At a time when an increasing number of Indian startups are trying to be in the black, the cofounder of Country Delight, Chakradhar Gade, has said that the dairytech startup is also not far from reaching the profitability milestone.

“We are currently an almost $200 Mn revenue company, and the business is growing at 5-7% month-on-month. We are on the clear path to profitability in the next 8-10 months,” Gade said while speaking at the fourth edition of Inc42’s D2C summit.

Country Delight currently serves 15 cities in India. As shared by Gade, the startup makes almost 10 Mn monthly deliveries to more than 5 Lakh subscribers across the cities it operates in.

During the session, Gade talked about his fascination with the traditional Indian milkman system. The initial hypothesis of Gade and his partner, Nitin Kaushal, centred around the concept of a full-stack business model, where they aimed to own the entire supply chain, from the farm to the customer.

One of the intriguing aspects of their approach was viewing cattle as a non-depreciating asset, as they only multiply over time. This perspective meant they could potentially grow the business without external capital infusion.

According to Gade, the core mission of the startup is to provide superior quality products to customers, cultivate customer loyalty, and add value to people’s lives.

Country Delight began its journey as a bootstrapped venture and dedicated the first 5 to 6 years to laying the foundation. The cofounders focussed on critical elements such as building technology to digitally monitor quality at the source, establishing a reliable supply chain with real-time visibility, and creating a proprietary distribution network capable of scalable operations.

Founded in 2013 by Chakradhar Gade and Nitin Kaushal, Country Delight follows a subscription-based model where it sources milk from farmers and delivers it to customers. It also supplies bread, ghee, other dairy products, and fruits and vegetables.

Since its inception, the startup has raised more than $158 Mn and is currently valued at over $600 Mn. It counts Orios Venture Partners, Elevation Capital, and Temasek among its investors.

Country Delight’s net loss increased 6.5X to INR 186.4 Cr in the financial year 2021-22 (FY22) from INR 28.2 Cr in the previous fiscal year due to a sharp increase in its expenses. The Delhi NCR-based startup’s revenue from operations rose 1.6X to INR 542.6 Cr in FY22 from INR 320.7 Cr in FY21.

The post Country Delight To Become Profitable In The Next 8-10 Months: Cofounder Chakradhar Gade appeared first on Inc42 Media.

Dairytech startup Country Delight’s net loss ballooned over 6.5X to INR 186.4 Cr in the financial year 2021-22 (FY22) from INR 28.2 Cr in the previous fiscal year due to a sharp increase in its expenses.

The Delhi NCR based startup’s revenue from operations rose 1.6X to INR 542.6 Cr in FY22 from INR 320.7 Cr in FY21.

Country Delight generates revenue from sale of milk and other products like curd, paneer (cottage cheese), ghee, eggs, fruits, vegetables, and coconut water.

In FY22, it earned INR 367.8 Cr from sale of milk as against INR 251.8 Cr in FY21, while the sale of other products generated revenue of INR 171.3 Cr as against INR 68.2 Cr in the previous fiscal year.

Total income, including other income, rose 68% to INR 547.2 Cr in FY22 from INR 325.6 Cr in the previous year.

Meanwhile, total expenses more than doubled to INR 733.7 Cr from INR 353.9 Cr in FY21. At INR 288.2 Cr, cost of materials consumer accounted for the biggest chunk of expenses, rising 56.8% from INR 183.7 Cr in FY21.

The startup also spent heavily on promotion in FY22. Promotional expenses rose almost fivefold to INR 124.6 Cr from INR 25.3 Cr in FY21.

Employee benefit expenses grew 78.7% to INR 67.4 Cr from INR 37.7 Cr in FY21. Employee benefit expenses comprise employees salaries, PF contribution, and other employee welfare benefits.

An increase in employee welfare benefits is an indication of the increase in employee headcount. As per Linkedin, Country Delight has over 1,000 employees.

Founded in 2013 by Chakradhar Gade and Nitin Kaushal, Country Delight follows a subscription-based model where it sources milk from farmers and delivers it to customers’ doorsteps. It also supplies bread, ghee, other dairy products, fruits and vegetables. 

The startup has raised over $158 Mn till date and was last valued at over $600 Mn. It counts Orios Venture Partners, Elevation Capital, and Temasek among its investors. 

Country Delight competes with Odisha-based Milk Mantra. Milk Mantra’s revenue grew 48% to INR 271 Cr in FY22 from INR 182 Cr in FY21, while its profit dropped 36% to INR 13.6 Cr from INR 21.3 Cr in FY21.

Besides, Country Delight also competes against Reliance Retail-acquired Milk Basket, which is likely to see the exit of over 100 employees as it integrates with JioMart. 

