Investment in India’s Agri-tech market grew exponentially at a CAGR of 178%. Read more to know the cause of it: Ken Research
India’s immense cargo-ecological diversity is the major reason for making it a global agricultural powerhouse. The agriculture sector is a significant contributor to India’s economy which accounts for nearly 16 percent of the GDP and employs 44 percent of the workforce nationally.
1. Agriculture is the Backbone of the Indian Economy and is witnessing Consistent Growth in GVA over the Years
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The agricultural industry in India has been growing over the years but has experienced volatility and fluctuation. It is because market growth depends on various factors such as climatic conditions, crop productivity, weed management, and pest and disease management. Due to this, the satisfactory monsoon season in FY’17 led to high growth in agricultural production and the unfavorable monsoon in FY’19 led to a minor decline in agriculture production.
2. To lower the dependency on climate and socio-economic uncertainties and the growth of Agri-tech Startups, the Indian government has launched 500 crore accelerator programs
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Over 500 Agri-tech start-ups are based in India and the number is consistently rising. These start-ups have innovative ideas that assist farmers in improving farming techniques and increasing production. To encourage these startups and promote technology and digital disruption in the agriculture sector, the government of India has been proactively launching various schemes and programs. Recently, Shri Narendra Singh Tomar, the Union Minister of Agriculture and Farmers Welfare of India announced that an Rs. 500 crore accelerator program for taking forward and popularizing the successful initiatives of Agri Startups will be started. Moreover, the government has also invested around INR 6.25 Cr in 66 Agri-tech startups to spur the consumption of millet in the country and the government has also informed that another 25 startups have also been approved for further funding.
3. The investment from private equity investors has also increased with~178% in the Indian Agri-tech sector owing to the rising popularity and support from the government
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The landscape of investments in Indian Agri-tech startups has changed drastically over the last five years. Several venture capital funds, loan funds, and angel investors have supported the Agri-tech market in India. In 2020, Bengaluru-based greenhouse Agri-tech startup Clover announced that it had raised ₹ 7 Cr in venture debt from Alteria Capital. Clover partners with farmers across India and markets premium quality, branded, greenhouse-grown fresh produce through B2B and B2C channels. Moreover, in 2022, Gurugram and Patna-based Agri-tech platform DeHaat made it to the headlines as it had raised $60 million in a new funding round. In 11 states, 110,000 villages, and more than 150 ZIP codes around India, DeHaat uses artificial intelligence to assist 1.5 million farmers with sourcing raw materials, locating advising and financing services, and marketing their harvests.