AgriTech Startup Bull-Agritech Raises $100K in Pre-seed Funding Led by Pedalstart

PedalStart's Pre-Seed Investment Spurs Bull Agritech's Growth and Agricultural Transformation

Bull Agritech's Vision for Disrupting the Non-Perishable Agri-Trade Market

Agri-tech company Bull Agritech has raised $100K (INR 8 Million) in a pre-seed funding round led by startup accelerator PedalStart. Bull Agritech has been part of PedalStart's current cohort One-to-N which is backed by leading Venture Capital funds from the ecosystem.

The company plans to use funds for the growth of the company and accelerate the operations along with building the team, Bull Agritech said in a press release

Co-founded in 2021 by Hit Desai and Divyajeet Chauhan, Bull Agritech connects farmers directly to agri-commodity processors providing end-to-end supply chain solutions, in a highly fragmented non-perishable agri-supply chain market. The way Bull has gained traction amongst the farmers has been the reason behind the buzz in the Agritech space. The startup is based out of a tier 3 region in the North Gujarat region and is working to enable the breadmakers of the nation. The initiative by Bull Agritech is going to be a boon for the agriculture sector of the nation.

Manas Pal and Aditya Darolia, Co-founders at PedalStart commented, “One-to-N has been a cohort that has set a benchmark for us as well. Out of 9 startups which have been selected had raised their first round and here we came up to upscale their journey to level two. Bull Agritech has been the first success, and counting on more coming up.

With a mission to revolutionize the non-perishable agri-trade market and empower farmers through transparent and efficient market connectivity, Bull Agritech has already facilitated trades worth INR 25 Crores and onboarded 15000 farmers digitally, illustrating their rapid growth and impact in just 18 months. Co-founders Hit Desai and Divyajeet Chauhan's vision, rooted in the principles of transparency and trust-building, resonates deeply with the agricultural community, promising a brighter future for India's agricultural landscape.

Hit Desai, Co-founder at Bull Agritech said, “We see a huge opportunity in the non perishable agri-trade market as the farmers have been left with a 100-year-old monopoly that is APMC which lacks market connectivity, transparency, and efficiency. It is a known fact that the intermediaries use this monopoly to manipulate the market which results in farmers’ loss. There has been no brand in the output linkage space which is widely trusted by farmers at scale when it comes to selling their crop. We come from North Gujarat, the land of white revolution and cooperative movement which created the brand AMUL in the rural as well as urban market, and with enablers like Pedalstart by our side. We are hopeful about being a pillar to the green market revolution which India awaits”.

Adding to that, Aditya mentions the journey with the Bull’s team. He said, “After interacting with APMC players we realised how traditional players are misusing their monopsony and farmers not getting clarity about the prices they get for the quality of stock. We saw the potential in the business and the way the founders have been executing was impressive when we visited their centres in North Gujarat”.

Bull Agritech's recent success in securing $100K (INR 8 Million) pre-seed funding led by PedalStart speaks volumes about the company's strong potential and the agricultural sector's growing interest in disruptive technologies. With PedalStart's unwavering support and expertise, Bull Agritech is well-positioned to become a driving force in the long-awaited green market revolution, ushering in a new era of equitable and sustainable agricultural practices for the nation.

About PedalStart-

PedalStart is a platform that solves a single major problem statement of the ecosystem: building startup founders. The platform helps build founders through their startup ideas, with the help of ex-entrepreneurs, successful startup founders, domain experts, and angel investors. The team at PedalStart uses real-life experiences over traditional theoretical knowledge, to build startup founders. With more than 10,000+ startups, 300+ mentors, 800+ founders building ideas, and 1200+ house discussions, PedalStart has been transforming big ideas into high-potential businesses since 2021.

Investments in Indian Agri-Tech Startups Fell By 45% in FY22—FY23

FSG Report Reveals Latest Investment Trends and Emerging Themes in

India’s Agricultural Technology Sector

Investments in Indian agri-tech start-ups fell by 45% between FY22 and FY23, primarily due to a hike in global interest rates and heightened investor caution amid rising uncertainty. Meanwhile, global agri-tech investments declined by 10% between calendar years 2022 and 2023, reveals consulting firm FSG’s new report, `India’s Unfolding Agri-Tech Story: Updates and Emerging Themes in India’s Agricultural Technology Sector’.

While FY22 witnessed a boom in agri-tech start-up investments, which drove start-up valuations to unprecedented heights, the correction in FY23 has led to a more prudent investment climate.

In a positive trend, start-ups operating in the mid-stream agri-tech category in India are starting to mature, as the bulk of investments (~75%) in this space are now in growth (Series B and C) and late (Series D+) stages, FSG’s analysis shows.

FSG is a global mission-driving consulting firm that partners with corporations and foundations to create equitable systems change. Its new report is a significant update to its insightful Agri-tech Report 2022, “What’s Next for Indian Agri-Tech?” 

The latest report delves into the dynamic changes that have shaped the Indian agri-tech landscape over the last year, providing valuable insights into investment trends, the evolution of agri-tech start-ups, and the growing emphasis on sustainable and climate-smart agriculture. Some of the key findings of the report are as follows:

Investment slowdown: India’s agri-tech sector witnessed its most successful year in terms of venture capital funding in FY22, followed by a significant decline in FY23 amid a global funding slowdown. While the number of investment deals rose from 121 in FY22 to 140 in FY23, the total funding raised by agri-tech start-ups in India fell from US$ 1,279 million in FY22 to US$ 706 million in FY23.

Going forward, FSG expects the funding slump to continue into FY24, before springing back in FY25. It expects that start-ups will continue focusing on profitability to tide over the next financial year. Investors are likely to continue being cautious, and direct their limited funding towards established business models, such as follow-on funding for companies in the mid-stream agri-tech category.

Mid-stream maturation: Mid-stream tech has consistently had higher ticket sizes when compared with up-stream start-ups, starting from FY20. The report highlights that mid-stream agri-tech start-ups have begun to mature, with investments primarily in growth and late-stage funding rounds. For example, 56% of investments in start-ups focusing on output linkages and quality management were in their growth and late stages. The corresponding figure for other mid-stream start-ups, such as those offering agri-carbon or agri-fintech solutions, was as high as 91%.

Many of mid-stream tech start-ups have also ventured into inorganic expansion through strategic acquisitions.

Early-stage deals in upstream tech: While the up-stream tech category has seen a sharp rise in total investments over the last two years, early stage deals (pre-seed to Series A) continue to be the dominant investment stage in this category, accounting for ~50% of total investment.

Traditional companies alter course:  Traditional agriculture companies expanded their footprint across the value chain through inorganic growth, spin-offs, and pilot ventures. However, over the last two years, several key players announced plans to consolidate and streamline pilot projects, and to try to re-focus closer to their core business.

FSG expects this trend to continue into FY24, with traditional companies continuing to adopt a cautious approach, and expanding into areas adjacent to their core business line, rather than placing big bets in new value chain stages where they have limited expertise, resources, and farmer networks. 

Sustainability and climate focus: Sustainable solutions and climate-smart agriculture have emerged as key focus areas in the Indian agri-tech sector, driven by a growing focus on environmental conservation and climate resilience, and supported by several government initiatives.

Commenting on the trends identified by the firm, Rishi Agarwal, Managing Director, Head-Asia, FSG, said, “The shift in investment dynamics highlights the Indian agri-tech sector’s sensitivity to global economic trends. Start-ups must use periods of slower investment to refine their business models and drive towards profitability. These moments can be invaluable for building a robust foundation that can withstand market fluctuations.”

He added, “Those in the upstream agri-tech space can seize this moment to innovate and capture market share, while midstream start-ups must focus on sustainable growth strategies, leveraging their maturing status and acquisition capabilities. The decision by some key traditional agriculture companies to streamline pilot projects and focus on their core business suggests a need for a strategic pause to recalibrate their approach. This strategic shift must be executed thoughtfully to ensure they remain agile in responding to the evolving market dynamics. Balancing consolidation with continuous innovation is a tightrope they must walk.

FSG’s report provides invaluable insights for industry stakeholders, investors, and policymakers seeking to navigate the evolving agri-tech landscape in India. With the data-driven analysis and forward-looking perspectives presented in this update, organizations can make informed decisions to thrive in this dybnamic sector.