The post Country Delight’s FY22 Loss Surges Over 6X To INR 186 Cr appeared first on Inc42 Media.

It has been a few years since those of us in the industry realised that AI and machine learning (ML)  have transformed agriculture and the way we think about farming. In India, we are seeing the use of ML models in everything from grocery delivery to banking. And we are on track to see the potential of AI and ML in farming explode, revolutionising the sector, particularly in a largely agrarian economy like India. 

The adoption of AI and ML in Indian agriculture will have far-reaching consequences, ranging from increased productivity, lower costs, and better decision-making to businesses being able to deliver fresh produce that meets their customers’ needs and specifications. 

To illustrate, consider the recent trend of consumers ordering fruits and vegetables online. It is unlikely that fresh produce, 12-15 hours post-harvest, will be delivered to you when you order something that is not native to a place or is from afar. The produce you receive is most likely from stored stock. 

One solution is to harvest and take customer orders almost simultaneously, allowing only the freshest produce to arrive at your door. A powerful AI-powered prediction engine forecasts the demand for each type of produce for the following day, regulating harvesting, wastage (which is about 30-40% in traditional methods, about 3% with precision-modelled prediction engines), and eventually production. 

These ML models allow for a super-efficient way of working that puts the producer, the farmer in this case, as well as the customer at the centre of this experience. 

Precise Farming With AI & ML

A plethora of opportunities await Indian farmers as the use of AI and ML models becomes more widespread. One of the primary benefits of using these models in agriculture is that they allow for more sustainable and precise farming methods. From soil health, crop yields, and weather patterns to pest and disease management, this is the direction to take when considering not only ML models but also AI-powered tools. 

Farmers’ traditional wisdom occasionally fails them in a world of rapid climate change and disrupted rain patterns. In this case, AI and ML models can assist farmers in optimising planting patterns, determining the appropriate amount of fertiliser and irrigation, and detecting issues before they become major issues. AI and ML models can be used to empower farmers, allowing them to make more informed decisions that will lead to healthier ways of increasing productivity and profitability. 

Building Healthier And More Profitable Crops With Precision Data

Today, AI and ML models are most useful to farmers in the pre-harvest stages. Agriculture, as an activity and an industry, is dependent on a variety of factors in order to be successful. On the farming side, obvious factors such as irrigation, soil type, fertiliser requirements, seed quality, sowing time, disease manifestation, nutrient deficiency, and so on are critical for crop production. Farmers judge and decide on all of these factors based on wisdom and skills passed down to them or their own experience. 

According to research, many of these methods and conclusions are incorrect, and there are large gaps between this traditional knowledge and what is actually happening on the ground. So, if this data is collected and analysed and cause and effect are established, it will improve crop productivity and production in the country. 

In fact, you may already be seeing fresh produce that has been grown using data-driven methods such as hydroponics and aeroponics. The data in these methods tell you when to increase moisture and when to boost with nutrients. The precision with which AI and ML can lay out this data helps build a healthy product as well as an efficient, economical, and profitable crop. 

Another aspect is fertilisers. Today, the push to use fertiliser is so strong that farmers do not even consider whether the crop requires it, how much is required, and so on. It is de rigueur to dump fertiliser on a plant for a better yield. This practise has several negative consequences, including unsustainable crop production and soil degradation.

Bridging The Gap In Consumer Demand & Supply

Furthermore, having measures on the supply side is insufficient. On the demand side of the equation, there are consumers who want one thing and growers who produce something else. Today’s consumer buys what is available rather than what they actively want, and this information or data is rarely passed down to producers. A massive chasm that harms both consumers and producers! 

Closing this gap would entail learning about consumer behaviour — when they prefer to buy, what price point works best for them, in-season and off-season demand, and so on. The granularity of this data, when built into an AI model, aids in determining demand and making a full crop projection, which, when shared with farmers, assists them in growing new varieties of plants with minimal water waste. 

According to experts, the next major global crisis will be water scarcity. Agriculture, as we all know, is water-intensive, with hundreds of litres often going to waste on each farm every day. If ML models could predict how much water would yield the best yield and when we would be looking at not only the judicious use of precious water but also produce that is as it should be.

Predicting Demand & Reducing Waste

The stark contrast between India’s severe hunger issue and its significant problem with wasted fresh produce is one of the country’s biggest puzzles. India is one of the world’s top fruit and vegetable producers, but due to inadequate storage and transportation systems, a sizable portion of the produce is wasted. 

In order to predict demand, optimise logistics, enhance supply chain management, reduce food waste, and ensure that fresh produce reaches the market, data-rich AI and ML models should be thoroughly tested.

