February 4, 2019 at 10:09 pm #28456
- Topic 973
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#News(AgriTech) [ via IoTForIndiaGroup ]
Agritech startups in India have started to evince strong interest from the investor community. Investors say the agriculture sector, which is witnessing the early signs of technology led disruption, has the potential to build scalable businesses that can impact India’s large farming population.
Until recently, Indian agritech startups did not enjoy the kind of media attention or investor interest as did their counterparts in the ecommerce or foodtech sectors. But that’s set to change, say industry experts.
Agritech startups, which have started to leverage technology to disrupt the sector, have seen an increase in investor interest in recent months, and this will only gain pace, given the potential to scale these businesses and impact India’s large agri-based population, experts say.
In fact, around half of India’s population depend on the agriculture sector for their livelihood. With 157.35 million hectares of agricultural land, India also has the second-largest area of arable land in the world. It is this scalability factor that has evinced strong interest in agritech startups from venture capitalists (VCs) and private equity firms.
According to YourStory Research, at least 13 agritech startups raised total funding (disclosed amounts) of around $65.6 million in 2018, up over 21 percent from total investments of around $54 million in 18 agritech startups in 2017.
While the size of the funds raised by agritech startups is small when compared with the overall size of investments raised by startups in the country, it is still an improvement from the investments seen in the space in the prior years.
Mark Kahn, founding partner, Omnivore, an early-stage fund founded in 2011 focused on investing in agritech startups, says,
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