“With government facilitating collectivisation, mechanization, and digitization of Indian farms, there are plenty of emerging opportunities available for agri-tech innovations that address the key farmer problems of agro-climatic information, yield management, and price realization. Just like UPI facilitated a paradigm shift in the Indian financial sector a unified digitized land and soil database can provide significant grassroots impact,” said Agarwal.

“The emphasis on sustainable solutions and climate-smart agriculture, bolstered by government support, signals a significant paradigm shift. Agri-tech’s transition towards sustainability isn’t merely a trend; it’s an absolute necessity. Innovations in sustainable farming practices and technologies are poised to be the driving force behind the sector’s future growth and resilience. Companies that prioritize eco-friendly solutions and climate-smart practices today will not only meet consumer demands but also ensure the long-term viability of the sector,” he added.

About FSG: 

FSG is a global mission-driven consulting firm that partners with foundations and corporations to create equitable systems change. Through customized consulting services, innovative thought leadership, and learning communities, we're working to create a world where everyone can live up to their full potential. 

FSG serves as a strategic advisor to leaders and teams at corporations on how they can leverage their core business, CSR, and philanthropic activities to create a more equitable and sustainable world while strengthening their competitive positioning and profitability.

We believe real change requires an expert understanding of systems. As advisors and facilitators who blend rigorous data analysis with empathy, we are comfortable working in complex environments with clients, partners, and community members. We share the insights from our work on topics that range from equity and shaping markets to strategy, learning, and evaluation. With our partners, we develop initiatives and grant-funded programs to put some of those insights into practice. These efforts include Talent Rewire (engaging employers for equitable economic mobility), GLOW (empowering women in India), PIPE (supporting activity-based learning in India), and Collective Impact Forum.

To learn more, please visit: www.fsg.org

Linked with AgriTech Startups, Science Museum Inaugurated in Himachal's Chambal

The Minister says, Himachal with rich biodiversity is most suitable for promotion of Agri-tech Start-ups and promised DBT hand-holding of young innovators to take a plunge in ongoing start-up boom in the country

Ministry of Science and Technology taken an initiative to install 75 science museums in different Aspirational districts of the country to infuse scientific temper among the school children: Dr Jitendra Singh

Union Minister for Science and Technology and MoS PMO, Dr Jitendra Singh today inaugurated a Science Museum at Aspirational District of Chamba in Himachal Pradesh in presence of State Chief Minister Shri Jairam Thakur and other dignitaries.

Linking it to Start-Ups, Dr Jitendra Singh said, the state-of-art institution in this hilly region will inspire young children to discover their potentials and use their innovative skills to find a source of livelihood in later life.

The "DBT-NIPGR-Pandit Jaiwant Ram Upmanyu Science Museum" set up by the National Institute of Plant Genome Research, an autonomous institute of Department of Biotechnology, at Government Boys Senior Secondary School (GBSSS), Chamba will help infuse scientific temper among the school children. 

Dr Jitendra Singh said that Himachal being a Himalayan State with rich biodiversity is most suitable for promotion of Agri-tech Start-ups and the Department of Biotechnology is willing to hand-hold the young innovators to take a plunge in the ongoing start-up boom in the country. He said, the geography and climatic conditions in Himalayan states like Himachal Pradesh favour the cultivation of medicinal and aromatic plants and these can be developed into Agri-tech and aromatic enterprises. The Minister offered Chief Minister Jairam Thakur all help to study and implement CSIR supported Aroma Mission in Jammu and Kashmir, which can be replicated in a big way in Himachal.

The minister pointed out that only recently Prime Minister Modi has reviewed the progress of Aspirational Districts and remarked, “The success of Aspirational Districts on various parameters - be it health, nutrition, education or exports - is heartening. Glad to see the lives of lakhs get transformed due to Aspirational Districts program.

The Minister was happy to note that Chamba has been ranked second in Health and Nutrition in March 2019, ranked among best districts in basic infrastructure in November 2020 and overall second in October 2021 in the country among the 117 districts identified across the country by NITI Aayog. He added that Aspirational District concept is based on objective parameters and it is scientifically designed with evaluation based on certain essential indices. 

Union Minister Dr. Jitendra Singh inaugurates Science Museum at Aspirational District of Chamba in Himachal Pradesh, links it with StartUps; State Chief Minister Shri Jairam Thakur graces the inaugural even.

The Minister says, Himachal with rich biodiversity is most suitable for promotion of Agri-tech Start-ups and promised DBT hand-holding of young innovators to take a plunge in ongoing start-up boom in the country.

Ministry of Science and Technology taken an initiative to install 75 science museums in different Aspirational districts of the country to infuse scientific temper among the school children: Dr Jitendra Singh

Union Minister for Science and Technology and MoS PMO, Dr Jitendra Singh, on Saturday, inaugurated a Science Museum at Aspirational District of Chamba in Himachal Pradesh in presence of State Chief Minister Shri Jairam Thakur and other dignitaries.

Linking it to Start-Ups, Dr Jitendra Singh said, the state-of-art institution in this hilly region will inspire young children to discover their potentials and use their innovative skills to find a source of livelihood in later life.

Last year in September, Dr. Singh had announced that Government will be setting up Science Museums across the country to promote scientific temper, particularly among children and the younger generation. 

The "DBT-NIPGR-Pandit Jaiwant Ram Upmanyu Science Museum" set up by the National Institute of Plant Genome Research, an autonomous institute of Department of Biotechnology, at Government Boys Senior Secondary School (GBSSS), Chamba will help infuse scientific temper among the school children. 

Dr Jitendra Singh said that Himachal being a Himalayan State with rich biodiversity is most suitable for promotion of Agri-tech Start-ups and the Department of Biotechnology is willing to hand-hold the young innovators to take a plunge in the ongoing start-up boom in the country. He said, the geography and climatic conditions in Himalayan states like Himachal Pradesh favour the cultivation of medicinal and aromatic plants and these can be developed into Agri-tech and aromatic enterprises.

The Minister offered Chief Minister Jairam Thakur all help to study and implement CSIR supported Aroma Mission in Jammu and Kashmir, which can be replicated in a big way in Himachal. 

Dr Jitendra Singh pointed out that only recently Prime Minister Modi has reviewed the progress of Aspirational Districts and remarked, “The success of Aspirational Districts on various parameters - be it health, nutrition, education or exports - is heartening. Glad to see the lives of lakhs get transformed due to Aspirational Districts program.”

The Minister was happy to note that Chamba has been ranked second in Health and Nutrition in March 2019, ranked among best districts in basic infrastructure in November 2020 and overall second in October 2021 in the country among the 117 districts identified across the country by NITI Aayog. He added that Aspirational District concept is based on objective parameters and it is scientifically designed with evaluation based on certain essential indices.

Dr Jitendra Singh told the gathering thay aligning with the vision of Prime Minister to make Science & Technology reach every nook and corner of the country, Ministry of Science and Technology, Government of India has taken an initiative to install 75 science museums in different Aspirational districts of the country. He said, the purpose of these science museums is not only to apprise the scientific journey and achievements of India in the last 75 years of Independent India but also to infuse scientific temper among the school children

Dr Singh once again underlined that this initiative will lead to science-based, rational and progressive thinking among the students so that they are encouraged to take science as a career and spread scientific vision in the society, besides giving shape to critical thinking in the form of lucrative start-up Ventures. 

"The establishment of these science museums should not only cherish the rich scientific heritage of our country but also emerge as crucibles of innovation and invoke curiosity and enthusiasm in the students and the youth" , said Dr Jitendra Singh. He said, the establishment of science museums in the aspirational districts will also effectively contribute to the “Jan Bhagidari” and Samgra Shiksha Abhiyan of Government of India.

In his address, Chief Minister Jairam Thakur profusely thanked Prime Minister Narendra Modi and Dr Jitendra Singh for granting Science Museum to the Aspirational District of Chamba and said it will go a long way in inculcating scientific spirit and approach among the students of this district and also the adjoining areas. 

Himachal Pradesh's Chief Minister Mr. Thakur said, "In the last 8 years, several developmental projects were sanctioned for Himachal Pradesh to make it at par with other developed states of the country. He particularly mentioned about Shri Modi laying the foundation stone of the Medical Device Park at Nalagarh, at a cost of about Rs 350 crore on 5th October, 2022, which will significantly enhance employment opportunities in the region."