Overcoming Challenges: Fragmentation Of Landholdings

But like all technological progress, this too has challenges. A significant challenge facing Indian agriculture is the fragmentation of landholdings. Most farmers in India own small plots of land, making it difficult to adopt modern agricultural practices. 

AI and ML can help farmers make more informed decisions by providing them with data on weather patterns, soil conditions, and crop yields. This information can be used to optimise planting patterns, select the right seeds, and determine the appropriate amount of fertiliser and irrigation required. By leveraging this technology, small farmers can improve their productivity and profitability.

What About The Farmers?

However, the use of AI and ML in agriculture in India also raises concerns about the impact on employment. Agriculture is a labour-intensive industry, and the adoption of AI and ML could result in job losses for farmers and farm workers. 

This can have a significant impact on rural communities, where agriculture is the primary source of employment. It is crucial to ensure that the benefits of AI and ML are shared equitably and that measures are taken to mitigate the impact on employment.

Another concern is the cost of adopting AI and ML in agriculture. The high cost of technology and the lack of access to financing can be significant barriers for small farmers. It is essential to develop affordable and accessible solutions that can be easily adopted by small farmers. Government subsidies and support will play a crucial role in facilitating the adoption of AI and ML-driven tech in agriculture.

The post Striking The Balance: Can AI & ML Be The Answer To Indian Farmers’ Woes? appeared first on Inc42 Media.

UPDATE | July 27; 23:00 IST

Former Mooofarm head of finance Vineet Bhati has responded to the allegations of embezzlement and countered with more allegations about a total embezzlement of INR 45 Cr said to have been carried out by the “management of Mooofarm Pvt. Ltd.”

Bhati also said that he had filed a police complaint on July 13, 2023, a week before Mooofarm’s own complaint. Inc42 has seen a copy of this complaint which alleges that the company’s management was involved in fraudulent activities related to unauthorised investments and lost company funds in stock and derivatives (Future and Options) trading from January 2021.

He also alleged that management was using the personal bank account of other employees from August 2021 to June 2023 to create a fake revenue of INR 130 Cr, and that even investors were misled by these figures. Both these facts were also sent to fund managers of Mooofarm’s key investors, two days after the complaint by Mooofarm was filed. Inc42 has seen a copy of the email.

We have reached out to Mooofarm’s founders and the investors named above with more questions on the barrage of allegations. Watch out for our continuing coverage on Mooofarm.

We have updated our original story below with more details based on Bhati’s comments and his side of the story.

Agritech startup Mooofarm has filed a police complaint against Vineet Bhati, the company’s head of finance, for allegedly embezzling funds from the company’s accounts for personal gains.

According to sources close to Mooofarm, the alleged embezzlement was discovered in the beginning of July 2023, and is said to have been going on for the past 3-4 months. The complaint is said to have been filed with the Gurugram Police (Sector-5) on July 20, 2023.

Sources also told Inc42 that Bhati is said to have syphoned out more than INR 10 Cr from the dairy-tech startup and transferred it to his personal account as well as trading account associated with investing in derivatives and options.

The company declined to reveal the modus operandi of the alleged embezzlement or speak about how far back it goes but confirmed the development in a statement shared with Inc42, reproduced in full below:

“Mooofarm has filed a police complaint against its Head of Finance for embezzlement of an unspecified amount of money from their head office in Gurgaon. The employee in question unlawfully made multiple fund transfers from the Company’s bank account into his personal account using it to participate in trading of high-risk derivatives and options,” a Mooofarm spokesperson said.

The statement added “The employee in question has submitted his confession over email owning up to the fraud. Company has also obtained financial records of the illegitimate transactions and has submitted the details in the police complaint. Mooofarm takes this incident extremely seriously and will make every effort to prevent similar incidents from happening in the future. The Board of Mooofarm and its investors remain committed to building a world class Dairy-as-a-Service Agtech and are fully aligned with the steps taken by the management of the company.”

In his response, Bhati laid out allegations about the money being invested through Zerodha by Mooofarm founders Paramjeet Singh, Abhijeet Mittal, Jitesh Arora and Aashna Singh.

“They have intentionally done these investments to gain higher returns to pay off [dues] and restart their previous company namely AVTEG Pvt. Ltd. which is under the recovery proceedings from Punjab Govt, Jammu Govt, TDS Dept, PF Dept, Employee dues and Vendor dues for an amount of INR 15 cr approx,” Bhati told Inc42.

Mooofarm management’s complaint has not yet been registered as an FIR (first information report) by the police, we were told by our sources, and the actual amount alleged to have been embezzled might change in the final FIR as and when it is registered.

