 1.2 billion was raised on Jan 15, 2019 from a Venture – Series Unknown round led by LGT Impact Ventures.
13. NinjaCart is a bengaluru-based agritech startup founded in July 2015. Ninjacart connects farmers, manufacturers, and brands to retailers directly through the lean and connected supply chain. Its platform enables the distribution of vegetables and fruits to retailers and restaurants across India.
NinjaCart counts marquee Silicon Valley-based venture capital firm Accel Partners US, Syngeta Ventures, Accel India Neoplux, Qualcomm Ventures and Trifecta Capital among its list of institutional backers. Accel Partners continues to be the largest institutional stakeholder in the four-year-old company.
Ninjacart has raised a total of $150M in funding over 8 rounds from 13 investors. Their latest funding Rs. 30M was raised on Jul 18, 2019 from a Series C round.