Chennai-based agritech startup Waycool has secured a debt funding of INR 100 Cr ($11.9 Mn) from Grand Anicut.

The board approved a capital infusion through 1,000 Series B6 debentures at an issue price of INR 10 Lakh each to raise INR 100 Cr. The debentures carry a coupon rate (interest rate) of 18% per annum, with a maturity period of 18 months, as per WayCool’s RoC filing.

WayCool aims to use the fresh capital for refinancing its existing borrowings and for working capital.

Founded in 2015 by Karthik Jayaraman and Sanjay Dasari, WayCool sells food products under seven different labels and also offers supply chain solutions. 

This also comes at a time when the company is struggling to raise fresh capital.

From January to July this year, WayCool sacked 270 staff as a part of its effort to streamline operations for cutting down losses.

Also, last year, the company reportedly laid off around 300 employees. 

Notably, the agritech startup has been booking losses lately, with its net losses rising 88.7% to INR 685 Cr in FY23 from INR 363Cr in FY22. 

In FY23, the company’s revenue from operation stood at INR 1,251 Cr, 62% up from INR 772.3 Cr in FY22. 

Till date, the agritech startup has raised a total funding of about $300 Mn and counts the likes of Lightrock, Lightbox, Lightsmith, 57 Stars and FMO among its investors.

WayCool announced its FMCG entity BrandsNext Last year, which houses brands such as Madhuram, KITCHENji, DeziFresh, and Freshey’s. 

It was reported last year that the agritech startup was in talks to raise around $50-$70 Mn at a valuation of around $900 Mn. However, it failed to close this round due to the ongoing funding winter.

The post WayCool Bags INR 100 Cr Debt From Grand Anicut appeared first on Inc42 Media.

India has historically been at the forefront of global agricultural productivity, given the vast agro-ecological diversity the country has been blessed with. 

According to statistics from the Food and Agriculture Organization (FAO) of the United Nations, India is the largest producer of milk, jute and pulses and the second-largest producer of rice, wheat, sugarcane, cotton, groundnuts and fruit and vegetables.

While agriculture came to India thousands of years ago, it was the Green Revolution led by agricultural scientist MS Swaminathan that supercharged the country’s farm sector.

Today, with the emergence of the agritech space, India is standing on the cusp of a fourth revolution. Imperative to mention that the country’s agritech ecosystem is a juggernaut in the making. Having embraced IoT-enabled agricultural practices to now AI-enabled machines and tech, this burgeoning sector is writing the next chapter of the country’s farm story.

As tech penetration continues to rise through one of the world’s largest agricultural industries, Indian agritech startups are sitting on multi-billion-dollar opportunities. In fact, according to an EY report, India’s agritech startups are looking at a total market opportunity worth $24 Bn by 2025. And this potential is also being recognised by Indian and global investors, as these startups have secured more than $2.4 Bn since 2014, as per Inc42’s analysis.

The fourth agricultural revolution is at India’s doorstep, ready to disrupt the world’s food basket. With that said, we have compiled a list of some of India’s noteworthy agritech startups, showcasing the innovative strides they are making in transforming the agricultural landscape.

(Note: We have listed Indian agritech startups in alphabetical order. The list is not meant to be a ranking of any kind and will be updated from time to time.)

Agritech Startups In India

1. AgroStar

Founded by Shardul Sheth and Sitanshu Sheth in 2013, AgroStar offers an app and interactive voice response-based agriculture solutions to farmers. 

The startup has built a multilingual content-led commerce platform for farmers, who can use its mobile application to read and watch agronomy content, post pictures of their crop problems to get advice, interact with fellow farmers and use voice search to look for agri products and transact on the platform. 

It claims to be India’s largest digital farmer network and agri-inputs platform, which serves over 5 Mn farmers across Gujarat, Rajasthan, Maharashtra, Madhya Pradesh and Uttar Pradesh. 

Since its inception, the startup has raised more than $111 Mn from a host of investors, including Aavishkaar Bharat Fund, Accel India, and Bertelsmann, among others. The Pune-based startup’s net loss zoomed 89% to INR 141.7 Cr in FY22 from INR 74.8 Cr in the previous fiscal year despite a rise in its top line.

2. Agrizy

Founded in 2021 by Vicky Dodani and Saket Chirania, Agrizy is a B2B agri-processing platform that connects processors with potential buyers dealing in non-perishable farm products across both food and non-food categories, such as oilseeds, cereals, pulses, jute, and others. 

Besides, the startup offers a digital marketplace for agri-products, custom sourcing of agri-food products for buyers, demand aggregation for small processors and working capital support through partnerships with NBFCs. 

It also offers networking, logistics, and warehousing services and automates payment cycles. The startup claims that its client list includes the likes of Reliance Retail, Patanjali, Adani Wilmar and Cremica. 

The startup has raised over $17 Mn to date and counts the likes of Accion, Ankur Capital, Capria, and Omnivore as its investors. 

3. BigHaat

Founded by Raj Kancham, Sachin Nandwana and Sateesh Nukala in 2015, BigHaat is a farmer-centric digital marketplace, which offers technical guidance and accessibility to a wide range of high-quality inputs to farmers.

It is a full-stack data-based platform, which sources data through 7-8 channels to monitor consumer behaviour, sales patterns and cropping patterns. The data helps BigHaat analyse and predict how much produce will be generated by a particular farmer and how it will be affected by other external factors such as pests and weather patterns. 

The startup, which counts JM Financial, Ankur Capital and BlackSoil as its investors, claims to have onboarded more than 4 Mn farmers. The startup has so far secured more than $13.4 Mn in total funding.

4. BharatAgri

India’s agricultural revolution has employed more scientific methodologies to boost crop yields, yet smaller farmers often struggle to access agritech innovations.

To address this issue, Siddharth Dialani and Sai Gole launched the ecommerce platform BharatAgri in 2017. The startup provides AI-based agronomy services designed to help farmers achieve higher yields.

BharatAgri’s ecommerce portfolio includes over 1 Lakh agricultural products, such as fertilisers, seeds, pesticides, insecticides, and farming equipment. These products are delivered across more than 20,000 pin codes in India, aiding farmers in increasing their incomes through systematic scientific farming techniques.

In October 2023, BharatAgri raised $4.3 Mn in a Series A funding round led by Arkam Ventures, with participation from Capria Ventures and existing investors such as India Quotient, 021 Capital, and Omnivore.

5. CropIn

CropIn is a SaaS-based agritech platform, which helps farm-to-fork businesses digitise their operations and improve their decision-making process by providing real-time data and insights. 

Founded by Krishna Kumar and Kunal Prasad in 2010, CropIn claims to have partnered with over 250 organisations across the globe, helped them digitise more than 16 Mn acres of farms and impacted the livelihood of nearly 7 Mn farmers, according to its website.

The startup helps farmers with advisories and suggests best practices for using water efficiently, including the kind of seeds that should be used. 

Cropin also helps predict weather patterns and build early warning systems to warn farmers about factors such as fluctuations in the cost of fertilisers and complaints of infestations.

In 2018, the Karnataka government partnered with CropIn to start a programme to help farmers create more value for their crops and foster their socio-economic development. 

6. DeHaat

Founded by Shashank Kumar in 2012, DeHaat offers end-to-end agricultural services to farmers, including distribution of high-quality agri inputs, customised farm advisory, access to financial services, and market linkages for selling their produce.

The startup claims that since inception, it has served over 2 Mn farmers across 11 states in India through its digital network of over 11,000 ‘DeHaat Centres’. 

The startup boasts a network of over 1,500 stock-keeping units and delivers more than 15,000 orders per day to more than 15 countries. So far, DeHaat has secured more than $270 Mn in total funding from Peak XV Partners, Sofina Ventures and other investors. Recently, the startup acquired the fruit export business of Freshtrop Fruits in an all-cash deal.  

7. Eeki Foods 

Founded by IIT Bombay graduates Abhay Singh and Amit Kumar in 2018, Eeki Foods aims to make farming sustainable and climate-proof with the use of its growing chambers. These chambers provide plants with the ideal conditions to grow. 

The startup makes use of its homegrown technology, which controls the farm’s climate, allowing vegetables to be grown all year without being affected by seasonal variations. 

According to the startup, this technology helps in ensuring that the nutrient solutions deployed to the roots of the plants are continuously recirculated till all the water has been used up. Eeki claims that this allows crops to grow with 80% less water compared to traditional methods. 

The agritech startup is backed by names such as Avaana Capital, Better Capital and Icebreaker VC. The company secured $6.5 Mn last year, to scale across hundreds of acres, expand its team, and invest in technology.

8. Ergos

Established in 2012 by Kishor Kumar Jha and Praveen Kumar, Ergos offers farmers a nine-month storage service for their harvest. Moreover, the platform provides credit for up to 70% of the stored grains.

It connects farmers to potential buyers, provides secure warehouse storage for grains and facilitates affordable financial solutions via partnering lenders. According to the startup, this approach helps farmers to transform their produce into digital assets that can be traded. 

At present, the startup claims to be aiding over 1.6 Lakh farmers through its platform, boasting a vast Grainbank network of warehouses in over 200 locations across Bihar, Karnataka and Maharashtra. It also claims to have assisted farmers in boosting their annual income by 30-35% over the years.

According to Inc42’s findings, the startup has secured more than $23 Mn in four rounds. It counts Aavishkaar Capital, Chiratae Ventures, Trifecta Venture Debt Fund and Abler Nordic as its investors.

In September last year, the startup secured $10 Mn through a mix of equity and debt in its Series B funding round led by Abler Nordic. 

9. FarMart

Launched by Alekh Sanghera and Mehtab Singh Hans in 2016, Farmart operates as a micro SaaS-led agritech platform, which helps large food businesses source quality produce by using its network of agri-retailers.

It makes use of tech and data to source at scale and uses under-utilised assets in the food value chain to build a high-growth and contribution margin profitable business. 