As is typical in such cases, law enforcement authorities conduct independent inquiries about the complaint before registering an FIR. Police can only take action against any alleged fraud once the FIR has been registered.

Depending on the severity of the allegations and the police’s findings at this stage, the potential FIR may be transferred to financial crime divisions.

Vineet Bhati’s Long Association With Mooofarm

Founded in 2019 by Param Singh, Aashna Singh, Jitesh Arora and Abhijeet Mittal, MoooFarm offers a dairy-as-a-service full-stack platform where farmers can buy cattle and other livestock for dairy farming, access telehealth and balanced nutrition services from veterinarians that are said to increase milk yield, and also get financing aid to manage operations and buy dairy inputs.

Till date, the Gurugram-based startup has raised over $16 Mn from investors such as Accel, Aavishkaar Capital,  Aditya Birla Ventures (ABV), Rockstart, Navus Ventures as well as venture debt fund Alteria Capital. Its most recent round was a Series A in December 2022.

While not a cofounder, Bhati was employed with the company ever since it was founded in July 2019. Given his tenure, he is likely to have been a key figure in the agritech startup’s growth in the past four years.

In FY22, Mooofarm reported INR 50.73 Cr in revenue from operations, a near-50X jump from the INR 1.2 Cr revenue stated in FY21. The company remained in the red despite scaling up its revenue. Losses for FY22 grew to INR 14.84 Cr, a 5X jump from FY21’s INR 3.2 Cr loss.

About the revenue, Bhati claimed that FY23 revenue had touched INR 120 Cr, but alleged that “90% of the revenue of the company is fake and illegal,” – Bhati.

Bhati’s response claims embezzlement was done through fake tech and marketing vendors, as well as fake employees where the money was being syphoned out of the company.

He further claimed revenue was being shown as coming in through several fake customers. Mooofarm’s founders are alleged to have not just used fake employees to send money out of the company, but also rotate funds in the company’s current account shown as sales and purchases of cattle through fake customers.

“During the day, they used to rotate the same funds multiple times. They started pressuring the finance team to reduce the TAT [turnaround time] between the funds receipt transaction and funds payment transaction so that rotation can be more in a day [sic]”

These allegations are seen in Bhati’s criminal complaint and also his email to investors in July 2023.

At one point during his stint in the company, Bhati was classed as a promoter and held 5,000 equity shares in the company till September 2021.

In May 2021, he transferred 3,200 shares to Australian LLC DoGoodles Pty Ltd, followed by 1,200 shares transferred to cofounder Mittal and 600 shares to cofounder Arora in September 2021. Essentially, at the end of FY22, he held zero shares in the company and his remuneration for the year was INR 14,00,000.

“The management without knowledge, consent and intimation transferred 5,000 shares in their name (at a per share price of INR 23, however the value per share was INR 60,000 approx at that time) and removed me from the post of Director acting in a dishonest and fraudulent manner and made me a Financial Head on 08.09.2021. The Management have misused and abused me only to get the financial benefit, advantage and personal gains,” Bhati alleged in his response.

How The Embezzlement Was Caught

Sources close to the company claim that so far there is no more action being mulled besides the police complaint. They added that the discrepancy was more easily discovered since these were transfers made by Bhati to his personal account.

“They (the management) saw some fabrication in the monthly income statements shared by Vineet (Bhati) with the shareholders. When questioned he is said to have confessed immediately,” said one of the sources who had first-hand knowledge of the development.

Additionally, we were told that investors such as Accel, Aavishkar and others were immediately informed, after which the police complaint was filed by the company’s founders.

But even Bhati has apprised Mooofarm’s investors about the alleged fraud, and amid this crossfire of allegations, we have to wonder what will happen to Mooofarm.

Our coverage of Mooofarm will continue through the next few days, at the very least. Stay tuned for a deeper story on the agritech startup.

Update Note | July 27; 23:00 IST

• We have changed the headline of this story. The original headline was: “Accel-Backed Mooofarm Alleges INR 10 Cr Embezzlement By Finance Head; Files Police Complaint”
• Some portions of the original article were removed based on Vineet Bhati’s responses.
• We have prominently highlighted the portions that include Vineet Bhati’s responses.
• The original version of the story claimed that Vineet Bhati was a director in the company till December 2022, when he resigned in October 2021. We regret this error.

The post [UPDATE] Accel-Backed Mooofarm Caught In Crossfire Of Embezzlement Allegations Between Founders And Finance Head appeared first on Inc42 Media.

Chennai-based B2B cross-border agri-commodity procurement platform Hectar Global on Wednesday (July 12) said that it has raised $2.1 Mn in a seed funding round led by  Powerhouse Ventures.

