Rising Number of Agritech Startups: The number of agritech startups in India has increased from ~350+ in 2017 to over 600 startups by the end of 2020. Most startups were incepted during 2015-2016 & later. 2015 alone saw the emergence of ~117 agritech companies. Karnataka, Maharashtra and Delhi-NCR are home to maximum number of agritech startups in India.
Low Productivity of Indian Farms: Crop yield in India lags behind other major agri producing countries, including USA, China and Brazil, in various crops such as maize, rice, cotton, tomatoes, etc. In 2019, India’s crop yield in rice and wheat, which are the two largely cultivated crops across the country, trailed behind US and China by 51.5% and 37.2% respectively. Farm mechanization rate in India is also significantly lower (less than 40%) than its developed counterparts in major activities such as seeding & planting, plant protection, irrigation, harvesting, threshing, etc.
Growing Rural Internet Penetration: The number of broadband internet subscribers in rural India reached 33.99 per 100 populations as of September 30, 2020 while the Rural tele-density of wireless subscribers stood at 58.7%. Farmers are also becoming social media savvy and using various platforms such as Facebook, Sharechat, Moj, etc. Agritech players are also leveraging these platforms to reach out to the farmers by partnering with rural influencers and entrepreneurs.
Impact of COVID-19 on Agritech Industry: The outbreak of Covid-19 pandemic in the country in the beginning of 2020 impacted the agricultural industry in India with supply chain disruptions. This gave an opportunity to agritech startups to step in and serve the farmers as well as buyers in need. Many startups shifted to digital acquisition & on-boarding of farmers in the absence of field team during national lockdown. Supply chain startup, Ninjacart, launched ‘Harvest the Farms’ initiative and partnered with hyper local delivery players such as Zomato, Swiggy & Dunzo to enable farmers to sell their produce to consumers directly during the lockdown. Other agritech startups such as Agrostar, Dehaat & Gramophone also witnessed a 2x to 4x increase in demand and revenue during the period.
Analysts at Ken Research in their latest publication “India Agritech Market Outlook to FY’2025-By Nature of Services (Input Market Linkage & Farming as a Service, Supply Chain, Post Harvest Management & Output Market Linkage, Precision Farming, Advisory & Analytics and Agri Fintech” observed that there has been a surge in the number of agritech startups in India in the last decade with factors such as growing smartphone & internet penetration in the rural areas positively impacting the industry’s growth. Technologies such as artificial intelligence, machine learning, IoT, geo tagging, satellite imagery, remote sensors, etc are being increasingly used to develop efficient solutions to solve the pain points of farmers. There has also been growing interest from venture capitals as well as international investors in the sector. The Agritech Industry in India is expected to grow at a CAGR of ~32% on the basis of revenue over the forecast period FY’2020-FY’2025.
India Agritech Market (Basis Revenue):-
India Agritech Market Segmentations
By Nature of Services, FY’2019-FY’2020 (On the basis of Revenue)
Input Market Linkage & Farming as a Service (FaaS)
Supply Chain, Post Harvest Management & Output Market Linkage
Precision Farming, Advisory & Analytics
Agri Fintech
By Region (On the basis of No. of Agritech Startups)
Karnataka
Maharashtra
Delhi NCR
Haryana
Tamil Nadu
Telangana
Gujarat
Others
Agritech Startups Covered:-
Input Market Linkage & Farming as a Service (FaaS)
Agrostar
Dehaat
Gramophone
EM3 Agriservices
Gold Farm
Bighaat
Thanos Technologies
Supply Chain, Post Harvest Management & Output Market Linkage
Samunnati Agro
Ninjacart
Waycool
Arya Collateral
Dehaat
Farmlink
Crofarm
Agrowave
Precision Farming, Advisory & Analytics
Cropin
Satsure Analytics
Intello Labs
FarmERP
AgNext
BharatAgri
Yuktix Technologies
Fasal
Agricx
Agri Fintech
Samunnati Financial Intermediation & Services
Origo Finance
Ergos
Gramcover
Aryadhan Financial Solutions
Farmart
Jai Kisan
Poultry & Dairy Tech
Milk Mantra
Country Delight
Stellapps
Happy Cow Dairy
Eggoz
Mr. Milkman
Mooofarm
Key Target Audience:-
Agritech Companies
Input Manufacturing Companies
Venture Capital Firms
Independent Investors
Industry Associations
Rural Banks & NBFCs
Government and Regulatory Bodies
Time Period Captured in the Report:-
Historical Period: FY’2019-FY’2020
Forecast Period: FY’2021-FY’2025
For More Information on the research report, refer to below link:-
Related Reports:-
Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249