Since its inception, the startup has raised more than $44 Mn. It counts Omidyar Network India, Avaana Capital, 500 Startups and Matrix Partners India as its investors. 

The startup’s output linkage offerings, disseminated through its app users, now extend to over 600 districts. 

The startup also has a mobile application, SaudaBook, which aims to facilitate the digitisation of the entire workflow for food processors. 

10. Farmtheory

Established in 2019 by Arpit Agarwal and Sakshi Agarwal, Farmtheory is an innovative agri-waste management startup committed to mitigating waste at its source, empowering farmers to enhance their income, mitigate food loss, and combat climate change.

With a dual focus on elevating farm yields and delivering premium ingredients to commercial kitchens, Farmtheory has successfully onboarded over 3,000 partner farmers and served more than 1,500 kitchens to date.

Looking ahead, the company aims to expand its partner network and geographical reach, extending the benefits of its pioneering model to numerous farmer communities nationwide.

Recently, Farmtheory secured seed funding of $1.45 Mn (around INR 12 Cr) from Merak Ventures. The startup said that the funds would be deployed to scale up its operations, expand its supply arm, and enhance its tech infrastructure. It also plans to reach out to more farmers, ensuring a robust and sustainable source of produce.

11. Fasal

Established in 2018 by Shailendra Tiwari and Ananda Verma, Fasal operates as a precision horticulture platform. It facilitates resource optimisation (water, pesticides, etc.) and enhances farm productivity, all while ensuring the procurement of high-quality, traceable produce. 

The agritech startup orchestrates an end-to-end optimised value chain by leveraging AI, crop sciences, and IoT to offer farm-level, crop-specific, and crop-stage-specific intelligence.

Fasal has secured more than $17 Mn in total funding to date and counts ITI Growth Opportunities Fund, Navam Capital, 3one4 Capital, Omnivore, Wavemaker Partners and Genting Ventures as its investors.  

Last month, the startup secured $12 Mn funding in a Series A funding round led by TDK Ventures and British International. The company plans to use the proceeds to scale its B2B brand Fasal Fresh and expand its India and Southeast Asia operations.

It also aims to invest money in developing its proprietary farm IoT-crop intelligence technology and developing a carbon-negative horticulture value chain.

12. Fyllo

While farming has traditionally been a labour-intensive endeavour, advancements in new equipment have been making farmers’ lives easier. However, a significant challenge remains — the lack of proper education on using these machines, leaving farmers uncertain about their precise application.

To address this issue, Sudhanshu Rai and Sumit Sheoran founded Fyllo in 2019. This Bengaluru-based company provides both software and hardware products designed to assist farmers with precision farming solutions.

Fyllo’s hardware solutions, Nero and Kairo, are installed on farms to collect data on soil, climate, and crop canopy, which is then sent to the Fyllo server. Utilising this data, the company’s software products deliver live farm data, irrigation and fertiliser scheduling, disease and pest predictions, and weather forecasts.

Since its inception, Fyllo has raised $6 Mn in funding and claims to support over 8,000 farmers, boosting their income by 30%. In its B2B business vertical, the company’s clientele includes notable names such as Dhanuka, Iffco Kisan, Euro Fruits, and Mahindra Agri Solutions, among others.

13. Gramophone

Founded in 2016 by Tauseef Khan, Nishant Vats, and Harshit Gupta, Gramophone is an Indore-based full-stack agritech platform. It facilitates activities ranging from sourcing raw materials to warehousing. 

The startup sells agri inputs like seeds, fertilisers, nutrients, pesticides and farming equipment. It also provides standalone services such as warehousing and inventory management.

The startup additionally assists farmers by offering crop advisory and weather information. Simultaneously, it provides agronomic intelligence and solutions to farmers through image recognition, soil science, smart crop selection, and personalised information-led cropping systems. 

The startup has secured close to $19 Mn in total funding across five rounds. It is backed by investors like Info Edge, Z3 Partners, Asha Impact and Siana Capital. 

Last year, Info Edge announced that it would increase its stake in the company by investing  INR 9.3 Cr ($1.1 Mn) in Gramophone’s parent Agstack Technologies. 

14. Intello Labs

Launched by Milan Sharma, Nishant Mishra Himani Shah and Devendra Chandan in 2016, the Gurugram-based startup uses AI and image recognition tools to perform grading and quality checks of agri products.

The startup manufactures several sorting, grading and packaging machines, which eliminate manual labour at various steps of agricultural production and streamline the process. For instance, Intello Labs manufactures IntelloFlow, an all-in-one machine which weighs, packs and labels agricultural goods. 

Other products include Intello FruitSort (a fruit sorting machine), Intello Sort (a vegetable sorting machine), Intello Pack (an automated weighing and packing machine for fresh produce), Intello Grade (a produce grading machine), Intello Track (quality inspection machine) and Intello ShelfEye (a stock management platform).

The startup raised $2.82 Mn last year at a post-money valuation of $77 Mn. The round was led by Saama Capital, with participation from existing investors – Avaana Capital, Omnivore, Nexus Ventures and AgFunder. The company has secured a total of $15.72 Mn to date.

15. Jai Kisan

Founded in 2017 by Arjun Ahluwalia and Adriel Maniego, Jai Kisan is a rural India-focussed neo bank that offers credit solutions in online and offline rural commerce environments. Through its app, the company helps farmers secure loans in 10 minutes. It claims to be present in 5,000 pin codes in India, where it supports the financial needs of over 1 Lakh rural businesses. 

Since its inception, the startup has netted over $88.7 Mn in funding and counts the likes of Blume Ventures, Arkam Ventures, Mirae Asset and Northern Arc as its investors. 

Recently, the agritech neobank obtained a non-banking finance company (NBFC) licence after picking a majority stake in supply chain financing company Kushal Finnovation Capital. Shortly after securing the licence, the startup took its BNPL app BharatCredit, specifically for rural businesses, in August. 

Besides, the startup also launched a digital lending platform for rural businesses, Bharat Khata, back in 2020. Under this offering, Jai Kisan allows farmers to sell their farm inputs on Jai Kisan BNPL and receive payments within 24 hours. It sells the produce to local farmers via its Jai Kisan Farmer app. 

16. KisanKonnect

Launched during the pandemic in 2020 by Vivek Nirmal and Nidhi Nirmal, KisanKonnect now boasts a network of 5,000 farmers. The startup directly sources food from these farmers through its village-level collection centres.

It sells sourced products in the markets of Mumbai and Pune and offers its services to customers directly through its mobile app and farm stores. 

KisanKonnect claims that it manages over 1.75 Lakh acres of cultivated land and provides access to more than 200 types of vegetables and 100 types of fruits through its online platform. The startup also claims to deliver approximately 1.5 Lakh boxes of vegetables and fruits every month.

According to the startup, it serves more than 1 Lakh consumers in Pune and Mumbai. In May, the startup secured an undisclosed amount of funding from actor Shilpa Shetty.  

17. Ninjacart

The Bengaluru-based startup procures groceries, fruits and vegetables from farmers and delivers them directly to supermarkets and other retail stores. Founded by Nagarajan, Sharath Loganathan, Sachin Jose, Kartheeswaran KK and Vasudevan Chinnathambi in 2015, Ninjacart claims to source over 1,400 tonnes of fresh produce daily from farmers hailing from over 20 states. It then supplies the produce to over 17,000 retail stores.

The startup has secured more than $396 Mn since its inception. It is backed by names like Tiger Global, Walmart, Accel India and Trifecta Capital Advisors. 

Ninjacart saw its operating revenue cross the INR 1,000 Cr mark in the financial year ended March 31, 2023. The B2B agritech startup reported sales of INR 1,153.4 Cr in FY23, up 19% from INR 967.3 Cr in FY22. Despite the rise in sales, the startup’s loss grew 6% to INR 326.3 Cr in FY23 from INR 307.9 Cr in FY22.

18. ONO 

To enhance the connection between farmers and mandis, Rama Rao Kancharapu launched the discovery platform ONO in 2021.

This agritech startup offers a range of services, including ONO Connect, a price and market discovery platform; ONO Cash, a credit facilitation platform; and ONO Click, a SaaS platform for commission agents and traders. The startup also provides price and market intelligence, payment processing, collections, and digitisation of market operations. Additionally, it features ONO Mandi, a mid-mile trading platform.

The startup claims to be active in over 45 mandis across six states, with a network of over 30,000 partners and seven commodity transactions hosted on its platform.

In its latest seed funding round, ONO secured $1.3 Mn, led by Aeravti Ventures with participation from Indigram Labs.

19. Orbit Farming

After concluding his role as the vice president of operations at Swiggy, Kedar Gokhale partnered with Aishwarya Ramakrishnan to launch Orbit Farming.

Orbit Farming is dedicated to providing farm solutions specifically tailored for mid-sized Indian farmers who own 2 to 10 hectares of farmland. The founders aim to assist these farmers in boosting their farm income by offering a platform that provides farming mechanisation solutions, thereby enabling them to achieve greater profitability.

The startup’s vision, as outlined on its LinkedIn page, is to bridge the gap between traditional farming practices and modern, technology-driven solutions.

Currently, Orbit Farming is in its early stages of development and is actively engaged in assembling a founding team that shares its mission of empowering mid-sized farms.

20. Otipy

Founded in 2020 by Varun Khurana and Prashant Jain, Otipy is a part of agritech startup Crofarm Agriproducts. Otipy operates as a B2B2C social commerce platform for fresh produce, including vegetables, fruits, dairy, and other grocery items.

The startup uses its proprietary technology to procure fresh produce from farmers based on the demand calculated by its prediction engines. Then, it delivers the goods to customers within 12 hours of harvest. 

It claims to have the lowest wastage rate in the industry at 3%.

According to Inc42 data, the startup has secured $44 Mn in total funding since its inception. It counts Westbridge Capital, SIG and Omidyar Network India among its investors. 

Otipy last raised $32 Mn in a funding round led by Westbridge Capital. Back then, it said it would use the capital to expand its geographical reach across India and strengthen the supply chain. 