The funding round also saw participation from WEH Ventures, All In Capital, Indian Silicon Valley, and angel investors Anant Sarda and Adhish Ladha.

The startup will use the funding to expand to newer geographies, and strengthen its digital infrastructure. 

Commenting on the development, Hectar Global cofounder and chief executive officer (CEO) Srinath Srinivasan said, “We have maintained a strong emphasis on operating profitably right from our inception. Our internal accruals have taken care of all operating expenses so far and we are primarily viewing this capital infusion, and future equity rounds, to rapidly expand into new geographies, and strengthen our digital infrastructure.”

“Trading in agri-commodities requires deep domain expertise, given the inherent complexities in product qualities, price fluctuations, documentation, and freight.  We feel that the team’s experience in cross-border trade and their ability to build technology products holds them in good stead to create significant impact in this industry,” said General Partner at Powerhouse Ventures Kshitij Golwalkar.

Founded in 2021 by National University of Singapore alumni Srinivasan, Sibhi Kumaran, and Aswath Balaji, Hectar Global is a B2B ecommerce platform that enables wholesalers and retailers to procure agri-commodities in bulk across the globe. The platform claims to digitise and improve the efficiency of cross-border supply chain processes by leveraging data models and machine learning algorithms. 

With offices across the globe in Singapore, Dubai, Bangladesh, and Sri Lanka, Hectar Global claims to have so far shipped more than 50,000 metric tons of agri-commodities to countries across Asia, the Middle East, and Africa. 

While the cross-border agri-commerce segment is still marred by regulatory hurdles and involvement of multi-state stakeholders, the space presents an interesting opportunity for homegrown budding startups looking to go global and solve bigger challenges. 

This has largely been led by a lucrative market opportunity that the global agriculture ecommerce market presents. As per a report, the space was valued at $30.68 Bn in 2022 and is projected to grow to a size of $50.63 Bn by 2030.

In the recent past, a clutch of Indian new-age tech startups offering cross-border products have gained spotlight and secured big ticket capital from investors. 

Last month, homegrown cross-border payments solutions startup XFlow picked up $10.2 Mn in pre-Series A funding from Square Peg, Lightspeed, among others. In May, another Indian cross-border logistics platform Agraga secured INR 70 Cr in a Series A funding round led by IvyCap Ventures. 

Back in April, venture capital firm Iron Pillar also closed a $129 Mn cross-border fund that would invest in homegrown SaaS startups. 

The post Hectar Global Bags Funding To Digitise Cross-Border Agri-Commodity Trade appeared first on Inc42 Media.

Agritech startup WayCool has become the latest Indian startup to have laid off employees amid an ongoing funding winter, having reportedly fired 300 employees in a restructuring exercise.

According to sources cited by TOI, the startup, which has raised more than $350 Mn in funding, has conducted the restructuring to chase profitability.

WayCool is said to have around 2,500 employees. While some employees are said to have resigned, the remaining impacted employees were told that updates on the restructuring will be shared on Wednesday (July 12).

Karthik Jayaraman, the cofounder and MD of WayCool, is said to have informed the decision to the employees via a video address on Monday (July 10), adding that the company is working on achieving profitability by December. 

Apart from the layoffs, WayCool will also shut down some of its distribution centres and a few new experimental projects. Sources also told TOI that the agritech startup sent a communication to employees saying that the variable payout will be delayed.

“We plan to focus on our core and profitable businesses, slowing down on some of our experimental initiatives as we work to grow further. This will change the profile of our business but is aimed at ensuring a sustainable and long-term success of our enterprise,” a WayCool spokesperson told Inc42.

The layoffs at WayCool come after it raised $117 Mn from marquee investors including Lightrock, International Finance Corporation (IFC) and Redwood in January 2022, valuing the startup at around $700 Mn. The startup also secured nearly $47 Mn in two subsequent rounds during 2022 from 57 Stars and Stride Ventures.

WayCool is also said to be in talks to raise another funding round, between $50-70 Mn at a unicorn valuation. Speaking at Inc42’s ‘The Makers Summit 2023’ in March this year, WayCool cofounder Sanjay Dasari said that the company was mulling a 2025 public listing.

However, the agritech continues to rack up losses. In FY22, its net loss zoomed 142% year-on-year (YoY) to INR 360.5 Cr. However, operating revenue surged 2.4X to INR 926.9 Cr from INR 382.3 Cr in FY21.

Founded in 2015 by Jayaraman and Dasari, WayCool is a full-stack agritech platform that connects farmers looking to sell produce to retailers, traders and processors. It also offers SaaS products for clients across domains such as procurement, processing and warehousing and distribution, among others. 