Earlier in the month of May, North India’s 1st Biotech Park/Incubator was launched by Dr. Jitendra Singh in Jammu & Kashmir region. The Biotech Park would act as hub for incubation of new ideas and will support the agri-entrepreneurs, startups, progressive farmers, scientists & scholars not only from J&K, but from neighbouring states of Punjab, Haryana and Himachal Pradesh.

nurture.farm Launches Incubation Program 'Catalyst' for Startups in the Agri-Tech Space

The program will provide infrastructural, networking and technological support to pre-revenue, seed-funded, angel-funded Agri-tech startups

The Ag-tech industry has grown leaps and bounds in a short period, with several startups venturing into the space. However, they require guidance, mentorship, and access to resources to build a viable business. Against this backdrop, nurture.farm, India’s largest and leading ag-tech company is on a quest to build a resilient and sustainable farming ecosystem through tech-led solutions, and has launched its incubation program - Catalyst - to help agri-tech startups sustain themselves and expand further.

nurture.farm Catalyst will help agri-tech startups collaborate with key stakeholders across the agricultural ecosystem, gain capital for sustenance, test their products or solutions at scale, and gain access to infrastructural, knowledge and human resources. The program will offer its incubatees a wide spectrum of support to enable them and accelerate their growth journey. This incubation program focuses on nurturing the growth stage, pre-revenue, seed-funded, or angel-funded startups. It intends to support, collaborate and champion these startups as they break new grounds.

By partnering with nurture.farm, the startups can benefit from its experience, tap into their rural network, leverage industry connections, and the goodwill the company has garnered over time.

Dhruv Sawhney, Business Head & COO of nurture.farm, said, "Agricultural productivity is at an all-time low. Food security is at risk, with an ever-growing population set to reach 10 billion by 2050. In addition, pests, diseases, and natural calamities destroy more than 40% of annual production, thus resulting in an annual loss of over USD 108 billion due to damaged or lost crops.

nurture.farm has built digital highways to connect the heartlands of India by building robust technology platforms, Agri e-commerce marketplaces, market linkages, supply chain networks, advisory services, financial solutions, and shared economy models. The need of the hour is for the industry to come together, pool resources, exchange information, and share learnings to foster growth and scale quickly.

As we look at the various problems in the Agri industry, we realize that we need to pave the way for other Agtech startups to drive innovation & change. These budding startups can leverage our ecosystem, test their solution offerings at scale to establish a product-market fit, and help solve the challenges for the farmers, the Agri ecosystem, and the planet. The time to act is now, and our incubation program 'Catalyst' is another step toward achieving the same. We need to start focusing on fostering sustainable agricultural practices and work to integrate technology in this sector to solve the problems.”

Aspiring startups can apply for the program on nurture.farm’s website. Our knowledge partners include organizations like UPL, NPP, Advanta, and Decco. An experienced panel of experts from the agricultural industry will review each application, mentor startups, and help them grow. The program will accept entries until 31st March 2023.

Bengaluru-based Agri-Tech Startup Fyllo Raises ~$2 Mn Led by Triveni Trust, Ninjacart and IAN

Fyllo Co-founders Sumit (Left) and Sudhanshu Rai (Right)

• Fyllo helps farmers grow export quality crops through its data-driven platform that is powered by IoT, AI, and Agronomy
• The agri-tech startup has developed crop-specific models for irrigation, nutrients, diseases, pests, and weather management for each physiological stage
• Startup’s precise farming models bring consistency in produced quantity and quality across farms and geography

IAN, an existing investor, joined the US 2mn round in Fyllo, an agri-tech startup led by Triveni Trusts, Ninjacart and new investors Venture Catalysts, StarAgri, Kia Ora Ventures, Singualrity Ventures, Mastermind Capital and angel investors.

The startup will use the capital raised for its expansion to new markets and towards research and development to support more crops.

Founded in 2019, Fyllo brings certainty in quality and quantity of agricultural produce through its data-driven Agri-science platform. Their IoT system understands and measures precise requirements of plants on real-time basis and then Agri-science platform backed by AI provides timely advise to farmers. The startup has developed crop-specific models for irrigation, nutrients, diseases, pests, and weather management for each physiological stage of crop and soil.

Fyllo has expanded its services to 2000+ farmers and 10+ corporates across 4 states in India covering 20,000 acres.

Speaking on the latest development, founders of Fyllo, Sudhanshu Rai and Sumit said, “Farmers have seen the impact of technology and the adaptability has increased. Having received the funding, we are looking to invest in expanding our brand to new markets and more crops.”

Mr. M.K Dhanuka, Managing Trustee, Triveni Trust said, “Fyllo’s specific, precise and AI-driven advise to farmers helps them increase their crop productivity and lower input cost. 100% customer retention reflects the farmer’s confidence in Fyllo’s offering. This will contribute to transforming India through agriculture. We are excited about our investment in Fyllo.”

Fyllo has reduced the risks involved and brought consistency in farming. Along with reducing the cost of cultivation, the platform helped farmers increase the yield and income. On a cumulative basis, farmers have saved over 9 billion litres of water using Fyllo.

Ninjacart co-led this round and Mr. Thirukumaran Nagarajan, Co-founder & CEO , of Ninjacart said, "Fyllo provides actionable insights through a combination of technology, science and data. We look forward to working with Fyllo team to expand their distribution through Ninjacart’s farmer network across the country."

Padmaja Ruparel, co-founder of IAN said, “IAN invests in changemaker-startups like Fyllo — which have witnessed continuous business growth. The founders bring both passion and leadership and we are excited to be a part of the Fyllo journey."

Further adding Mr. Balvinder Singh Kalsi, Managing Director, KiaOra Ventures said, “Fyllo’s offering is a great example of bringing precision farming technology to Indian farmers. This is another step towards doubling farmers income. We are happy to be a part of Fyllo’s future journey.

Indian Angel Network is India’s first and world’s largest business angel network with close to 500 members across the world, comprising the who’s who of successful entrepreneurs and dynamic CEOs. With investors from 12 countries, IAN’s presence spans 7 locations, which includes cities in India and the UK. The network is sector agnostic and has funded start-ups across 19 sectors in India and 7 other countries growing global footprint companies. With an excellent track record, IAN has been giving excellent cash exits year-on-year to its investor members, for the last 12 years. Some of its marquee investee companies include Druva, Spinny, Box8, Uniphore, WOW Momos, Consure, Fareye, NOCCARC, Propelld, Skit.ai amongst many others.

IAN Fund, an INR 375 crore VC fund is a uniquely differentiated seed/early stage Fund that aims to transform India’s entrepreneurial landscape. The fund invests in innovative companies in sectors including healthcare and medical devices, VR, AI, software as a service, marketplaces, fin-tech, big data, artificial intelligence, agritech, and hardware. With this, IAN has created the single largest platform for seed and early-stage investing, enabling entrepreneurs to raise from INR 0.25 to 50 crores.

With this, IAN has created the single largest platform for seed and early-stage investing, enabling entrepreneurs to raise from Rs. 25 lakhs to Rs. 50 crores.

IIM Indore, IIIT Delhi Alumni Founded Agri FinTech Platform 'UPAJGURU' Launched by DST Secretary and CMD of Bharat Biotech

Praveen Sinha, Sunil, Ravi Soni, Nitya Nand Deepak, Sapna Shimikeri and Chhavi Ankita

Dr Chandrasekhar, Secretary of DST, Govt of India; Dr Krishna Ella- CMD of Bharat Biotech launched Upajguru platform developed by Grus & Grade (G&G)

Dr Krishna Ella, CMD of Bharat Biotech advised scientists not to go behind money, but to solve problems confronting society. Every small issue is an opportunity, he told them

G & G is incubated at Aspire BioNest-University of Hyd

G & G start-up is founded by alumni of IIM Indore, IIIT Delhi and the Delhi School of Economics.

Upajguru is a futuristic crop management system to make agriculture profitable and sustainable.

Dr Chandrasekhar, Secretary of Department of Science & Technology (DST), Government of India; Dr Krishna Ella - CMD of Bharat Biotech launched the platform developed by Grus & Grade (G&G) and unveiled 'UPAJGURU' Agri FinTech Platform. It was launched on Saturday at SLS Auditorium, School of Life Sciences in the University of Hyderabad, at a function organised to celebrate ASPIRE Foundation Day.

ASPIRE – Association for Scientific Pursuits in Innovative Research Enterprises is a section-8, not-for-profit organization that manages the innovation and entrepreneurial activities at the University of Hyderabad through the incubation of start-up companies in various disciplines of science and technology.