21. Salam Kisan

Founded in 2022 by Dhanashri Mandhani, Salam Kisan is an end-to-end agritech startup, which offers services like drone-based soil testing, procurement, and marketplace offerings to farmers.

The startup primarily earns its revenues from soil testing and drone services with which it claims to have covered over 15,000 acres of land, aiding 7,500 farmers. Currently, the startup is only operational in Maharashtra across 22 districts of the state, with a user base of 58,000 farmers. 

Interestingly, 15% of its total farmer base today is women. It also offers a DGCI-certified drone pilot training course valued at INR 50,000 per pilot. However, in the coming financial year, Salam Kisan also plans to enter the drone manufacturing segment, targeting the production of 250 drones by the end of March. The in-house drones are expected to serve the purposes such as spraying chemicals, pesticides, and seeds.

While the manufacturing unit will be located in Jalna, Maharashtra, the R&D centre will be established in Bengaluru. The startup is also focussing on recruiting new pilots.

As a bootstrapped startup, Salam Kisan commenced operations with a preliminary investment of $2 Mn. It aims to secure its first external funding round in the upcoming financial year.

22. Vegrow

Founded by Praneeth Kumar, Mrudhukar Batchu, Kiran Naik and Shobhit Jain in 2020, Vegrow operates a B2B fruit marketplace. It offers farmers a range of tech solutions such as crop advisory, grading, packaging, logistics and sales support.

The agritech startup claims to leverage data and tech to maximise farmers’ income by accurately grading the produce and efficiently matching it with the most suitable demand channel.

Vegrow has raised a total funding of over $80 Mn to date. In December 2023, the startup secured $46 Mn in its Series C funding round in a mix of primary and secondary infusions. The funding round was led by GIC and also saw participation from existing investors Prosus Ventures, Matrix Partners India, Elevation Capital, and Lightspeed. It also provided a partial exit to its investors Ankur Capital, Titan Capital and Better Capital. 

At the time of the fundraise, Vegrow claimed to have witnessed a five-fold rise in its revenue in the last year and achieved operational profitability.

23. WayCool

Founded by Karthik Jayaraman and Sanjay Dasari in 2015, Waycool operates a full-stack agritech platform that connects farmers looking to sell produce to retailers, traders and processors, among others. 

The startup leverages technology to operate the supply chain from soil to sale. It works with over 85,000 farmers and deals in products ranging from fresh fruits and vegetables, staples, nuts and spices, to dairy and other value-added products

WayCool also offers SaaS products for clients across domains such as procurement, processing, warehousing, and distribution. 

According to Inc42 data, the startup has raised over $231 Mn in funding to date. It is backed by the likes of LightRock, LightBox, FMO, Lightsmith, IFC and Redwood Equity Partners.

This is a running article, we will keep adding more names to the list.

Last updated: September 27, 2024 

[Edited by Shishir Parasher]

The post 23 Agritech Startups Disrupting Agricultural Landscape In India appeared first on Inc42 Media.

Drone startup Drone Destination has signed a Memorandum of Understanding (MoU) with agritech startup DeHaat to offer drone solutions for Indian farmers. 

The partnership will enable Drone Destination to offer drone spraying services while promoting DeHaat’s range of products including seeds and fertilisers across rural India. The drone tech startup told Inc42 that it will deploy its fleet of nearly 250 drones across the country for this initiative.

The agritech startup, through its network of 14,000+ centres, will generate leads for drone services and offer agricultural services directly to end-users. As part of this, the drone startup said that DeHaat’s app will be integrated with Drone Destination’s platform for seamless operation and booking management.

In a conversation with Inc42, Drone Destination CEO and founder Chyrag Sharmaa said, “We have our own Drone Hub on wheels, which are service vans with pilots and technicians always on the road. DeHaat centres will act as lead generation points for us. When bookings come up, our teams will visit the farmer, perform the spray service, and collect payment”.

Drone Destination also said that it will be registered as a service provider on DeHaat’s platform while the agritech major will also list its agricultural products and services on the drone tech startup’s platform.

Sharmaa added, “Our collaboration with DeHaat will increase our presence and enhance our network footprint. We are present in 12 states, DeHaat in 11, with an overlap in 7 states. This partnership allows us to increase capacity and demand per village or district.”

“… Our collaboration with Drone Destination represents another significant step forward in that direction. By integrating drone technology with our comprehensive agricultural services, we aim to provide farmers with cutting-edge tools that can increase crop yield and ensure sustainable farming practices,” said DeHaat cofounder and director Amrendra Singh.

Meanwhile, Sharmaa also told Inc42 that drones could be utilised to address labour shortages and other issues prevalent in the Indian agriculture space. 

He explained, “Drones address labour shortages, especially in crops like soybean and sugarcane where manual spraying can be dangerous or difficult. They also enable precision spraying and foliar application, which is particularly effective for nutrient absorption through leaves:.

This partnership comes two months after Drone Destination collaborated with the National Small Industries Corporation (NSIC) to set up a drone training centre at the National Science and Technology Council in Delhi. 

Founded in 2019 by Sharmaa, Drone Destination claims to be India’s largest drone pilot training and leading drone-as-a-service company. The company’s portfolio includes solutions for agriculture spray, aerial surveying, and asset inspection services. The company is also said to be working closely with Survey of India. 

It listed on the NSE Emerge platform in July last year.

Meanwhile, DeHaat, founded in 2012, operates a network of 14,000+ centres across 11 states, catering to 2.7 Mn+ farmers. The company offers services including distribution of agricultural inputs, farm advisory, financial services, and market linkages for selling farm produce.

The partnership comes at a time when the Centre has actively pitched for using drones to improve agricultural efficiency through schemes such as the Drone Didi scheme as well as the Kisan Drone scheme. 

Besides, the Centre last year banned imports of most drones in a bid to give a major fillip to the homegrown drone manufacturing ecosystem. As per an Inc42 report, the Indian drone tech space is expected to reach a market size of $13 Bn by 2030.

The post DeHaat Inks Pact With Drone Destination To Offer Agri-Drone Solutions appeared first on Inc42 Media.

Water scarcity is one of the most pressing issues faced by small-scale farmers in arid regions. With changing climate patterns and increasing demand for water resources, these farmers often struggle to sustain their livelihoods. However, advancements in water generation technologies are providing new solutions to address this challenge.

Atmospheric Water Generation

Atmospheric Water Generation (AWG) is a cutting-edge technology that extracts moisture from the air and converts it into potable water. This technology is particularly beneficial in arid regions where traditional water sources are scarce. AWG systems can operate in a variety of environmental conditions, making them a reliable water source for small-scale farmers.

Benefits for Farmers

• Reliable Water Supply: AWG systems provide a consistent and reliable water supply, reducing farmers’ dependency on erratic rainfall and depleting groundwater sources. This ensures that crops receive adequate water, leading to better yields and increased food security.
• Cost-Effective: Once installed, AWG systems have relatively low operating costs. They reduce the need for expensive water transportation and storage infrastructure, making them an economically viable option for small-scale farmers.
• Sustainable Agriculture: By providing a sustainable water source, AWG systems enable farmers to adopt sustainable agricultural practices. This includes efficient irrigation techniques such as drip irrigation, which minimises water wastage and maximises crop productivity.
•  Resilience to Climate Change: As climate change exacerbates water scarcity, AWG systems offer a resilient solution. They can continue to generate water even in extreme weather conditions, ensuring that farmers have access to water year-round.

Supporting Indoor Farming And Hydroponics

AWGs are also proving to be invaluable for indoor farming, particularly hydroponics. Hydroponics is a method of growing plants without soil, using mineral nutrient solutions in an aqueous solvent. This method requires a consistent and reliable water source, which AWGs can provide.

• Micro Farms: AWGs enable the setup of micro farms in arid regions where traditional farming is not feasible. These micro farms can be established indoors, providing fresh produce year-round, regardless of external weather conditions.
• Consistent Water Supply: Hydroponic systems thrive on a consistent water supply, and AWGs ensure that plants receive the right amount of water and nutrients at all times. This leads to healthier plants and higher yields.
•  Efficient Water Use: Hydroponics combined with AWG technology ensures efficient use of water, reducing wastage significantly. The closed-loop system of hydroponics recycles water, and AWGs replenish any lost moisture, making the system highly sustainable.

Other Innovative Water Technologies

In addition to AWG, several other water generation technologies are making a positive impact on small-scale farming in arid regions:

• Desalination: Desalination plants convert seawater into freshwater, providing an abundant and reliable water source. While traditionally used in coastal areas, advancements in portable desalination units are making this technology accessible to inland farmers as well.
• Rainwater Harvesting: Collecting and storing rainwater during the wet season is a traditional yet highly effective method. Modern rainwater harvesting systems are equipped with filtration and storage solutions, ensuring that water remains safe for agricultural use throughout the year.
• Solar-Powered Irrigation: Solar-powered pumps and irrigation systems harness renewable energy to extract and distribute water efficiently. These systems are particularly beneficial in off-grid areas where access to electricity is limited.

Challenges And Future Prospects

Despite the promise of these technologies, there are challenges to their widespread adoption. High initial costs, lack of awareness, and limited technical expertise can hinder implementation. However, with increasing governmental and non-governmental support, these barriers are gradually being addressed.

Public-private partnerships are playing a crucial role in scaling up these technologies. Subsidies, training programs, and awareness campaigns are helping small-scale farmers understand and adopt water generation technologies.

Conclusion

Water generation technologies like AWG, desalination, rainwater harvesting, and solar-powered irrigation are transforming agriculture in arid regions. By providing a reliable and sustainable water supply, these technologies empower small-scale farmers to enhance their productivity and resilience against climate change.

As we continue to innovate and invest in these solutions, the future holds great promise for farmers in arid regions, ensuring that they can thrive despite the challenges posed by water scarcity.

The post How Water Generation Technologies Are Boosting Agriculture appeared first on Inc42 Media.