India’s startup ecosystem is going through a rough patch of reduced funding and increased macroeconomic pressures. As investors continue to demand profitability from many marquee startups, many of them have resorted to layoffs.

Per Inc42’s ‘Indian Startup Layoff Tracker’, more than 100 startups have fired 27,300+ employees since the start of 2022, including names such as Ola, Swiggy, Zomato, BYJU’S, Vedantu and Unacademy, among others.

The post WayCool Joins Startup Layoffs Spree, Fires 300 Employees To Chase Profitability appeared first on Inc42 Media.

Walmart-owned fintech giant PhonePe has launched its point-of-sale (PoS) device that enables merchants to accept payments via debit cards, credit cards and UPI.

The fintech decacorn follows the likes of Pine Labs, BharatPe and Paytm, among others, who also offer similar PoS devices.

In a blog post, PhonePe said the Android-based PoS device comes preloaded by the PhonePe PoS app and supports transactions via tap/swipe/dip and interoperable dynamic QR codes.

The Walmart-owned fintech, which has raised $850 Mn so far this year, added that the PoS device has received the PCI-PTS 6 certification, safeguarding both merchant and consumer data. “With automatic batch closure and unified reconciliation, the device becomes a one-stop solution for account settlement,” added PhonePe.

The PhonePe PoS device includes a touchscreen display, a built-in printer allowing receipts printing, along with WiFi and 4G connectivity via a SIM card.

Merchants can use PhonePe’s PoS device at a monthly rental, similar to the subscription model which has become the industry standard for devices such as soundboxes, which announce a transaction after it has been received by the merchant.

Interestingly, this is PhonePe’s second payment device offering, having launched a soundbox of its own – the PhonPe SmartSpeaker – capable of announcing a transaction in 11 languages.

Speaking on the announcement, Vivek Lohcheb, head of offline business at PhonePe said, “The PhonePe POS device empowers our merchant partners to elevate the purchasing experience for their consumers. It features a unified and cohesive interface that supports various modes of payment, providing convenience and flexibility.”

Lohcheb added that the fintech giant has set a target to deploy 150K PoS devices by next year. To be sure, PhonePe claims to have a merchant base of 35 Mn across India.

PhonePe is entering a market rife with competition, as Pine Labs dominates the startup ecosystem when it comes to PoS devices. Paytm, its direct competitor, also has the same products. According to the listed fintech’s latest operational performance update, it has deployed 7.9 Mn soundboxes and PoS devices as of June 2023 quarter, a jump of 109% from 3.8 Mn in the year-ago quarter.

By comparison, the Walmart-owned fintech decacorn is said to have deployed 2-2.5 Mn soundboxes. According to the latest report by brokerage firm BofA Securities, PhonePe, BharatPe and Paytm are the three major incumbents in the soundbox market, with the first two being more aggressive in the market.

The launch of the PoS device also comes days after PhonePe launched its payment gateway and a merchant lending marketplace.

The post PhonePe Launches PoS Device To Take On Pine Labs, Paytm, BharatPe appeared first on Inc42 Media.

Agritech startup Waycool is reportedly in talks with multiple investors, including sovereign funds, impact funds, and family offices, to raise funding in the range of $50 Mn to $70 Mn.  

The deal is still in the works and it could still take an additional two to three months for the transaction to materialise, Entrackr reported citing sources.

As per the report, the agritech platform is likely to receive a post-money valuation in the range of $900 Mn, and may even cross the $1 Bn threshold if it manages to secure more funds in the upcoming round. 

Waycool would become the country’s first agritech unicorn if it crosses the $1 Bn valuation threshold, going ahead of its peers – Flipkart and Walmart-backed Ninjacart and Patna-based Dehaat.

Responding to Inc42’s queries on the development, a Waycool spokesperson told Inc42, “Fundraising in the form of equity and debt is a continual activity. The company continues to raise funds based on its expansion needs from existing as well as new investors, and we are in the process of doing so now as well.” 

Founded in 2015 by Karthik Jayaraman and Sanjay Dasari, Waycool is a full-stack agritech platform that connects farmers looking to sell produce to retailers, traders, processors, among others. It also offers SaaS products for clients across domains such as procurement, processing and warehousing, distribution, among others. 

Speaking at Inc42’s ‘The Makers Summit 2023’ in March this year, Waycool cofounder Dasari said that the company was mulling a 2025 public listing. 

The reports of the fresh fundraise come a year after the agri-commerce player picked up $40 Mn funding in a round led by global alternative investment firm 57 Stars in June last year. Prior to that, in January 2022, it also bagged a massive $117 Series D funding from the likes of marquee names such as LightRock, Lightsmith, LightBox, IFC, among others.

It also invested an undisclosed amount of capital in logistics startup AllFresh in November last year. 

