According to the Economic Survey 2022-2023, Indian agritech startups have raised around Rs 6,600 crore in funding from private equity investors in the last four years, recording an annual growth of over 50 per cent, as per media reports.
The report also said that India currently has over 1,000 such agritech businesses that are helping farmers advance their farming practices.
Over 500 companies are operating in the millet value chain in India, and 250 firms have been fostered by the Indian Institute of Millets Research as part of the Rashtriya Krishi Vikas Yojana Remunerative Approaches for Agriculture and Allied Sectors Rejuvenation.
Farmers employing renewable energy sources like solar for irrigation are helping this concept slowly gain traction. Farmers have received incentives to connect solar-generated electricity to the local grid. Drones and artificial intelligence-based crop yield prediction models have been launched to monitor crop and soil health, according to the Survey.
Crop diversity is made possible through smart farming, and thus lessens the reliance of farmers on the monsoons for water. In India, there are more than 1,000 agritech startups. These aid farmers in honing their farming methods, it was said.
In the first nine months of 2022, Agritech startups witnessed 30 fundraising rounds totaling $796 million, according to a report issued last month by investment banking firm Avendus Capital.
Agritech firms’ expected gross merchandise value (GMV) was $4 billion in 2022, according to the report, and is predicted to increase to $34 billion by 2027.
In contrast to the 158% rise seen in urban regions, rural internet memberships climbed by 200% between 2015 and 2021, according to the Economic Survey.
This trend is indicative of “the increasing impetus the government is placing to bring rural and urban digital connectivity to the same level.”
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