The function was graced by Chief Guests Dr Chandrasekhar, Secretary of Dept. of Science & Technology, Govt of India; Dr Krishna Ella- Chairman & Managing Director of Bharat Biotech International Limited and virtually by Dr Chintan Vaishnav, Mission Director, Atal Innovation Mission, Delhi.

G & G is incubated at Aspire BioNest-University of Hyd. It is founded by alumni of IIM Indore, IIIT Delhi and the Delhi School of Economics. Upajguru is a futuristic crop management system to make agriculture profitable and sustainable.

Dr Krishna Ella appreciated the efforts put in by the team G & G, a technology company operating in the Agri-tech/Fintech market space.

Dr Krishna Ella seen interacting with Nitya Nand Deepak, Chief Operating Officer regarding the newly launched Agri FinTech Platform UPAJGURU and appreciated the details of farmer's and FPO's app.

Dr. Chandrasekhar & Dr Krishna Ella launched the app UPAJGURU as a part of Aspire Founday Day Programe at University of Hyderabad. Also seen B. J . Rao, Ravi Soni, Nitya Nand Deepak & Team UPAJGURU

Speaking to the gathering earlier, Dr Krishna Ella advised scientists assembled in the hall not to go behind the money. Instead, try to find out solutions to the problems society is facing. India is a huge country. There are many problems unsolved for years. Every problem is an opportunity. India is a land of opportunities. Every small issue is an opportunity. India has an abundance of talent.

Blaming the government for every problem is not going to take us anywhere.

Farmers are committing suicide not because of Agriculture, but due to other allied things of agriculture, he told.

He also observed that scientists do come forward to support other scientists when they land in trouble. It is a sad part.

Team of Grus and Grade, an agrifintech Company founded by alumni of IIM Indore, IIIT Delhi and Delhi School of Economics. It is led Ravi Soni, CEO in the centre

Speaking about the pandemics, he said one small virus can destroy our economy. Animals are supposed to be in jungles. But we are losing forest cover due to deforestation. In other words, the distance between animals in the forests and human beings living in societies is reduced. Human beings are going close to the animals in the forest. And in the process are carrying some virus and transmitting, he said.

G&G is incubated at Aspire BioNest, University of Hyderabad and Centre of Excellence in blockchain through APIARY, (STPI Gurgaon under Ministry of Electronics and Telecommunications, Government of India).

Speaking on the occasion, Mr Ravi Soni, Co-founder and CEO of G & G said

their motto has been to change the perception of agriculture and endure the absence of pride in the farming community. Upajguru bridges the gap of digital technology in the agri-value chain, so as to make it agriculture sustainable and profitable.

Adding to this, Nitya Nand Deepak, Co-founder and COO said -

UPAJGURU is a product of Grus and Grade is a futuristic crop management system set to make agriculture and agribusiness more efficient, profitable and traceable. In Particular, it will also strengthen Farmers Producers Organisations(FPOs) and agribusiness consortiums.

UPAJGURU is a product of Grus and Grade is a futuristic crop management system set to make agriculture and agribusiness profitable, sustainable and traceable. It connects farmers with farmer collectives(FPOs), input suppliers, transporters, warehouses, marketplaces, insurance companies and banks at a single point of contact. It integrates game-changing features at each step to reduce inefficiencies and leakages along the value chain.

The platform is a medium to unleash the spirit of entrepreneurship in the farmer and empower the collectives of farmers to innovate and adapt. A win-win for the present and future.

It is the need of the hour platform. The world population is set to grow upwards of 10 billion by the middle of the century. But would we have enough food to provide for it? Would farms produce enough to continue to provide for the newly expanded world? The agricultural produce would have to double, and double soon enough for the future to prosper. Farming will have to don a new revolutionized avatar, one catering to the future and the environment. Agriculture as a business will have to become rewarding. 

With Co-Farming Techniques and Video-Shopping for Consumers, Atomaday Aims To Increase Farmers' Income in India

Atomaday Farm in Bengaluru [Image - facebook.com/Atomaday]

Incepted in 2019, Atomaday is an agritech revolutionary brand that has invested resources to build an effortless technology infrastructure to benefit farmers. Over the last year itself, Atomaday has grown it's footprint, covering 400 acres of land where the brand contracts farms and collaboratively grow 180+ different types of vegetables.

Atomaday enables both consumers and farmers virtual direct connection using its video shopping platform that enables a feedback system for farmers to understand demand requirements and produce quality.

The Atomaday app uses latest technology that enables a precision video shopping experience for consumers, and an effortless on-boarding process for farmers across the spectrum.

How It Works

Overview of Atomaday video shopping app

Atomaday provides videos of the produce that helps the users/customers feel them through their eyes -- just like being in the fruits & vegetables market. Users can then browse through a wide range of videos of the fruits and veggies to shop directly from the farmers.

Once the farmers "directly receive" orders via the app, they harvest the selected produce in that very morning and then get it delivered to customer within 12 hours. Moreover, there is no minimum order constraints for delivery. The brand delivers anything from 1 bunch to 1 kg.

The company claims that this model has helped farmers increase their income 5 fold, besides freeing them from price fluctuations, control of the local mandis over l produce demand and other restrictions that limit the earning potential of our farmers.

Atomaday flow of agriculture produce

Co-Farming Techniques

With an agri-tech model based on collaborative farming, Atomaday has on-boarded and introduced farmers to a guided-farming approach, supported by agronomists. The brand’s app which is a first-of-its kind precision video shopping experience for fruits and vegetables has been enabling the farmers to sell their produce directly to the consumers and avoid issues related to supply chain management and commission agents. 

Image - Facebook.com/Atomaday

Ambitious plans have been laid out this year to onboard 5000 acres of operational farmlands to actively produce 1000+ varieties of vegetables and serve 5 major cities in South India & West India. As a brand that is benefiting the farming community, Atomaday’s mission compliments the ‘Atmanirbhar Bharat’ initiative.

Besides, Atomaday also provides the farmers occasional training sessions on optimization of agriculture and produce, and empower them to make use of make use of its technology in the correct way. 

Vinay Raghu Prasad, Founder, Atomaday, said, “ Our vegetables and fruits are rich in natural nutrients and minerals. How do we ensure this, everyday? We harvest our produce when they are at the peak of their nutritional value and flavour. Our farmers are trained to diligently follow the growth of vegetables, under the guidance of farming specialists and agronomists. These specialist collectively ensure that the vegetable and fruit are harvested when it is tender and flavourful in order to offer the best nutritional benefits to our consumer.”

Bollywood Actor Pankaj Tripathi Invests in Agri-Tech Startup Krishi Network

Left to right- Karan Chawla, Ashish Mishra, Pankaj Tripathi, Siddhant Bhomia

The company also recently announced that it has onboarded Pankaj Tripathi as their brand ambassador

Agritech platform Krishi Network has announced that it has on boarded super-star, Pankaj Tripathi, as an investor and brand ambassador. The association with the actor marks the startup’s efforts to reach out to the masses and help connect with farmers at the grassroot level. Pankaj’s background as a farmer resonates with the startup’s vision to enable farmers to improve profits by providing them instant answers to their questions for making critical farm decisions.

“Coming from a farmer background, I have always believed in supporting initiatives that help farmers with access to information to grow their business. Back in my days as a farmer, genuine and correct information always used to be a concern, and seeing how Krishi Network is supporting farmers is commendable,” said Pankaj Tripathi.

Founded by IIT Kharagpur alumni - Ashish Mishra and Siddhant Bhomia, Krishi Network leverages the growing rural internet penetration to create a platform that eases information accessibility for farmers and enables them to generate higher profits from their land. Providing a mix of online and offline support, the company also has on boarded agri brands, agri-input merchants, and other stakeholders in the agriculture supply chain. Krishi Network app is currently available in Hindi, Marathi, Punjabi, and English, and is planned to be launched in other languages soon.

Commenting on the announcement, Ashish Mishra, Founder, Krishi Network, said, “We started Krishi Network with a vision to transform Indian agriculture by enabling farmers to adopt change with confidence. We are growing their horizon by reliably connecting them to experts and other agri-businesses beyond their local area. We are delighted with the trust instilled in us and we will work relentlessly to help solve the biggest challenge ailing Indian farmers’ growth.”