The union agriculture ministry on Tuesday (August 3) launched an INR 750 Cr ‘AgriSURE’ fund (Agri Fund for Start-ups & Rural Enterprises) to back agritech and rural area-focussed startups. 

The fund is a Securities and Exchange Board of India (SEBI)-registered Category II alternative investment fund (AIF) which will support startups by offering both equity and debt funding. 

In a statement, the ministry said that the union government will pump INR 250 Cr into the AIF while National Bank for Agriculture and Rural Development (NABARD) will infuse another INR 250 Cr in the fund. The remaining INR 250 Cr of the total corpus is being mobilised from banks, insurance companies, and private investors. 

The fund was launched at a mega event that was attended by union agriculture minister Shivraj Singh Chouhan, ministers of state (MoS) for agriculture and farmers’ welfare Bhagirath Choudhary and Ram Nath Thakur, among others. 

“Our vision is to empower every farmer and the launch of the AgriSURE Fund is a testament to our unwavering dedication to the agricultural sector. The government will relentlessly strive towards ensuring increased production, reduced cost of production for farmers, remunerative prices for farmers, crop diversification, preventing post-harvest loss and safe guard during crop loss through crop insurance,” said Chouhan. 

The event also saw the launch of an integrated agri-investment portal Krishi Nivesh. Chouhan said that the platform will transform the agricultural landscape by centralising investment opportunities and information. 

He said that the portal is a comprehensive platform designed to enhance agribusinesses, attract investments, and improve farmers’ income. “It aligns with our vision of modernising agriculture through technological advancements and innovative practices,” the minister added.

The development comes just a day after the union cabinet approved the INR 2,817 Cr digital agriculture mission (DAM) that will leverage emerging technologies to build digital public infrastructure (DPI) to boost the ailing farming sector. 

While AgriStack will pave the way for creation of farmer IDs, modelled after Aadhaar, Krishi Decision Support System envisages the creation of a comprehensive geospatial ecosystem to bring all remote sensing-based information on one platform.

Additionally, the mission will also create detailed soil profile maps spanning nearly 142 Mn hectares of India’s agricultural land. 

India is home to more than 1,000 agritech startups that leverage new technologies such as internet of things (IoT), AI and machine learning (ML) to offer farm-centric services to streamline agriculture. As per an Inc42 report, India’s agritech sector is poised to become a $25 Bn market opportunity by 2025.

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After a delay of more than three years, India’s Digital Agriculture Mission (DAM) is finally shaping up. The Union Cabinet has approved the INR 2,817 Cr mission for the creation of Digital Public Infrastructure (DPI) to supercharge the Indian agriculture sector. 

Originally planned for launch in the financial year 2021-22 (FY22), the digital agriculture mission was reportedly delayed as Covid-19 pandemic swept through the country and put the plans on the back burner. 

But, the mission was thrusted into headlines earlier this year as Finance Minister Nirmala Sitharaman, in her Budget speech, reiterated the full-scale roll out of a digital public infrastructure (DPI) for the agriculture sector.

That said, the Centre has now set the ball rolling to build DPIs that will offer farmer-centric digital services, relay timely and reliable information to farmers, among others. Leveraging emerging technologies such as data analytics, artificial intelligence and remote sensing, the project has been approved with a total outlay of INR 2,817 Cr, of which the Centre will contribute around INR 1,940 Cr.

“The DPI for Agriculture aims to provide comprehensive and useful data on farmers comprising authenticated demographic details, land holdings and crops sown. It will include cultivators and tenant farmers, as per the policy of the state government… Aligned with the vision of Viksit Bharat@2047, the DPI for agriculture forms the core of the Digital Agriculture Mission,” said an official statement.

Part of the agriculture ministry’s activities planned for the first 100 days of the new union government, the mission will be rolled out across the country over the next two years (until FY26).

But what is the government’s much touted Digital Agriculture Mission and how will it disrupt the ailing Indian farm sector?

Modelled on the lines of other DPIs such as Aadhaar and unified payments interface (UPI), the DAM will be built on three key pillars, which include AgriStack, Krishi Decision Support System (DSS), and Soil Profile Maps. 

Complementing this will be the Digital General Crop Estimation Survey (DGCES), which will look to create a tech-based ecosystem to provide accurate estimates of agricultural production by leveraging “scientifically designed crop-cutting experiments”. 

Decoding The Three Pillars 

AgriStack

The first cornerstone of the digital agriculture mission will be the creation of AgriStack, a farmer-centric DPI that will allow farmers to access services in an efficient, easy, and faster manner. Additionally, it has been envisaged with streamlining delivery of schemes to farmers. 

To be built and maintained by state and union territory (UT) governments, AgriStack will comprise three “foundational registries or databases” pertaining to the sector. These include:

• Farmers’ Registry: Under this, farmers will be assigned a digital identity number (Farmer ID), just like Aadhaar, which will be dynamically linked to the respective state’s local data such as land records, livestock ownership, crops sown, demographic details, family details, schemes and benefits availed. 
• Crop Sown Registry: This database will track crops sown by farmers and will be recorded through mobile-based ground surveys such as Digital Crop Survey that will be conducted each season.
• Geo-Referenced Village Maps: Leveraging GIS mapping, this piece of the puzzle will link geographic information on land records with their physical locations.

However, work is already underway to operationalise these databases. In an official statement, the Ministry of Agriculture said that so far memorandums of understanding (MoUs) have been signed between the Centre and as many 19 states to create and implement the DPI. 

The government claims to have already built the basic IT infrastructure for implementing the AgriStack, adding that the project has already been tested on a pilot basis in multiple states. 

For instance, trials have already been conducted for the creation of Farmer IDs across six states including Uttar Pradesh (Farrukhabad), Gujarat (Gandhinagar), Maharashtra (Beed), Haryana (Yamuna Nagar), Punjab (Fatehgarh Sahib), and Tamil Nadu (Virudhnagar). 

Additionally, a pilot Digital Crop Survey was conducted across 11 states in FY24 to aid the development of the Crop Sown Registry. Going forward, the Agriculture Ministry has set its eyes on pan-India roll out of the survey by FY26, with 400 districts slated to be covered under the survey in the ongoing fiscal (FY25). 

Overall, the Centre plans to create digital identities for 11 Cr farmers under the project in the next three years, including 6 Cr in FY25, 3 Cr in FY26 and 2 Cr IDs in FY27. 

The Krishi Decision Support System

This DPI will pave the way for the creation of a comprehensive geospatial ecosystem to bring all remote sensing-based information on one platform including data on crop, soil, weather, water resources, among others.

Soil Profile Mapping

The Digital Agriculture Mission will also create detailed soil profile maps (on a 1:10,000 scale) spanning across nearly 142 Mn hectares of India’s agricultural land. As per the Ministry, a detailed soil profile inventory of about 29 Mn hectares has already been completed.

The Impact

The Agriculture Ministry expects the Digital Agriculture Mission to have a “catalytic” effect on the creation of both direct and indirect employment in the sector. 

It estimates that projects under the mission, including digital crop surveys and collection of “ground-truthed” data for remote sensing, will provide employment opportunities to about 2.5 Lakh trained local youth and “Krishi Sakhis”.

Besides, the agri-focussed DPIs will enable farmers to easily authenticate themselves digitally to access benefits and services. This, the government believes, will obviate cumbersome paperwork and need to physically visit various offices. 

As such, farmers can access a range of services online such as crop loans, connecting to agri-input suppliers and buyers of agricultural produce, accessing personalised advisories in real time, among others. 

“The trustful data would help government agencies make schemes and services more efficient and transparent, such as paperless MSP-based procurement, crop insurance, and credit card-linked crop loans, and develop systems for the balanced use of fertilisers, etc,” added a statement.

Alongside, data from digital crop survey, DGCES and remote-sending data will help in estimating crop production, thereby facilitating crop diversification and evaluating irrigation needs as per crop and season.

Meanwhile, the government plans to leverage Krishi decision support system to identify crop sown patterns, drought and flood monitoring and technology-based yield assessment for settling crop insurance claims by farmers.

“The DPI for agriculture developed under the Mission will enable the stakeholders in the agriculture ecosystem to establish efficient value chains for agricultural inputs and post-harvest processes, as also in developing solutions for customised advisory services to farmers relating to crop planning, crop health, pest and disease management, and irrigation requirements, ensuring that our farmers receive the best possible and timely guidance and services,” added the Ministry. 

While it remains to be seen whether the Digital Agriculture Mission is able to emulate the success of UPI, all eyes will be on how the Centre effectively works out the implementation of the scheme. 

That said, the move will also pave the way for Indian agritechs to leverage this data and build products on top of the stack. Home to 1,000+ agritech startups, the DPI is expected to push the needle on the homegrown agritech economy which, as per Inc42, is projected to be a $25 Bn opportunity by 2025. 

The post Explained: India’s Ambitious INR 2,817 Cr Digital Agriculture Mission appeared first on Inc42 Media.

Chennai-based agritech startup WayCool Foods’ operating revenue rose 62% to cross the INR 1,000 Cr mark during the financial year ended March 31, 2023. The startup’s revenue from operations stood at INR 1,251.4 Cr in the financial year 2022-23 (FY23) as against INR 772.3 Cr in the previous year. 

Founded in 2015 by Karthik Jayaraman and Sanjay Dasari, WayCool sells food products under seven different labels and also offers supply chain solutions. 

In FY23, it earned 98% of its revenue from sale of products, while the remaining came from sale of services. 

Including other income, the startup’s total revenue rose 56.6% to INR 1,216.8 Cr from INR 776.7 Cr in FY22.

Despite the rise in revenue, net loss zoomed 88.7% to INR 685 Cr in FY23 from INR 363 Cr in the previous fiscal year. It must be noted that WayCool incurred a non-cash expenditure of INR 1,906 Cr and INR 827.8 Cr in FY23 and FY22, respectively. These non-cash expenditure items have been removed to calculate the net loss numbers.

