Growing Rural Smartphone Penetration, Technological Advancements and Infrastructural Expansion to Stimulate the Growth of Agritech Industry in India: Ken Research
- In January 2021, Cropin raised $20 mn in a Series C funding round led by Singapore-based PE firm, ABC World Asia. The company aims to use the latest funding for global expansion & driving the European market.
- Agritech startup Dehaat acquired FarmGuide, a B2B Software as a Service (SaaS) platform, in February 2021. The company plans to integrate FarmGuide’s spatial technology and data science with DeHaat’s existing platform to build a full-stack platform for agribusinesses.
- Indore based Gramophone, added a ‘Vyapar’ section to its platform to venture into the output linkage segment and help farmers connect with buyers and sell their produce directly. The startup also plans to expand its presence to Maharashtra, Uttar Pradesh, Telangana, Karnataka and Tamil Nadu by the end of FY’2022.
Augmented Investor Interest: There has been exponential growth in the investments received by startups in the recent years and the momentum is expected to continue for the next few years. Various venture capitalist firms such as Omnivore, Accel, Ankur Capital, Sequioa, Avishkaar, Lightbox among others have been heavily funding startups across all stages. The investment in the sector crosses USD 300 million during 2020, witnessing a CAGR of ~178% over the period 2014-2020. During 2020-2021, various startups such as Waycool, Ninjacart, Dehaat, Arya Collateral, Cropin and more received investments.
Increasing Rural Smartphone Penetration: Approximately 410 million new smartphone users are expected to be added to India’s current user base by 2025, with majority demand coming from rural areas. Factors such as accessibility in vernacular languages and demand for consumption of entertainment content through videos and audio are contributing to double digit year-on-year growth in rural smartphone users. This growth will lead to higher number of agriculture related apps being downloaded and in turn is expected to stimulate higher adoption of agritech solutions in future.
Geographical Expansion: Agritech start-ups are expected to expand their geographical presence to various states across India most initial pilot projects in few states. The move would enable platforms to increase their penetration & establish a stronger brand name in farming communities. Precision farming, advisory and analytics players are expected to also focus on international expansion.
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
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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
Key Topics Covered in the Report:-
Agriculture Overview, Agri Exports from India & Productivity Scenario
Demand Analysis, Farmers’ Scenario & Pain Points of Farmers
Need Analysis of Entities in Agribusiness Value Chain
Overview and Genesis of India Agritech Industry
Agritech Operating Model & Services Offered
Trends and Growth Drivers in the Industry and Challenges Faced
India Agritech Market Size and Segmentations, FY’2019-FY’2020
Investment Analysis of Agritech Industry
Government Initiatives, Agri Reform Laws 2020 & Public Private Partnerships
Industry Porter’s Five Forces Analysis
Cross Comparisons between Agritech Players in Different Segments
Future Market Size and Segmentations, FY’2020-FY’2025F
Covid-19 Impact on the Industry, Future Trends & the Way Forward
Analyst’s Recommendations
For more information on the research report, refer to below link:-
Related Reports:-
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