The next-gen technology will have major impact on some of the key segments of the economy including agriculture. The increasing number of Agri-tech startups in the last 5 years is a testimony to fact that there has been great interest shown by investors in this sector.
Start-up scenario in India Agri-tech (2013 – 2017)
India has witnessed lot of interest from investors in Agri-tech startup’s covering IT & Analytics, IoT, and e-commerce sectors starting from the year 2016. Karnataka and Maharashtra together accounted for close to 50% of the total start-ups, with two-third of the overall funding received by Karnataka alone.
The Coming Age of Smart Technology: Few Initiatives
- Start-ups like Cropin use big data to generate and record farm data which helps to determine opportunities and key areas in farm management and deal with compliance and risk mitigation issues.
- Start-ups like Farmart and Crofarm are providing affordable technology solutions for efficient farming with prime focus on digital payments and on demand harvest market pricing.
To tackle the issues of climate change, FutureFarms has come up with IoT devices which will provide information regarding the farming ecosystem to monitor humidity, air temperature and aeroponics system for smart farming.
Agri-tech Offerings from Top Firms:
- MKrishi: This initiative by TCS offers personalized services to farmers on their mobile phones in local languages. It aims to enable farmers in remote areas to connect with key stakeholders and get quality inputs on market prices.
- Samriddhi: This initiative from Tech Mahindra aims to provide customized update to farming community through their information centers lead by subject matter specialist to help farmers identify and prioritize productivity related issues.
Government has set up a new generation innovation and entrepreneurship development centre to support start-ups with one-time financial assistance upto Rs 25 lakh along with incubation centers like Aspire to encourage and support entrepreneurship in rural and agri-based industry.
The Indian Agri-tech sector is moving towards a sustained growth trajectory. The introduction of digital technology will pave the way for new patterns in the agriculture sector. These Agri-tech startups are providing farmers with affordable, effective and eco-friendly services in the field of farm data analytics, supply chain and information platforms.
To know more, download our latest Agritech report Agritech in India – Maxing India Farm Output.pdf