Including the non-cash expenses, net loss in FY23 surged 118% to INR 2,591.6 Cr in FY23 from INR 1,190 Cr in FY22.

Commenting on the non-cash expense, a spokesperson of WayCool said, “This is a non-cash loss booked as per Ind AS (Indian Accounting Standards), whereby if an investor is investing through instruments such as CCPS, the same is seen as a liability. This is not true in Indian GAAP.”

Where Did WayCool Spend?

The startup’s expenses increased 96% year-on-year to INR 3,856.9 Cr in FY23 – almost 3X of its operating revenue. In FY22, total expenses stood at INR 1,967.1 Cr. 

The total expense numbers include the non-cash expenditure items.

Procurement Cost: Being an agri-commerce startup running seven private labels, procurement cost accounted for over 50% of the total expenditure. The startup’s procurement cost rose 58% to INR 1,199 Cr in FY23 from INR 758 Cr in the previous fiscal year. 

Employee Expenses: Employee benefit expenses grew 65% to INR 243 Cr during the year under review from INR 147.6 Cr in FY22. 

It is pertinent to note that WayCool has laid off over 270 employees in two such exercises in calendar year 2024 so far to reduce its expenses. 

The startup has raised a total funding of around $300 Mn till date. It is backed by investors such as Lightrock, Lightbox, Lightsmith, 57 Stars, and FMO.

WayCool launched its FMCG entity BrandsNext Last year, which houses brands such as Madhuram, KITCHENji, DeziFresh, and Freshey’s. 

It was reported last year that the agritech startup was in talks to raise around $50 Mn-$70 Mn at a valuation of around $900 Mn. However, it failed to close this round due to the ongoing funding winter. Instead, it laid off around 300 employees in 2023. 

The post WayCool Foods FY23: Loss Up 89% To INR 685 Cr, Revenue Crosses INR 1K Cr Mark appeared first on Inc42 Media.

Rural fintech startup Jai Kisan has reportedly obtained a non-banking finance company (NBFC) licence after it bought a majority stake in supply chain financing company Kushal Finnovation Capital.

As per ET’s report, with this new NBFC licence, Jai Kisan can now offer tailored financial products such as loans from its own portfolio. The company will also be able to enter into co-lending partnerships with financial institutions, including public sector banks in India.

It is pertinent to note that Jai Kisan’s cofounder and chief executive Arjun Ahluwalia is a non-executive director of Kushal Finnovation Capital.

Until now, Jai Kisan was able to cater services in partnership with banks in agreement and NBFCs through its portal, but the new licence enables the company to directly create and deliver tailored financial solutions to farmers and rural businesses, the report said, citing Ahluwalia.

Founded in 2020 by Ahluwalia and Adriel Maniego, Jai Kisan is a rural India-focussed neo bank that offers credit solutions in online and offline rural commerce environments. It aims to offer full-stack financial services to individuals and businesses in rural areas of the country.

In April 2020, Jai Kisan launched a digital lender for rural businesses called Bharat Khata. Under its BNPL credit solution, the startup is said to have added 400% new customers into its base in the initial three months.

“The NBFC licence allows us to cater to our farmer and rural business customers with credit products they want, how they want them, when they want them and where they want them – which is what they deserve,” the report quoted Ahluwalia as saying by the publication.

This comes at a time when the Reserve Bank of India has heightened its scrutiny in regulating fintech platforms in the country.

Meanwhile, Bengaluru-based neobank Fi secured its NBFC licence from the Reserve Bank of India (RBI), in April.

Ahluwalia also confirmed to the report that the company is planning a new fundraise in the next two to three quarters, primarily to support the operationalisation of the NBFC, without disclosing the financial details.

As of the last fundraising in 2022, the Mumbai-based Jai Kisan has secured $85.4 Mn (nearly INR 717 Cr).

The post Jai Kisan Secures NBFC Licence After Picking Up Stake In Kushal Finnovation appeared first on Inc42 Media.

Agritech startup Fasal’s operating revenue nearly doubled during the financial year ended March 2024. The startup’s revenue from operations grew 89% to INR 34.1 Cr in the financial year 2023-24 (FY24) from INR 18 Cr in FY23.

Founded by Shailendra Tiwari and Ananda Verma in 2018, Fasal is a precision horticulture platform that leverages AI, crop sciences and IoT to provide farm-level, crop-specific and crop-stage-specific intelligence to enable resource optimisation (water, pesticides, etc) and higher farm productivity. It also claims to procure high quality, traceable produce for an end-to-end optimised value chain play.

The startup earns revenue from sale of IoT devices and components and agricultural goods. Besides, it also earns revenue from sale of services through software subscription charges.

According to its annual financial statements filed with the Registrar of Companies (RoC), Fasal earned over 90% of its revenue through the sale of agricultural goods, specifically fruits. Revenue from sale of fruits surged 126.5% to INR 30.8 Cr in FY24 from INR 13.6 Cr in FY23.

Meanwhile, revenue from sale of IoT devices and components declined to INR 2.1 Cr during the year under review from INR 3.5 Cr in FY23. Revenue from services was almost flat at INR 1.1 Cr.

Including other income, Fasal’s total revenue grew nearly 90% to INR 35.5 Cr in FY24 from INR 18.8 Cr in the previous fiscal year.

The startup’s loss increased 6% to INR 34 Cr during the year under review from INR 32 Cr in FY23. 

Where Did Fasal Spend?

Fasal managed to control its total expenses during the year relative to the increase in revenue. Its expenditure rose 34.6% to INR 69.5 Cr in FY24 from INR 51.6 Cr in FY23.

Purchase Of Stock In Trade: The startup’s biggest expense was the purchase of stock in trade. It spent INR 30.8 Cr under this head in FY24, an increase of 51.7% from INR 20.3 Cr in the previous year.

Employee Expenses: Employee benefit costs increased 11% to INR 20 Cr in FY24 from INR 18 Cr in FY23.

Advertising & Business Promotion: The startup decreased its expenses under this head by 22% to INR 2.4 Cr from INR 3.1 Cr in FY23. 

Travelling & Conveyance: Expenditure under this head was unchanged at INR 2.7 Cr. 

Legal & Professional Charges: Spending under this head decreased 42.3% to INR 1.5 Cr in FY24 from INR 2.6 Cr in FY23.

Fasal competes with players such as CropIn, Gramophone, DeHaat, Vegrow, and Ergos in the country’s burgeoning agritech sector. 

It has bagged around $16 Mn in funding till date. Last December, it raised Series A funding of INR 100 Cr ($12 Mn), led by TDK Ventures and British International Investment (BII).

In 2021, the startup raised $4 Mn in its pre-Series A funding round led by 3one4 Capital with participation from Omnivore and Wavemaker Partners.

The post Agritech Startup Fasal’s FY24 Revenue Jumps 89% to INR 34.1 Cr appeared first on Inc42 Media.

Agritech startup Gramophone has elevated Navneet Singh Batra to co-founder, who will now lead the company’s sales and marketing functions.

In his new role, Batra will oversee strategic initiatives to enhance Gramophone’s market presence and drive growth. His responsibilities include expanding into new geographies and scaling marketing efforts, the company said in a statement.

Batra said, “Gramophone’s mission to empower farmers through innovative technology aligns perfectly with my passion for transforming the agricultural landscape.” 

Batra was serving as Gramophone’s business head of retail business from 2022. He has also led marketing at nurture.retail and worked with JioMart.

Gramophone CEO Tauseef Khan said, “Navneet’s extensive experience in the FMCG and agri-input sectors, combined with his proven track record of driving growth and innovation, makes him an invaluable addition to our leadership team.”

Gramophone offers an intelligent farming platform serving over 2 Mn farmers and retailers across 50,000 villages. The company manages the entire farmer experience, from agronomy advice to fulfilling farm input needs.

Founded in 2016, Gramophone has raised $20.5 million from investors including Info Edge, Z3 Partners, Asha Impact, and Siana Capital. The company reported a gross revenue of INR 316 crore in FY23, with a 75.6% year-on-year growth.

The company competes against DeHaat, AgroStar, Ninjacart, Bijak and Crofarm in India’s growing agritech market. The sector is projected to reach $1.94 Bn in 2024.

The post Gramophone Elevates Navneet Singh Batra To Cofounder appeared first on Inc42 Media.

Dairy product startup Country Delight has secured INR 70 Cr  ($ 8.35 Mn) in debt funding from Alteria Capital.

The fresh capital injection comes as the startup reports strong revenue growth and aims for profitability in the near future.

According to regulatory filings, Country Delight’s board has approved the issuance of 7,000 non-convertible debentures (NCDs) at INR 1,00,000 each to raise the funds. 

This debt infusion follows a INR 76 Cr mixed debt and equity round from Alteria Capital in May, solidifying the investor’s continued confidence in the startup’s growth trajectory.

The latest funding comes amid Country Delight’s robust financial performance. Inc42 recently reported that the startup achieved an operating revenue of INR 650 Cr in the first half of FY24. 

This puts Country Delight on track to surpass its FY23 revenue of INR 900 Cr, which itself represented a 66% year-on-year growth from FY22.

Interestingly, Country Delight is eyeing profitability in the near term. Sources indicate that the startup expects to reach EBITDA breakeven by the end of H1 2025. 

This aligns with earlier statements from cofounder Chakradhar Gade, who said in September 2023 that the company would turn profitable within 8-10 months.

Founded in 2013 by Gade and Nitin Kaushal, Country Delight operates on a subscription-based model, delivering milk and other daily essentials directly from farmers to consumers. 

The startup has expanded its operations to about 15 cities, including Delhi NCR, Mumbai, Bengaluru, Jaipur, Chennai, and Pune.

Country Delight’s growth story has attracted significant investor interest. Earlier this year, the startup raised $20 million as part of its Series E round, which valued the company at approximately $758 million. 

The round saw participation from existing investors Temasek and Venturi Partners.

In a separate development, Orios Venture Partners made a partial exit from Country Delight in February, scoring a 45X return on its initial investment. 