Waycool claims to work with more than 2 Lakh farmers and caters to over 1.65 Lakh clients across multiple sectors. 

Despite scaling up its operations, the startup continues to be saddled with loss. In FY22, its net loss zoomed 142% year-on-year (YoY) to INR 360.5 Cr. However, operating revenue surged 2.4X to INR 926.9 Cr from INR 382.3 Cr in FY21.

Waycool operates within the larger Indian agritech space which aims to solve the age-old problems plaguing the Indian agricultural sector with technology. As a result, the space has seen heavy interest from investors who have pumped millions of dollars in the startups operating in the sector.

As per an Inc42 report, the homegrown agritech ecosystem is projected to grow to a size of $24.1 Bn by 2025. 

The post Agritech Startup Waycool In Talks To Raise $50-70 Mn At A Valuation Of Around $900 Mn appeared first on Inc42 Media.

Agritech startup Balwaan has bagged $2 Mn funding in a Pre-Series A round led by Caspian Leap for Agriculture Fund. The round also saw participation from investors including Deepak Agarwal (MD of Bikaji group), Rishab Jain (CFO of Bikaji), Pulkit Bachhawat (Founder, Right Pillar Advisors), and other prominent investors.

For the round, Right Pillar Advisors served as the financial advisor, while Skwerup Capital served as legal advisor.

The startup is going to use the fund to develop new products and establish a pan-India distribution network for its existing products. It primarily looks at expansion across the southern and eastern regions of India. 

Further, the startup is also planning to set up a local language after-sales support centre to provide round-the-clock technical assistance to farmers. This initiative is to enable seamless customer service and improve the overall experience of farmers using its machines.  

Also, the startup will use the funding to offer consumer finance options to farmers, to make it easier for them to purchase machines through EMI plans. 

Balwaan also aims to launch ISI-approved small farm machine products under its Balwaan Krishi brand.

Commenting on the fresh investment, Rohit Bajaj, cofounder and CEO, Balwaan said, “We are at the forefront of innovation, harnessing cutting-edge technologies like artificial intelligence (AI) and machine learning (ML) to revolutionize our product offerings and obtained to give proactive maintenance and unparalleled support to our dedicated farmers.”

Founded in 2016 by Rohit Bajaj and Shubham Bajaj, Balwaan Krishi offers technologies that enable farmers to boost production, improves farmers’ lives. The startup claims that it alters rural communities by providing affordable and effective machinery to manage small and marginal farms.

Balwaan claims to have sold over 60,000 units of equipment. The products are available on ecommerce platforms including Amazon and Flipkart, and the startup fulfills more than 1,000 orders daily. 

According to the startup, the Indian agricultural industry comprises 12 Cr farmers out of which 10 Cr are small scale and marginal farmers. It further claims that with its awareness campaign initiatives, Balwaan has connected with more than 10 Mn farmers.

Even though a significant portion of the Indian landmass is under agriculture, lack of awareness and supply chain management affects crops, hence impacting the farmers.

Recently, agritech startup Agrizy secured $5 Mn debt funding from SBI, Yes Bank, Vivriti Capital, and some other financial institutions, to strengthen its technological & processing capabilities among others.

Last month, Akshay Kumar and Virender Sehwag invested in an agritech startup Two Brothers Organic Farm (TBOF) in a Pre-Series A round.

CropIn, WayCool, etc operate in the agritech startup space in India. 

The post Agritech Startup Balwaan Raises $2 Mn Funding To Help Farmers Boost Production appeared first on Inc42 Media.

Mumbai-based omnichannel farm-to-fork startup KisanKonnect has raised an undisclosed amount of funding from actor Shilpa Shetty Kundra.

Founded in 2020 during the pandemic by Vivek Nirmal and Nidhi Nirmal, KisanKonnect sources food directly from its network of 5,000 farmers through its village-level collection centres and delivers it to consumers in Mumbai and Pune with no middlemen involved in the supply chain. 

“Not only are they (Kisankonnect founders) solving the problem of safe-to-eat food, but they are also connecting thousands of farmers directly to the consumers, resonating with my thoughts about promoting health in my country, where agriculture is one of the major occupations,” said Kundra talking about the reason behind her investment in the startup.

The startup offers its services to customers directly through its mobile app and farm stores, which is quite unlike the other players in this space, such as DeHaat, Ninjacart, and WayCool.

Further, the startup manages around 1.75 Lakh acres of cultivated land, and offers a wide range of more than 200 types of vegetables and 100 types of fruits online. It claims to be delivering approximately 1.5 Lakh boxes of vegetables and fruits every month. 