Krishi Network has also previously raised funds from prominent angels, namely – Sanjiv Rangrass (ITC), Sunil Khairnar (Indigram labs), Venkat Tadanki (Anvaya ventures), Rushank Vora (ICICI ventures), Aneesh Reddy (Capillary), Abhishek Goyal (Tracxn), Agam Khare (Absolute Foods), Suraj Saharan (Delhivery), Rohit Razdan (ClearTax), and Kanav Hasija (Innovaccer), amongst others. The fresh funds will be used to expand their AI-based technology platform across India and grow rapidly.

“Farmers are real entrepreneurs and they manage a complex business. Krishi Network is an engine that is supported by an engaged community of farmers. This instantly convinced me that the team at Krishi Network led by Ashish & Siddhant will change the landscape for farmers,” said Sanjiv Rangrass (Group Head - R&D, Sustainability at ITC), one of the angel investors.

The company is currently connected with 30 lakh farmers and is planning to grow its network further. The company also offers ‘15-minute answers’ for questions around any agricultural service, which is made possible through 8000+ experts registered on their platform. Krishi Network has seen solid organic support from stakeholders due to the opportunity to connect with farmers. It also benefits the whole agri-ecosystem and leads to frictionless two-way communication access to farmers.

Agritech Startup Eeki Foods Raises $2 Mn in Funding Led by Avaana Capital & Better Capital

Team Eeki

The round also witnessed participation from Icebreaker, O2 Angels Network, Arjun Vaidya of Dr Vaidya’s, Kunal Shah of Cred, Harsh Shah, Ramakant Sharma, Abhishek Kejeriwal, Anupam Surana, Abhishek Chaudhary, Mandeep Singh, Cyrus Sahukar, Spectrum Impact, Vivek Khanduja and Others.

The agri-tech startup aims to utilize the funds to expand its geographical presence, further technology development, increase the SKUs and on-board top talent

Agritech start-up EekiFoods announced today that it has raised $2 million in a round led by Avaana Capital with participation from Better Capital and Icebreaker VC. Other key investors include Kunal Shah, Founder CRED; Ramakant Sharma, Founder Livspace; Abhishek Kejeriwal, Founder Kutumb; and, Harsh Shah, Fynd Founder, O2 Angels Network and Gopinath K, Eeki IoT head. Existing investor Spectrum Impact also participated in this round.

EekiFoods is an agritech startup that grows high-quality, residue-free Indian staple vegetables through their patent-pending Plant Growth System. It will utilize the funds to grow its team, invest in technology, and expand in other topographies in India. EekiFoods had earlier raised funding from GSF Accelerator and marquee individual investors like Naho Shigeta, Founder & CEO, Infobridge Holdings; Shalin Sanjay Shah, Director, Core91 VC; Anand Shah, Ola Electric Co-founder; Dinesh Agarwal, CEO, IndiaMart; and a Gulf based Fat-Engine.

EekiFoods was founded in Dec 2018 by IIT Bombay Alumni Abhay Singh and Amit Kumar, with a vision to bring the next evolution of vegetable cultivation. They grow the best quality of Indian staple vegetables at local market prices. 

Plant Growth System technology has been developed over a period of 3 years and innovation lies in creating the ideal zoenvironment for roots of the plants. The vegetables are residue-free, of consistent shape, size and color, nutritionally fortified and available all throughout the year from a local farm. And most importantly, while the technology saves 80% water and the yield is at least 300% more than conventional farming, the vegetables grown are profitable at market prices.

EekiFoods is partnering with Corporates, HNIs, Investors and local businesses to setup farms in Kota, Jaipur, on the outskirts of Mumbai-Pune, NCR and across Pan-India. This partnership helps bring in the capital to setup futuristic Eeki-farms on any underutilised barren or fertile land and the farm is then completely managed and operated by Eeki. It becomes an asset backed investment where leveraging Eeki’s technology and operations, partners make regular returns for 10-15 years while saving the climate.

Amit and Abhay have built a team of 50 young and passionate professionals and 2 of the existing investors have also joined Eeki full time. With this fundraise and expansion of farms, Eeki is actively looking to hire the best engineers from the domain of chemical engineering, mechanical engineering and electronics .

Anjali Bansal of Avaana Capital said, "We are excited to partner with Amit and Abhay on their journey to transform Indian agriculture. Grounded in research and innovation, the Eeki team has proven their ability to build climate-resilient food systems in a highly resource-efficient manner, while providing commercial gains to partner farmers. The company's advanced proprietary technology enables them to produce and sell high-quality daily vegetables at affordable costs, and we are confident about the team's ability to scale from here to create a large business."

Vaibhav Domkundwar of Better Capital said, “Eeki is a big bold idea backed by patent-pending innovation that has the potential to change the food chain in India. We seek founders like Amit and Abhay and we are fortunate to be partnering with Eeki from group zero.”

Mrunal Jhaveri of Icebreaker, “The EekiFoods team struck me with their excellent product-market fit, as seen by the rapid expansion of their customer base in a really short period of time. Comparatively to other coco-peat-dependent hydroponic growers, Eeki's revolutionary vegetable production system can reduce growing costs by 50%.With more Indian companies gaining experience in the Agritech sector, I believe Eeki has a market-winning product on its hands, and I'm thrilled to be a part of their quest. I really anticipate watching them realize their full potential.”

Rajesh Ranjan of O2 Angels Network said, “O2 Angels Network is supportive of emerging technologies and our Angels are excited about supporting the founders of Eeki who are revolutionizing the cost-effective food production model through their patent-pending technology.”

Mirik Gogri of Spectrum Impact said “We are very happy to see the progress that Eeki has made since our initial investment and we are thrilled to support them further.”

CropIn Raises $20 Mn in Funding Led by Temasek backed ABC World Asia

Krishna

CropIn, a leading global artificial intelligence and data-led agri-tech organization empowering stakeholders to reimagine agriculture with data, has raised US$20 million in a Series C funding round led by ABC World Asia, an Asia-focused private equity fund dedicated to evidence-based impact investing.

Existing investors Chiratae Ventures, Invested Development and Ankur Capital also participated in this funding round. Other new investors in this round include CDC Group and Kris Gopalakrishnan’s family office Pratithi Investment Trust.

CropIn will use this capital infusion to focus on its global expansion, while continuing to innovate on its machine learning-based predictive analytics platform, SmartRisk to further strengthen its artificial intelligence capabilities. CropIn is also investing to penetrate deeper in its target markets globally. Recently, CropIn opened an Amsterdam office, and will be hiring local leaders to drive growth in the European market.

CropIn’s data-driven farming solutions enable agri-enterprises and growers to ‘maximize per-acre value’. Its farm data and agronomy management platform, SmartFarm, empowers stakeholders to improve efficiency, productivity, predictability, and sustainability of their crop value-chains. SmartFarm enables agri-enterprises to adhere to food safety standards thereby ensuring farm-to-fork traceability. The platform helps growers adopt sustainable farming practices to build long term economic viability and resiliency for local farming communities. CropIn has partnered with several global players in agriculture, including development finance institutions and government entities in 52 countries, to drive their digital and sustainability goals.

CropIn’s SmartRisk platform improves underwriting and risk assessment, enabling banks, insurance providers and other financial institutions to make informed underwriting decisions, identify new markets and expand product portfolios to service high-volume low-ticket opportunities. By analyzing and interpreting farm-centric data for over 388 crops with nearly 9,500 variants across trillions of data points that grow every day, SmartRisk helps achieve high prediction accuracy at a plot-level. It does this by combining computer vision with deep-learning algorithms, on multispectral imagery derived from aerial scouting (satellites and drones), field scouting data, and hyperlocal weather.

The SmartRisk AI has processed more than 160 million hectares of land area, and has the potential to impact 70 million farmers globally in the next 3-5 years. Thus far, CropIn has positively impacted 13 million acres and 4 million farmers through the SmartFarm and SmartRisk platforms. Smallholder farmers associated with CropIn’s clientele also observed their crop yields increasing by nearly 25% in the first year and subsequently experienced optimised yield improvements in the following years, by integrating the recommended advanced agricultural techniques and quality inputs into their farming practices through CropIn’s agri-tech platforms.

“The robust, predictive power of digitalisation offers tremendous potential for the agriculture industry to leapfrog its many challenges in the coming years. The industry is capturing more data than ever, on everything from agronomy, weather and logistics to market price volatility, which has helped reduce acute data gaps throughout the value chain. In order to improve yields, optimise production and improve resilience and sustainability, agri-businesses are increasingly relying on innovative agri-tech solutions like artificial intelligence, data analytics, and the internet of things. We, at CropIn, are excited to advance the ‘AI-Culture’ for Agriculture,” says Krishna Kumar, Founder and CEO of CropIn.