The early-stage VC firm sold a 3% stake to Temasek for around INR 225 Cr, while still retaining the majority of its stake from Fund I in the company.

It faces competition from companies like Akshayakalpa, Milk Mantra, Sid’s Farm, and Otipy, among others.

The post Country Delight Nets INR 70 Cr Debt from Alteria Capital appeared first on Inc42 Media.

Bengaluru-based B2B agritech startup Agrizy has raised $9.8 Mn (INR 82 Cr) in a Series A funding round co-led by Accion and Omnivore.

The round also saw participation from Capria Ventures, Thai Wah Ventures and existing investor Ankur Capital.

Agrizy plans to use the fresh funds to expand into new products and regions. It also plans to launch contract manufacturing and advisory services, and offer financial services to MSME processors and farmer-producer organisations (FPOs).

Founded in 2021 by Vicky Dodani and Saket Chirania, Agrizy aims to bridge the processed agri supply chain by connecting agri suppliers, processors and buyers of agricultural products across food and non-food categories.

The startup offers a digital marketplace for agri-products, custom sourcing of agri food products for buyers, demand aggregation for small processors and working capital support through partnerships with NBFCs. It also offers networking, logistics, warehousing services and automates payment cycles.

Dodani said, “Agrizy aims to make India a global food processing centre by helping FPOs and MSME agri-processors reach export markets and meet global quality standards. It will also provide these stakeholders working capital from formal financial institutions.”

In April 2022, Agrizy raised $4 Mn in a seed funding round led by Ankur Capital and a $5 Mn debt funding from SBI, Yes Bank, Vivriti Capital, and other financial institutions, last year.Krishnan Neelakantan, Managing Partner, Ankur Capital, said,

Krishnan Neelakantan, managing partner, Ankur Capital, said, “As an early investor, working closely with Agrizy, we have been impressed with the team’s ability to establish market fit and scale their business over the last two years. The company also  demonstrates superior metrics on margins and capital efficiency. “

It is pertinent to note that the Indian agricultural sector accounts for nearly 16% of the country’s gross domestic product (GDP) and employs nearly 44% of the national workforce. 

While the sector is still plagued by old-age practices and obsolete technology, homegrown agritech startups are trying to transform the Indian agriculture landscape, offering innovative digital solutions from providing weather-based crop advisory to soil analysis and from promoting IoT-enabled practices to AI-driven technology.

The fast-growing agriculture sector is expected to become a $24 Bn opportunity by 2025.

According to the Economic Survey 2022-23, there are more than 1,000 agritech startups in the country. Some of the notable startups in the space include AgroStar, Fasal, CropIn, Dehaat, Ergos, KisanKonnect, Ninjacart, Waycool, FarMart, and Gramophone.

The post Agritech Startup Agrizy Bags $9.8 Mn From Accion, Others appeared first on Inc42 Media.

Chennai-based WayCool has initiated another round of layoffs just within five months of sacking at least 70 employees as the agritech startup looks to streamline its business operations.

As per Moneycontrol’s report, the company has cut over 200 jobs across several verticals in its third layoff exercise within a year, impacting employees across Chennai, Bengaluru and Hyderabad, and its subsidiaries — CensaNext and BrandNext.

This comes at a time when the company looks to streamline its operations to cut down losses after struggling to close funding.

Sources close to the development have confirmed to Inc42 about the layoff exercise, without further disclosing the number of impacted employees.

“Each of WayCool’s businesses is executing their plans to get to profitability. As part of this, roles and structures are further simplified and automated. This will be a continual process,” a WayCool spokesperson told Inc42 in a statement.

“The company has already received 75% of the capital from its bridge round and will complete the round by August. This gives it adequate capital runway to get past the cash profitability milestone,” the spokesperson added.

Founded in 2015 by Karthik Jayaraman and Sanjay Dasari, WayCool is an agritech company that sells its food products under seven different labels, while also offering supply chain tech solutions. The company has raised a total funding of around $300 Mn so far, and is backed by investors such as Lightrock, Lightbox, Lightsmith, 57 Stars, and FMO.

Sources attributed the latest layoff exercise to the company’s worsening financial woes, including delayed salaries and client payments, the report said.

Last year, it was reported that WayCool fired 300 employees in a restructuring exercise.

Back then TOI reported that the startup, which raised more than $350 Mn in funding, has conducted the restructuring to chase profitability.

The post WayCool Cuts Over 200 Jobs In Another Round Of Layoffs Within Five Months appeared first on Inc42 Media.

Finance minister Nirmala Sitharaman on Tuesday (July 13) said that the government will promote startups across the vegetable supply chain to spur the agritech sector. 

“We will promote farmer producer organisations, cooperatives and startups for vegetable supply chains, including for connection and storage and marketing, digital public infrastructure for agriculture,” said FM Sitharaman. 

She also said that the digital public infrastructure (DPI) for the agriculture sector will be rolled out after a year-long pilot. Going forward this fiscal, crop survey will be undertaken using the digital public infrastructure (DPI) in 400 districts in the ongoing Kharif season, added Sitharaman.

Via the DPI, details of 6 Cr farmers and their land parcels will be collected and the said farmers will be brought under the ambit of the farm and land registry. In addition, the DPI will be utilised to offer Kisan credit cards to farmers. 

Notably, a pilot of the agri DPI was launched last year, when the Centre asked states and union territories (UTs) to digitise the process of area enumeration of crops at the field level.

The FM also proposed development of multiple other DPI applications at “population scale for productivity gains, business opportunities, and innovation by the private sector”. These new public digital goods will cater to sectors such as credit, ecommerce, education, health, law and justice, logistics, MSME, services delivery, and urban governance, she added. 

Till date, the Centre has operationalised a slew of DPIs including Aadhaar, e-KYC, UPI, Bharat QR, account aggregator, and the Open Network for Digital Commerce (ONDC).

Meanwhile, the Budget also saw multiple other announcements for Indian startups, including the abolition of angel tax, reduction of the tax deducted at source (TDS) for ecommerce platforms to 0.1% from 1% earlier, and an additional cut in basic customs duty (BCD) rates on several mobile phone parts.

It is pertinent to note that the full Budget follows an interim Budget that was presented in February this year. 

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Bengaluru-based agritech startup CropIn has partnered with Google Gemini to roll out a real time GenAI-powered agri intelligence platform to help customers manage farms globally by predicting yields, disease and other key insights. 

“Sage provides detailed, grid-based insights into crop behavior over different timeframes. By integrating generative AI, advanced crop and climate models, and Earth observation data, Sage helps customers make informed decisions about crop suitability and yield potential,” founder and CEO Krishna Kumar told Inc42.

Incorporated in 2010 by Krishna Kumar and Kunal Prasad, CropIn is a SaaS-based agtech startup which helps farm-to-fork businesses digitise their operations and make informed decisions that enhance farming efficiency, productivity and sustainability.

It claims to have partnered with more than 250 B2B customers, digitised 30 Mn acres of farmlands, benefitting over 7 Mn farmers worldwide.

CropIn Sage claims to generate a proprietary grid-based map for agricultural data, offering unparalleled scale, accuracy and speed. This transforms the way stakeholders understand crop dynamics, climate impacts, and optimal agricultural practices, enabling informed decisions in multiple languages. 

By offering detailed historical performance analysis and precise regional insights, Sage eliminates uncertainty in food production planning, enhancing efficiency and sustainability in agriculture, the company said in a statement.

This platform will help CPG players, seed manufacturers, food processors and governments to formulate informed decisions using historical, current and future data on crops, irrigation, climate and soil, thereby future-proofing production and supply chains. 

Enterprise customers can use Sage to gather intelligence across multiple geographic locations, focusing on 13 key crops such as wheat, rice, potato, and maize, which collectively account for nearly 80% of global food demand, it added. 

The platform aims to deploy globally in phases to meet enterprise demand. Currently B2B, CropIn’s platform will soon expand to B2C. 

Beyond this, Sage will forecast future crop yields using advanced AI, pinpointing optimal global locations and conditions for cultivation to enhance food system resilience and sustainability.

Sage utilises Google Kubernetes Engine (GKE) to scale operations dynamically, handling large data volumes in real-time. Additionally, it employs the Gemini Flash 1.5 model to convert user queries into SQL queries, facilitating the generation of user-friendly, visually appealing, grid-based data across various temporal frequencies tailored to customer needs.

Another user case of Sage is that it acts as a crucial defense for global food systems, providing intelligence to address crop performance issues promptly and secure supply chains for food manufacturers, particularly in challenging seasons, added Kumar.

With the platform’s launch, the founder anticipates increasing the customer base by 50% over the next 2-3 years and aims to double the revenue.

“Sage is poised to address pressing issues of food security and sustainability, positioning itself as a premium product in the years ahead,” the founder and CEO said.

The development comes months after CropIn introduced ‘aksara,’ an open-source micro language model aimed at supporting climate-smart agriculture. This solution targets issues faced by farmers in the global south, promoting sustainability by enabling the development of affordable and scalable AI solutions across the agriculture sector.

CropIn has raised a total of $47 Mn in funding to date, with $34 Mn raised in the last two rounds, of which approximately 40% was utilised to enhance intelligence capabilities and expand scalable assets.

In December 2022, the startup raised $14 Mn funding from a clutch of investors, including Google and JSR Corporation. Prior to that, in 2021, CropIn netted $20 Mn in its Series C funding round led by Singapore-based private equity firm and impact investor ABC World Asia.

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The Centre is planning to set up an INR 750 Cr Category-II Alternative Investment Fund (AIF) to help startups operating in the agriculture and allied sectors.

Dubbed ‘Agri Fund For Startups and Rural Enterprises’, the fund will offer both equity and debt support to agritech startups, with a special emphasis on high-risk, high impact activities in the agriculture value chain, PTI reported.

Addressing the pre-launch stakeholder meet held on Friday at NABARD headquarters in Mumbai, Ajeet Kumar Sahu, joint secretary of the Department of Agriculture and Farmers Welfare, reportedly said that the initiative is aimed at spurring innovation and sustainability in the agriculture sector.