Based in Singapore, ABC World Asia invests in companies that demonstrate commitment to generating positive and measurable social or environmental impact, alongside the ability to deliver compelling risk-adjusted returns.

“Sustainable food and agriculture is a core investment theme for ABC World Asia. The agriculture industry is an important pillar of the global economy, in particular driving Asia’s growth and feeding the region’s rapidly increasing population. The industry now faces challenges more pronounced than before, with the COVID-19 global pandemic highlighting the vulnerability of global food supplies and impacting the livelihoods of many smallholder farmers. CropIn’s digital solutions will enable farmers to utilize real-time data for better decision-making and improved farm productivity. This investment underscores our support of such smart and sustainable agri-tech solutions that can build resilience in agriculture,” said David Heng, Founder and CEO of ABC World Asia. Ms Sugandhi Matta, Managing Director of ABC World Asia, will also join CropIn as a board member.

Existing investors of CropIn include BeeNext and the Bill & Melinda Gates Foundation’s Strategic Investment Fund (London and Seattle). Over the last year, CropIn has established an advisory board comprising Barrett Mooney (Chairman of Board at AgEagle), Ranveer Chandra (Chief Scientist at Microsoft), TVG Krishnamurthy (Member of the Board of Directors at Ola), and Dr Iya Khalil (Global Head of the AI Innovation Center at Novartis).

According to Karan Mohla, Partner, Chiratae Ventures India Advisors, “As active investors in the agri-tech space as well as in companies pioneering deep-tech and AI, we are truly excited about the innovative models that CropIn is building out in farm management and predictive analytics. In creating and building out a platform for multiple participants in the agriculture ecosystem, CropIn has established itself as a true global leader. With the leadership of Krishna and co-founder Kunal Prasad, they have built out a tremendous world-class team and advisory board and are on the precipice of achieving massive scale as a global company.”

Ambit Corporate Finance acted as the financial advisor to CropIn for this funding round. With this new round of investment, CropIn has raised a total funding of US$33.1 million to date.

About CropIn

CropIn is a leading global AI-driven agtech​ organization that provides SaaS and data solutions to ag-enterprises globally. CropIn enables businesses in the agriculture ecosystem to adopt a data-driven approach through its ground-to-cloud technology solutions. 

CropIn’s unique suite of platforms - SmartFarm and SmartRisk - enable various stakeholders to adopt and drive digital strategy across their crop value-chains and operations. The company empowers the ag-enterprises with data insights that help drive initiatives around Digitization, Predictability, Traceability, Financial Inclusion, Climate Smart Agriculture and Sustainability.

Please visit www.cropin.com for more information.

About ABC World Asia

Headquartered in Singapore, ABC World Asia is a private equity fund dedicated to impact investing. Impact investing encompasses the intention to generate positive, measurable social or environmental impact, alongside a compelling risk-adjusted return.

ABC World Asia was established by Temasek Trust, the philanthropic arm of Singapore headquartered investment company, Temasek. The fund’s investment strategy aligns with Temasek’s ABC Framework for an Active Economy, a Beautiful Society and a Clean Earth, building on the ideals of the 17 UN Sustainable Development Goals.

ABC World Asia will focus on themes including – financial and digital inclusion; better health and education; climate and water solutions; sustainable food and agriculture; and smart and liveable cities.
For more information, please visit www.abcworld.com.sg

Social Commerce Firm Otipy closes $1 Mn Round from Inflection Point Ventures

• Funds raised to be used for expansion in Delhi NCR, technology/warehouse infrastructure and strengthening farmer relationships.
• Achieved 4X growth in the last 3 months; expanded to Noida, Ghaziabad and Greater Noidaz
• IPV emerges as one of the most active angel platforms in India continuing with deals even during the pandemic
• 12th investment by IPV since March this year

Otipy, the social commerce venture of farm-to-fork agritech startup Crofarm has raised $1 Mn from Inflection Point Ventures, an early-stage investing platform. The company has already scaled 4X growth in the last three months. It expects the fresh funding to further boost its momentum in Unlock Phase 3.0 as well.

Otipy is India’s first social commerce model to connect consumers with farmers through women resellers. It already has more than 1000 partner resellers (mainly women), catering to over 1,00,000 consumers. It offers an extensive product catalogue of fresh, hygienic and chemical-free on-demand fruits & vegetables from the farm, which is usually 25% cheaper than the market.

Varun Khurana, Founder Otipy

Varun Khurana, Co-Founder & CEO, Otipy said, “We are super excited to partner with Inflection Point Ventures at this juncture when our business is showing very high consumer stickiness. We have built a very strong community with our partner resellers (mostly women) and have empowered them by providing an alternate source of income expecially in these times when other sources have dried up. Also, with the recent changes in APMC our farmer network is growing at a very fast pace.

We are delighted to secure funds from Inflection Point Ventures, they have a wealth of experience in consumer startups, guiding them from growth to sustainability. We look forward to benefitting from the same.

Vinay Bansal, Founder & CEO, IPV said, “Otipy is a new concept in India and has gained huge traction so far. Not only does it eliminate the challenge of fair pricing for farmers, but also ensures delivery of fresh produce to end-consumers in a manner that is un-matchable on price and freshness that is enabled by unique and tech-drive supply chain. The company has really performed well since its inception, and it’s certainly going to be a trendsetter in the times to come. We watched the company’s performance closely during lockdown, and more importantly its growth during the un-locking phase, which led to believe in its sustainable value proposition and the vision of transforming the entire farm ecosystem in India.”

Otipy will leverage these funds to augment the existing technology infrastructure, further expand the reseller base in Delhi/NCR and go deeper with its farmer relationships so that consumers can get the freshest produce at the lowest prices. Previously operational in Delhi and Gurgaon, the platform has recently launched its services in Noida, Ghaziabad and Greater Noida, providing fresh produce to end-consumers residing in these regions.

Using AI-based demand prediction tool, the platform collects historical data to procure the produce, facilitates on-demand harvesting and thereby ensures delivery of fresh produce on the same day. It also uses customer relationship management tools on WhatsApp to seamlessly interact and serve consumers while keeping the overall transaction fully transparent at every step. Through the secured funds, the company will strengthen this mechanism and strive to serve customers better.

About Otipy

Otipy is a B2B2C platform, powered by social commerce. It is the supply chain of fresh produce in India which also works closely with reseller partners (mainly women). Otipy focuses on-demand harvesting as per predicted demand to keep minimum wastage through state-of-the-art technology used for procurement, distribution and delivery. Otipy, through its B2B arm, supplies fruits and vegetables to over 5000 plus retailers, which is sourced from farmers across Haryana, UP, Delhi, Gujarat, Himachal Pradesh, Karnataka, Rajasthan, and Maharashtra.

About Inflection Point Ventures

Inflection Point Ventures is an initiative of accomplished CXOs & Angel Investors who firmly believe that ‘Everyone can Grow with Startups’. Started in 2018, IPV has invested more than Rs. 100 crore across 35+ startups. IPV’s investors’ base, currently at 2500+ is seeing a massive influx of highly accomplished CXOs and HNIs, looking to invest in startups with rational valuation and sustainable business model.

Agri-Tech Startup WayCool Receives $114K from Dutch Development Bank FMO

• The grant will be used to support farmers with Personal Protective Equipment (PPE) kits and Soil Testing kits


• It will benefit 15,000 farmers across 5 states in India (Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, and Maharashtra) under WayCool's flagship Outgrow Program for farmers


• Soil Testing kits will help improve farmers' income & reduce food wastage

FMO, the Dutch entrepreneurial development bank, has allocated a grant of U$ 114K to WayCool Foods, for procurement and distribution of dual-purpose PPE kits and enablement of on-site Soil testing to farmers. It follows WayCool's latest Debt Financing round of U$ 5.5 million, that was guaranteed by U.S. International Development Finance Corporation (DFC).

The distribution is being carried out under the Outgrow Program, WayCools flagship program for farmers. 15,000 small holding farmers across 5 states in India will benefit through this unique initiative. The dual-purpose PPE kits will help protect farmers during the COVID-19 pandemic, and also shield them during agricultural operations such as pesticide spraying. In-situ Soil testing will enable farmers to get their soil health measured without having to travel, thus facilitating effective soil management while maintaining social distancing.