The official further said that the fund, when launched, would also open new opportunities for small and marginal farmers in terms of investment and innovation.

The development comes a year after the government announced an agriculture-focused accelerator fund to encourage such startups in the rural parts of the country. However, the government didn’t declare any tax incentives for agritech players, which the industry is hoping will be announced in this year’s Budget.

It is pertinent to note that the Indian agricultural sector accounts for nearly 16% of the country’s gross domestic product (GDP) and employs nearly 44% of the national workforce. 

While the sector is still plagued by old-age practices and obsolete technology, homegrown agritech startups are trying to transform the Indian agriculture landscape, offering innovative digital solutions from providing weather-based crop advisory to soil analysis and from promoting IoT-enabled practices to AI-driven technology.

The fast-growing agriculture sector is expected to become a $24 Bn opportunity by 2025.

According to the Economic Survey 2022-23, there are more than 1,000 agritech startups in the country. Some of the notable startups in the space include AgroStar, Fasal, CropIn, Dehaat, Ergos, KisanKonnect, Ninjacart, Waycool, FarMart, and Gramophone.

The post Govt Plans INR 750 Cr Fund For Agritech Startups appeared first on Inc42 Media.

Update | July 10, 2:50PM

Almost a week after Inc42 exclusively reported about Arya.ag raising its pre-Series D funding round, the startup today officially announced the fundraise.

Arya.ag intends to utilise the funds for key strategic initiatives, including the deployment of satellite technology for improved farm productivity, reduced waste and greater transparency and visibility across the value chain. 

The startup will also use the funding to initiate partnerships to improve package of practices (PoP) on-farm and measures to reduce food loss across the supply chain, which will enhance climate resilience for its farmer base, improving the incomes of over 1,200 farmer producer organisations (FPOs) while also delivering improved climate outcomes.

Original Story | July 4, 6:40 PM

Delhi NCR-based agritech startup Arya.ag is raising $29 Mn (about INR 242 Cr) in a fresh funding round, as per its regulatory filing. Inc42 has learnt from sources that this is the startup’s pre-Series D round. 

The fresh round of funding is being led by Switzerland-based impact investment firm Blue Earth Capital, which is a new investor in the startup. Existing investors Asia Impact SA and Quona Capital will also participate in the round. 

The startup might raise additional funding in this round, the sources added. Arya.ag is currently valued at INR 2,400 Cr. 

Besides, the startup is also eyeing a debt funding round and a larger Series D funding round by the end of the year. 

A detailed questionnaire sent to Arya.ag didn’t elicit any response till the time of publishing of this story.

The funding round comes over two years after the startup raised $60 Mn in its Series C funding round from Luxembourg-based Asia Impact SA, Lightrock India, and Quona Capital, among others, at a valuation of INR 2,200 Cr. 

Founded in 2013 by Prasanna Rao, Anand Chandra, and Chattanathan Devarajan, Arya.ag has three verticals – Arya Collateral, Aryadhan, and Aryatech. Arya Collateral offers warehousing storage facilities, which is the core business of the startup. It claims to store grains worth around $3 Bn annually.

Aryadhan, which is a fintech entity, was launched in 2017 to offer agriculture loans against commodities. The startup has partnered banks and digital lenders to offer such loans. It has disbursed loans worth $1.5 Bn to small-holder farmers, their organisations, and other stakeholders till date.

Besides, Arya.ag launched Aryatech in 2021 to offer online marketplace solutions to sell and purchase food grains. 

The sources said that the startup reported a profit of INR 17 Cr in the financial year 2023-24 (FY24) on a revenue of INR 360 Cr. Its profit stood at INR 7.5 Cr in FY23 and revenue at INR 290 Cr. 

Overall, Arya.ag has raised a total funding of over $100 Mn till date.

The post [Update] Exclusive: Arya.ag To Raise $29 Mn Funding From Blue Earth Capital, Others appeared first on Inc42 Media.

Peak XV-backed agritech startup DeHaat has completed its first-ever employee stock ownership plan (ESOP) buyback programme worth INR 10 Cr. 

In an announcement on Wednesday (June 12), DeHaat said that so far it issued ESOPs worth over INR 100 Cr to more than 200 individuals. In its first ESOP buyback, 153 team members, which includes senior vice presidents to field teams, were benefited.

Cofounder and CEO of DeHaat, Shashank Kumar, said “DeHaat’s consistent growth and unparalleled performance to empower Indian farmers for over a decade has been only possible because of the commitment and efforts of our team. The ESOP buyback program demonstrates our dedication to our employees, and we are glad to generate wealth creation opportunities.”

Founded in 2012 by Kumar, Amrendra Singh, Shyam Sundar, and Adarsh Srivastav, Patna and Gurugram-based DeHaat is a full-stack business-to-farmer (B2F) platform, offering end-to-end agricultural services to farmers. Its services include the distribution of high-quality agri-inputs, customised farm advisory, access to financial services, and market linkages for selling their produce.

DeHaat also said that its revenue from operations increased 40% year-on-year (YoY) to INR 2,700 Cr in FY24 while loss narrowed by 50% YoY. 

The startup claimed that its topline growth was further augmented by operating leverage and an increased focus on profitability through high-margin businesses like exports of sustainably grown farm produce, food processing and sale of biological agri-inputs. 

DeHaat aims to achieve full-year profitability in the current fiscal year, FY25.

Since its inception, the startup claims to have served over 2 Mn farmers across 11 states in India through its digital network of over 11,000 ‘DeHaat Centres’. It also boasts a network of more than 1,500 stock-keeping units, delivering over 15,000 orders per day to more than 15 countries. 

Recently, the startup also launched its products in modern trade, quick commerce and ecommerce platforms under the brand name Honest Farms. 

In November last year, it also acquired fruit export firm Freshtrop Fruits in an all-cash deal.

Over the year, the startup has raised over $300 Mn in funding across multiple rounds. The company is also backed by the likes of Sofina Ventures, RTP Global Partners, Prosus, and Lightrock India, among others.

In FY22, DeHaat had posted a net loss of INR 1,563.9 Cr which widened over 253% YoY while revenue from operations surged 2.6X YoY to INR 1,273.42 Cr.

The post DeHaat Completes First ESOP Buyback Worth INR 10 Cr, Eyes Full Year Profitability In FY25 appeared first on Inc42 Media.

Delhi-NCR based dairytech startup Country Delight is looking to raise $9 Mn (INR 76 Cr) from Alteria Capital in a mix of debt and equity infusion.

To net the funds, Country Delight’s board has passed a special resolution to issue 70,000 Series F2 debentures at an issue price of INR 1 Lakh each and 3,160 Series E1 Compulsorily Convertible Cumulative Partly Paid Preference Shares (CCPS) at an issue price of INR 21,045, as per the startup’s filings.  

These shares were issued to Alteria Capital Fund II and Alteria Capital Fund III, it added.

The development was first reported by Entrackr

Alteria Capital will largely be investing in the startup through its recently closed third venture debt fund. It closed the fund in March at INR 1,550 Cr (over $190 Mn) and plans to back 100-125 companies by December 2026. 

Besides Country Fresh’s new addition, the VC firm has backed One Card, Renee Cosmetics, Samunnati, Bliss Club, Rebel Foods, Giva, Lead School, Kissht, Captain Fresh, Traya, Bluestone and Ather through its fund till date. 

It will join dairytech startup’s existing backers Temasek, Matrix Partners, Orios Ventures and Elevation Capital in the cap table.

This will mark Country Delight’s second funding round for the year. 

It raised around $20 Mn (INR 164 Cr) from its existing investors – Temasek, Venturi Partners and others, back in January. Back then, the startup raised fresh funds at a valuation of $820 Mn. 

Later in February, Orios Venture Partners also made a partial exit from Country Delight, scoring a 45X return on its bet.

Meanwhile, the startup’s operating revenue has reportedly jumped 66% year-on-year (YoY) to INR 900 Cr in financial year 2022-23 (FY23) from FY22’s INR 542.6 Cr. It also claimed to have recorded a revenue of INR 650 Cr in the first half of FY24.

Founded in 2013 by Gade and Nitin Kaushal, Country Delight follows a subscription-based model. It sources milk from farmers and delivers it to customers’ doorsteps. It also supplies bread, ghee, other dairy products, fruits and vegetables. 

The post Country Delight Eyeing $9 Mn Funding From Alteria Capital appeared first on Inc42 Media.

Agritech startup FarMart has raised INR 24 Cr ($2.8 Mn) as part of a financing round from Swiss asset manager ResponsAbility Investments. 

In a statement, the startup said that it will use the fresh proceeds to accelerate its efforts towards a carbon-efficient food supply chain. As part of the deal, FarMart will also leverage responsAbility’s expertise to optimise its existing supply chain. 

“… Sustainability is at the core of our business, and responsAbility champions our goal with its strong orientation and expertise in sustainability. Their investment empowers us to accelerate our efforts towards a carbon-efficient food supply chain, and ultimately achieve our vision of a food-secure world,” said FarMart cofounder and CEO Alekh Sanghera.

Commenting on the announcement, head of sustainable food debt at responsAbility APAC Neha Baid added, “We are proud to drive reduction in food loss and waste in India through our partnership with FarMart, whose technological solutions are crucial for efficient supply chain and logistics… Through our financing and climate advisory expertise, we are scaling impact with FarMart”.

Founded in 2015 by Alekh Sanghera, Mehtab Singh Hans and Lokesh Singh, FarMart is an agritech startup that helps global food brands procure food commodities right from farmers. It leverages its network of 3 Mn farmers to help more than 2,000 food manufacturers across six countries to procure 90+ food commodities. Singh is no longer associated with the startup.

It also leverages AI to conduct quality checks and claims to emphasise traceability throughout the value chain. The B2B startup claims to cater to clients in Asia, the Middle East, and Africa. 

Backed by names such as General Catalyst, Matrix Partners India, Omidyar Network and Avaana Capital, the startup has raised more than $44 Mn in funding till date. 

The fundraise comes at a time when the Indian agritech startup ecosystem continues to make rapid strides on the back of growing demand for such products and services. Bolstering agriculture seems to be the incorporation of AI and renewed push from the Centre as well as states for smart agricultural practices. 

As a result, the market is growing but steadily and, alongside, a new crop of agritech players are also emerging that are disrupting the space. And investors are also lining up in droves to back these new-age tech companies.

Earlier this month, Info Edge increased its stake in agritech startup Gramophone to 39.5% with an additional investment of INR 15 Cr in the agritech startup. Prior to that, another player Niqo Robotics also marked the final close of its Series B funding round at $13 Mn.

Poshn has also secured $6 Mn, in a mix of equity and debt, as part of a Pre-Series A round co-led by Prime Venture Partners and Zephyr Peacock India.

As per Inc42, the Indian agritech space is projected to be a $25 Bn market opportunity by 2025.

The post Agritech Startup FarMart Bags INR 24 Cr Debt To Optimise Supply Chain appeared first on Inc42 Media.

The Uttar Pradesh government has reportedly joined forces with the stakeholders of the local agriculture industry to bolster agritech startups and integrate artificial intelligence (AI) into farming practices. 

As part of this initiative, the state government also plans to host a global farming summit, ‘Krishi Bharat’, in November this year in partnership with the Confederation of Indian Industry (CII), Business Standard reported. 

The event will bring local agritech startups and global venture capitalists under one roof with an eye on spurring investments in the domestic agriculture value chain, CII Krishi Bharat 2024’s chairman Tarun Sawhney told the publication. 

CII northern region’s chairman and JK Cements CEO Madhav Singhania said that the industry is keen on resolving policy issues in consultation with the government and upgrading the technology quotient in agriculture.

As per the report, the summit will see participation from delegates from countries such as the US, Germany, Brazil, Italy, Poland, France, Spain, Indonesia and Kenya. The state plans to organise the event on the lines of its flagship ‘UP Global Investors Summit’. For context, the February 2023 edition of the event brought in investment proposals to the tune of INR 40 Lakh Cr.

Despite being the country’s leading agricultural producer, the state lags behind in terms of crop yield and lacks optimal food processing. This, in turn, leads to lower farm incomes. The state government now seems to be looking at introducing technology and smart farming practices to increase yield and empower small-scale farmers.

Accounting for nearly 19% of the country’s GDP, the agriculture sector continues to be plagued by archaic farming practices and lower output. However, agritech startups are looking to change this by leveraging technology.

A number of startups, including DeHaat, Gramophone, Ninjacart, and Waycool, have emerged over the past few years in the country to solve the woes of the agricultural sector. These startups managed to secure over $2.4 Bn in funding between 2014 and February 2024, as per Inc42 data.

As per an EY report, India’s agritech startups are looking at a total market opportunity of $24 Bn by 2025. 

The post UP Govt Aims To Integrate AI In Farming, Bolster Agritech Startups appeared first on Inc42 Media.

Walmart-backed agritech company Ninjacart has made a strategic investment in Philippines-based agri-fisheries startup Mayani.

However, the company did not disclose the financial terms of the deal.

As part of the deal, Ninjacart will not only deploy capital but also offer supply chain support and advisory services to fuel Mayani’s innovation and growth trajectory, the startup said in a statement.

Ninjacart will also support Mayani’s expansion efforts and jointly establish an integrated Asian agri-food supply chain that would catalyse more digital innovations geared to address Asia’s complex food basket, it added.

Founded by Ochie San Juan and Jeff Barreiro, Mayani caters to farmers and fisherfolk by offering them avenues to increase yield as well sustainable pathways to market via through quality inputs and alternative credit. It claims to have a network of 1.44 Lakh farmers in the Southeast Asian country.

The startup counts AgFunder, ADB, Plug and Play Ventures, Ocean Impact, and Atlas Ventures among its other investors.

The fresh investment has been facilitated through its venture capital arm Ninja Ventures as a part of the global expansion plans. The partnership will focus on identifying and addressing global food supply gaps, leveraging cross-border opportunities to amplify Mayani’s market presence, the statement said.

Ninjacart’s cofounder and CEO Kartheeswaran K K, said, “Our investment in Mayani reflects our unwavering commitment to revolutionise global agri-commerce. By bridging the expertise of two agricultural powerhouses, India and the Philippines, we aim to create a transformative impact and unlock new opportunities in the Asian agri-commerce landscape and beyond.”

Juan added, “The strategic additionality beyond capital, coupled with Ninjacart’s deep understanding of the Asian agri-supply chain, excites us about this investment. It strengthens the locus of our business, which is tech-enabled output market linkage, that further reinforces our upstream interventions on climate-positive inputs and rural financing.”

Mayani will integrate Ninjacart’s advanced technology, source traceability, and inventory management solutions to achieve interoperability, hyper-efficiency, predictive modeling, and to enhance its supply chain efficiency.

As per Ninjacart, the deal coincides with follow-on funding from existing investors, including the Jimenez family, after Mayani’s successful $1.7 Mn seed round led by AgFunder in 2023.

Ninjacart has been on a global expansion spree. Last year, the agritech business announced its entry into the Brazilian market through a partnership with Arado, an agribusiness marketplace in Brazil.

For FY23, Ninjacart saw its operating revenue cross the INR 1,000 Cr mark. The B2B agritech startup reported sales of INR 1,153.4 Cr during this period, an increase of 19% from INR 967.3 Cr in FY22. 

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Bengaluru-based agritech startup CropIn has launched an open-source micro language model to aid climate smart agriculture. Dubbed ‘aksara’, the new solution is designed to address the problems of farmers in the global south and promote sustainability.

The model empowers anyone in the agriculture ecosystem to build frugal and scalable AI solutions for the sector, the company said in a statement.

Akṣara was built on Mistral’s foundation model and fine-tuned with over 5,000 high-quality question-response pairs, specifically designed for agriculture and over 160K tokens in the context.

The inaugural akṣara model will cover nine crops, including paddy, wheat, maize, sorghum, barley, cotton, sugarcane, soybean and millets for five countries in the Indian subcontinent, which include India, Pakistan, Sri Lanka, Nepal and Bangladesh. 

As large language models consume massive amounts of energy to train and function, CropIn has decided to compress akṣara from 16 bit to 4 bit.

Incorporated in 2010 by Krishna Kumar and Kunal Prasad, CropIn is a SaaS-based agtech startup which helps farm-to-fork businesses digitise their operations and make informed decisions that enhance farming efficiency, productivity and sustainability.

It claims to have partnered with more than 250 B2B customers, digitised 30 Mn acres of farmlands, benefitting over 7 Mn farmers worldwide. 

Kumar told Inc42 that of the $34 Mn raised in the last two rounds, around 40% of the proceeds were deployed to grow intelligence and build assets for scale.

Kumar also said CropIn would be raising additional capital shortly, without divulging details on the upcoming funding round.

“We will be raising additional capital in the near future to advance these models … and incorporate these in farming operation workflows for actionable decision-making on the field. Our AI goals are strategically designed to supercharge intelligence on every cultivable land and accelerate adoption of digital technologies in agriculture,” Kumar said.

In December 2022, the startup raised $14 Mn funding from a clutch of investors, including Google and JSR Corporation. The round also saw participation from Impact Assets, along with existing investors Chiratae Ventures and JSR Active Innovation Fund.

Prior to that, in 2021, CropIn netted $20 Mn in its Series C funding round led by Singapore-based private equity firm and impact investor ABC World Asia.

Till date, CropIn raised $47 Mn in total funding, a company spokesperson told Inc42. The startup also counts Bill & Melinda Gates Foundation and Pratithi Investment Trust among its investors.

As per Inc42’s report, India’s agritech market is projected to reach $24 Bn by 2025. The startups operating in the space have been gaining a lot of traction from investors for quite some time now.

For instance, in February, agritech startup Farmtheory raised $1.45 Mn in a seed funding round from Merak Ventures.

In December last year, agritech startup Fasal secured $12 Mn in its Series A funding round co-led by TDK Ventures and British International Investment.

The post Chiratae Ventures Backed CropIn Rolls Out Micro Language Model To Aid Climate Smart Agriculture appeared first on Inc42 Media.

Agritech startup DeHaat, which counts Peak XV Partners and Sofina Ventures among its investors, has become the latest business-to-business supply chain and market linkage services provider to roll out its own consumer brand.

This comes months after the startup acquired the fruit export business of Ahmedabad-based listed fruit export firm Freshtrop Fruits in an all-cash deal in November last year.

DeHaat has launched its products in modern trade, quick commerce and ecommerce platforms under the brand name Honest Farms, which includes 200 stock keeping units (SKU) in categories of pulses, rice and spices.

“Honest Farms is currently in a stealth mode… we are not going very bullish in terms of TV commercials and a lot of marketing spend, because at this point of time, the brand is very new. We are fully focused on having the first 100,000 consumers just because of the product, not because of any marketing,” DeHaat’s founder and CEO Shashank Kumar told ET.

Email queries sent to DeHaat did not elicit any response till the time of filing this article. 

Founded in 2012 by Kumar, Amrendra Singh, Shyam Sundar and Adarsh Srivastav, Patna and Gurugram-based DeHaat offers end-to-end agricultural services to farmers. Its services include the distribution of high-quality agri-inputs, customised farm advisory, access to financial services and market linkages for selling their produce.

Since its inception, the startup claims to have served over 2 Mn farmers across 11 states in India through its digital network of over 11,000 ‘DeHaat Centers’.

The startup boasts a network of over 1,500 stock-keeping units, delivering over 15,000 orders per day to more than 15 countries. 

DeHaat reported an over 253% YoY rise in its FY22 loss to INR 1,563.9 Cr. In 2022, the startup secured $60 Mn in a Series E funding round, which took the total amount raised in the round to $106 Mn.

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