Outgrow is WayCool's agricultural extension program that engages with farmers through their entire cultivation cycle, from planning to inputs to harvesting, substantially increasing profitability of the farmer, reducing their risk, and guaranteeing farmers 270 days of steady income by leveraging a host of emerging technologies.

WayCool has been leading efforts to help the Indian farmer cope with the current crisis, through various channels. Most recently, the company had run a crowd funding campaign for PPE kits through Milaap. It had also driven an awareness campaign showcasing the efforts of the farmer & trucker (the invisible hands in the agri supply chain). The FMO grant helps WayCool build upon this effort.

Sendhil Kumar Natarajan, Head-Agri initiatives, WayCool Foods, commenting on the initiative said, "Farmers are essential service providers as they feed the nation. They are also very vulnerable during disruptive events such as the ongoing pandemic. Our measures have focussed on enabling the farmers earn their livelihood while reducing the risks they face. The FMO grant will help us in protecting a significantly larger number of farmers and we thank FMO for their timely support."

FMO's grant demonstrates their commitment to supporting communities that require India's food and agriculture distribution sector.

Speaking about the initiative, Jaap Reinking, Director, Private Equity, FMO said, "We are proud to offer additional support during this period. India has experienced one of the world's strictest lockdowns. These measures left little recourse for the country's millions of farmers, particularly those in the poorest provinces, who were unable to get access to essentials and protective equipment. The initiative's goal is to find affordable and reliable sources of PPE and ensure these are allocated where they are needed most. Additionally, this grant will be used to procure Soil Testing kits for farmers, which will ultimately improve their income and reduce wastage."

WayCool procures, processes, and distributes a range of food products including fresh produce, staples, and dairy products, moving over 250 tonnes of food every day to 11,000 clients across South India. The company operates a soil-to-sale model, engaging deeply with a base of 40,000 farmers in more than 50 regions across India, while bringing efficiency through its direct supply chain model. The Company plans to accelerate profitability and improve on its capital efficient model by continuing to invest in technology and automation across the value chain.

WayCool has previously raised three rounds of funding from Lightbox, LGT Lightstone Aspada, FMO, Caspian Impact Investment, and Northern Arc Capital Ltd.

About FMO

FMO is the Dutch entrepreneurial development bank based out of Hague, Netherlands. FMO invests in over 85 countries, focusing on emerging markets, supporting jobs and income generation, and improving peoples lives in those parts of the world where this makes the biggest difference. Their role extends beyond financing, as they help businesses to operate and grow transparently in an environmentally and socially responsible manner.

About WayCool Foods Pvt. Ltd.

WayCool Foods, founded in July 2015 by Sanjay Dasari and Karthik Jayaraman, is India's fastest growing food development & distribution platform leveraging innovative technology to scale-up and operate a complex supply chain. The company operates a full stack, broadline product range across multiple channels and categories like fresh produce, staples and dairy serving over 11,000 clients in the general trade, modern trade, and food services space.

Agri Ministry Investing ₹36.71 Crore in 346 Startups

The agriculture ministry has been funding startups in the agriculture and allied sectors under central scheme Rashtriya Krishi Vikas Yojana (RKVY). Under this scheme, the government has funded 12 startups already with an amount of Rs 11.85 crore.

On August 6, the ministry has made an announcement that it is planning to invest nearly 36.71 Cr in 346 agritech startups and startup working in allied sectors like agro-processing, artificial intelligence, digital agriculture, farm mechanisation, waste to wealth, dairy, fisheries, among others. The selected start-ups were trained for two months at 29 agribusiness incubation centres (KPs & RABIs) spread across India.  R-ABI is RKVY-RAFTAAR Agribusiness Incubators.

"In addition to 112 startups already funded for a sum of Rs 11.85 crore, 234 startups in the agriculture and allied sectors will be funded for a sum of Rs 24.85 crore," the ministry said in a statement.

The investment will be a part of a ‘component, innovation and agri-entrepreneurship development programme’ under RKVY to promote innovation and entrepreneurship in this domain by providing financial support and nurturing the incubation ecosystem. The programme will offer 2-months-long “agri-preneurship orientation” with a monthly stipend of 10,000, along with mentorship on financial, technical, intellectual property (IP) related issues and more.  

Agritech Moved Top of its Charts in 2020 at 3X of Buzz in May'20 compared to March'20

Top newsmakers associated with the term agritech include Narendra Modi, Nirmala Sitharaman, sector-experts like Mark Kahn of Omnivore

Wizikey Agritech industry report reveals that Ninjacart emerges as the buzz-maker followed by Dehaat and Jumbotail in India

A post pandemic world is truly seeing a resurgence of primary sectors and reshaping the world we live in. Agriculture’s new avatar has technology at the core of it. The Wizikey Agritech Report by Wizikey, Asia’s fastest-growing PR- SAAS Startup, highlights that Agritech gained spotlight in the after COVID-19 world. In an analysis of a million+ news articles, Agritech moved top of its charts in 2020 at 3x of buzz in May 2020 compared to March 2020 with the index for the term moving from 43 in March 2020 to 156 in May 2020. 

Factors such as locusts attack, venture funding & investments, and the economic stimulus on agriculture contributed to this sudden uptick in popularity.

Top newsmakers associated with the term agritech include Narendra Modi, Nirmala Sitharaman, sector-experts like Mark Kahn of Omnivore, Suniti Gupta of Lateral Praxis and Devendra Chandani of Intello Labs.

Commenting on the report, Anshul Sushil CEO & Co-founder at Wizikey said, “Agritech is finally getting its fair share of attention and has caught eyeballs for all the right reasons - the innovation and research that is happening in India right now will change the way we all get food from farm to fork. The technology transformation in the industry will ensure direct supply and smoother distribution."

Referring to the report, Mark Kahn, Managing Partner at Omnivore, said, “At Omnivore, we believe this is the decade for agritech and for startups focused on Bharat. It’s great to see Wizikey bringing attention to our sunrise sector.”

According to the Wizikey Agritech Report, the increase in “home-grown start-ups” catapulted buzz in agritech during the pandemic. Ninjacart, India's largest tech-driven supply chain platform, created the most buzz in India followed by Dehaat and Jumbotail. With technology surrounding agriculture like drones, farm to fork, improved farm output technologies witnessing a lot of dialogues, the sector has seen remarkable growth after COVID-19. The Indian Agritech Startups have brought to solve the challenges of agriculture and food production. The companies are supporting the Agritech ecosystem in maximizing productivity, increasing supply chain efficiency, and improving market linkages. Due to the increase in the demand for such solutions in the market, sentiment towards the Agritech industry has been mostly neutral, and if on an extreme side, then positive more than negative- especially during March to May 2020.

Report Methodology

Wizikey Agritech Report was prepared by indexing all the category news chronologically and as per their average audience views. Once the top buzz-makers were identified, the volume of news made by each of them was analyzed and information was drawn on the following aspects. The report also does a comparative analysis of the before & after COVID-19 era to understand the overall sentiment of the industry. The Data Analytics Team at Wizikey identified the top trending words in the Agritech industry through Natural Language Processing(NLP) and visualized them in form of a word cloud where topics appearing larger in the word cloud are trending in the Agritech Sector. The word cloud study highlighted the change of buzzwords in the Agritech industry before and after the global outbreak.
   
About Wizikey 

Wizikey is a subscription-based Communication SaaS that helps businesses identify and connect with relevant media influencers and subject matter experts. With Wizikey's data intelligence, companies can create campaigns, target and engage influencers and journalists, measure and optimize to scale their brand-building efforts. 

Launched in 2019, it has garnered 1000+ users over 250+ businesses who have created more than 2500 stories in over 9 languages. With investors like Ajai Chowdhry (Co-founder, HCL), Alok Mittal (Co-founder and CEO, Indifi), Ambarish Raghuvanshi (ex-CFO, Info Edge), Keshav R Murugesh (CEO, WNS), Raman Roy (Chairman, NASSCOM and Chairman, Quattro), Sanjiv Bajaj (CEO, Bajaj Finserv) and the Indian Angel Fund among others, it is striving every day to ensure businesses can get the credibility and trust which they deserve.

Agritech Firm WayCool Foods receives $5.5 Mn Debt Financing from IndusInd Bank guaranteed by HDFC

• DFC provides 100% guarantee to WayCool for a loan from IndusInd Bank’s Impact Investing Group


• Loan to support WayCool’s journey into a global food supply chain and logistics player 


• Funds will be used to invest in technology and expand food distribution business in South India

U.S. International Development Finance Corporation (DFC) has extended a 100% guarantee to WayCool Foods’ latest round of fund raise of U$5.5 Mn through debt financing from IndusInd Bank Ltd. It follows the Series C round of US$32 Mn led by Lightbox earlier this year. Setuka Partners LLP was the advisor to the current transaction.

DFC’s financing to WayCool comes through IndusInd Bank in the form of a 100% guarantee. The loan is to be deployed through IndusInd Bank’s Impact Investing division, which will support WayCool Foods’ expansion plans.

WayCool Foods plans to use the funds to introduce advanced technology, implement strict hygiene measures, and increase transportation efficiency to reduce food spoilage and improve farmer yields, thus contributing to food security. This will also allow the company to strengthen food distribution across South India.

Karthik Jayaraman, Co-Founder and CEO, WayCool Foods said, “WayCool has been steadily building necessary technology and operational capabilities to operate robust agrifood supply chains from soil to sale. We welcome DFC and IndusInd Bank as partners in this journey and believe that this partnership is an endorsement of WayCool’s ability to lead transformation within the sector.”

DFC, America’s development bank, provides financing to address critical challenges across emerging markets globally. The investment in WayCool Foods demonstrates DFC’s commitment to supporting India’s food and agriculture distribution sector. The investment has been finalized after a stringent due diligence process.

On associating with WayCool Foods, Ajay Rao, Director - Social Enterprise Finance Team, DFC, said, “We are proud to work together with the remarkable team at WayCool to solve some of the most pressing challenges in India’s agricultural sector. We look forward to this collaboration during these critical times and are thrilled to support WayCool’s efforts to enhance food security in India.”

The loan is deployed through IndusInd Bank’s Impact Investing Group. The DFC guarantee enabled the bank to provide an equivalent of Rs. 35 Crores loan to WayCool, IndusInd Bank said in a statement. The structure is significant as it helps in mobilizing local capital for WayCool, also it eliminates foreign exchange rate fluctuation risk from the balance sheet of WayCool, it added.

WayCool procures, processes, and distributes a range of food products including fresh produce, staples, and dairy products, moving over 250 tonnes of food every day to 8,000 enterprise clients across South India. The company operates a soil-to-sale model, engaging deeply with a base of 40,000 farmers in more than 50 regions across India, while bringing efficiency through its direct supply chain model. The Company plans to accelerate profitability and improve on its capital efficient model by continuing to invest in technology and automation across the value chain. 

WayCool has previously raised three rounds of funding from Lightbox, LGT Lightstone Aspada, FMO, Caspian Impact Investment, and Northern Arc Capital Ltd. 

About U.S. International Development Finance Corporation

U.S. International Development Finance Corporation (DFC) is America’s development bank. DFC partners with the private sector to finance solutions to the most critical challenges facing the developing world today. We invest across sectors including energy, healthcare, critical infrastructure, and technology. DFC also provides financing for small businesses and women entrepreneurs in order to create jobs in emerging markets. DFC investments adhere to high standards and respect the environment, human rights, and worker rights.

About WayCool Foods Pvt. Ltd.

WayCool Foods, founded in July 2015 by Karthik Jayaraman and Sanjay Dasari, is India’s fastest growing agri-tech company. Focusing on food development and distribution, the Company leverages innovative technology to scale and operate a complex supply chain. WayCool operates a full stack, broadline product range across multiple channels and categories such as fresh produce, staples, and dairy, serving over 8,000 clients in the general trade, modern trade, and food services space.

About IndusInd

IndusInd Bank, which commenced operations in 1994, caters to the needs of both consumer and corporate customers. Its technology platform supports multi-channel delivery capabilities. As on March 31, 2020, IndusInd Bank has 1911 branches/ banking outlets and 2760 ATMs spread across 751 geographical locations of the country. The Bank also has representative offices in London, Dubai and Abu Dhabi. The Bank believes in driving its business through technology. It enjoys clearing bank status for both major stock exchanges - BSE and NSE - and major commodity exchanges in the country, including MCX, NCDEX and NMCE. IndusInd Bank was included in the NIFTY 50 benchmark index on April 1, 2013.

Microsoft Announces Programme for Agritech Startups in India

Microsoft announced on Wednesday the launch of a programme for agritech startups in India that it
said are committed to driving transformation in agriculture.

It is designed to help startups build industry-specific solutions, scale and grow with access to deep technology, business and marketing resources, the company said in a statement.

Agritech startups in India are transforming agriculture by developing innovative digital solutions to maximise productivity, improve market linkages, increase supply chain efficiency and provide greater access to inputs for agri-businesses, according to the company.

Start-ups can also get access to Azure FarmBeats, which can help them focus on core value-adds instead of the undifferentiated heavy lifting of data engineering, the statement said.

Available on the Azure Marketplace, Azure FarmBeats enables aggregation of agricultural datasets across providers and generation of actionable insights by building AI/ML models based on fused datasets, it said.

Qualified Seed to Series C startups can boost their businesses with Azure benefits (including free credits), unlimited technical support and help with Azure Marketplace onboarding, the company said.

Startups with enterprise-ready solutions can scale quickly with joint go-to-market strategies, technical support and new sales opportunities with Microsofts partner ecosystem.

Startups that are looking to create digital agriculture solutions have the opportunity to co-build customised solutions with Azure FarmBeats without investing in deep data engineering resources, the statement added.

Pioneering Ventures Acquires Lateral Praxis in a Move to Accelerate its Agri-Food Tech Platform Roll-Out

• Pioneering Ventures is a food, finance and tech platform which aims to reinvent the Indian food ecosystem to provide people with healthy food in a sustainable manner


•  Lateral Praxis is helping public and private sector clients to streamline their operations with the aim to promote good and sustainable food production and supply chain  practices


•  The move is aimed at strengthening the reach of technology-based solutions in the Indian food supply chain .


• This acquisition is an important and far-reaching strategic addition to the portfolio of the Swiss-Indian agricultural and food platform Pioneering Ventures

Pioneering Ventures announced newly closed acquisition of Indian agri-tech company Lateral Praxis today. The move is aimed at enhancing downstream reach of tech-enabled solutions for the food supply chain  including information access, apps, data analytics and risk mitigation. The acquisition recognizes significant shifts in the Indian food system  in recent years which bring forward an immence potential for using technology and data to improve operational efficiencies and quality in daily supply chain activities. The systematic generation of data intelligence also allows to create valuable services and improve decision making of all parties in the food ecosystem. 

Founded in 1999 by agri-tech stalwart Suniti Gupta, Lateral Praxis has worked closely with central and state governments, ministries and departments, along with farmer communities at village/panchayat level to build, configure and implement knowledge-based systems. The Mumbai-based company currently works with a strong core team to deliver solutions for online payment platforms, information aggregation and data mining for a varied customer base. 

Speaking about this development, Dr. Pablo Erat, co-founder of Pioneering Ventures, said: “End-to-end supply chain digitization has been a core pillar of our strategy. We have been working successfully with Lateral Praxis for many years and I am confident that the team will further boost our technology and data expertise. The acquisition is an important milestone in the implementation of our strategy  to accelerate the development of our fully integrated food technology platform and help us drive large-scale transformation across the food ecosystem through data intelligence-based services."

Elaborating on this development, Suniti Gupta, Founder-CEO of Lateral Praxis and a known agri-tech expert in India said: “As Indian agriculture and food sector gets ready to embrace next generation, tech-enabled future, the time is ripe for positive disruption. Our experience and core competencies will be augmented well by Pioneering Ventures’ expertise and presence across the food supply chain, helping us jointly scale up our solutions and delivery. We look forward to joining the PV family."

Lateral Praxis aims to create value in our customers' business. We regularly invest in integrating newer technologies into solutions that we provide for our customers. We architect, configure and implement our solutions and ensure long term success through specialized user training. What drives our systems is an understanding of the knowledge behind the framework. We provide elegant, field-proven software. We have a suite of products that go the “last mile” in agriculture, legal compliance, audit tracking and risk management.

Pioneering Ventures is a food, finance and technology platform company based in Switzerland and India. Our mission is to reinvent the Indian food ecosystem to provide people with healthy food in a sustainable manner. We strive to generate superior financial and social returns for all our stakeholders through knowledge and data driven transformation from farm to fork. This is done by re-engineering the way food is produced and supplied and empowering and connecting all partners in the ecosystem.