“We took three years to build our model patiently to build a supply-chain-first company. Working at farm level, reducing waste, building a robust last mile and gaining excellence in customer experience have always been our priorities. We see Kisankonnect is striking a chord with the majority of planned buyers, who value good quality over quick delivery,” said KisanKonnect founder Vivek Nirmal.

The agritech startup also claims to have clocked INR 120 Cr in Annualised Revenue Run Rate (ARR) as of now and servicing more than 1 Lakh consumers in Pune and Mumbai.

KisanKonnect plans to tap a huge potential in the agritech sector, which is expected to grow at a compound annual growth rate (CAGR) of about 50% by 2027 to become a $34 Bn market by that year, as suggested in an Avendus Capital report.

“Our integrated model right from soil testing, plant biologicals based on Regenerative Agriculture are helping thousands of our farmer members to nurture an active and healthy soil. Our unique model ensures better returns for smallholder farmers and fresh and nutritious food for the consumer,” added Nirmal.

Meanwhile, Kundra’s investment in KisanKonnect follows her recent fund infusion of INR 2.25 Cr in the ready-to-cook D2C brand WickedGud. Prior to this, she also invested an undisclosed amount in women-focussed upskilling platform Hunar Online.

Last year, the actor also increased her stake in IPO-bound D2C unicorn Mamaearth.

The post Shilpa Shetty Kundra Backs Agritech Startup KisanKonnect appeared first on Inc42 Media.

Pune-based agritech startup Agrostar’s net loss zoomed 89% to INR 141.7 Cr in the financial year 2021-22 (FY22) from INR 74.8 Cr in the previous year despite a rise in its topline.

Its operating revenue jumped 1.9X to INR 260.4 Cr in FY22 from INR 138.2 Cr in the previous fiscal year. The startup, backed by Evolvence Global, provides advisory solutions and agricultural inputs to farmers online as well as offline.

It generated most of its revenue through sale of agricultural inputs. Agrostar earned INR 232.7 Cr through sale of products in FY22, a 96% jump from INR 118.7 Cr in the previous year. 

Led by the rise in operating revenue, total revenue increased 1.8X to INR 263.3 Cr in FY22 from INR 142.1 Cr in FY21.

On the expenses front, total expenditure shot up 87% to INR 405 Cr from INR 217 Cr in FY21. The startup spent the highest amount on procurement of products. Purchase of stock in trade expenses jumped 88% to INR 260 Cr from INR 112.4 Cr in FY21, accounting for 64% of its total expenditure.

Meanwhile, employee benefit expenses soared to INR 74.5 Cr during the year under review from INR 50.3 Cr in FY21. Employee benefit expenses included salary, PF contribution, gratuity and other employee welfare benefits.

Agrostar also spent INR 28 Cr on advertising and promotional activities, an increase of 180% from INR 10 Cr in FY21. 

The startup’s EBITDA margin improved marginally to -51.2% in FY22 from -51.6% in FY21. Its cash flow from operations stood at (-) INR 138.6 Cr in FY22 as against (-) INR 71.7 Cr in the previous year. 

Agrostar’s cash balance stood at INR 266.07 Cr at the end of FY22 as against INR 43.1 Cr a year ago.

Founded in 2013 by Sitanshu Sheth and Shardul Sheth, AgroStar leverages data and technology to solve farmers’ problems of access to good quality agri-inputs by bridging the knowledge gap. The startup claims it has benefited more than 5 Mn farmers so far.

At the peak of the startup funding boom in 2021, Agrostar raised $70 Mn in its Series D round from Evolvence, global asset manager Schroders Capital, Hero Enterprise, and the UK’s development finance institution CDC Group. Earlier in 2019, the startup raised $27 Mn in Series C round led by Bertelsmann India. 

Last year,  Agrostar acquired Mumbai-based agritech startup INI Farms in a cash and stock deal. Agrostar directly competes against Dehaat. In FY22, Dehaat posted a net loss of INR 1,563.9 Cr while its operating revenue stood at INR 1,273.42 Cr.

The post Agritech Startup Agrostar’s FY22 Loss Surges 89% To INR 142 Cr appeared first on Inc42 Media.

Agritech startup Agrizy has secured $5 Mn debt funding from SBI, Yes Bank, Vivriti Capital, and some other financial institutions. Agrizy will use the fresh funds to strengthen its technological & processing capabilities, expand reach to more agrifood processing SMEs in India, and large agrifood buyers in international markets.

Agrizy stated that the funding is a significant step towards its mission of creating a seamless supply chain for the agricultural food processors and will be helpful in executing its plans to empower the agro-based food processing market of India. It further plans creating a sustainable future for all stakeholders involved in the process.

Founded in 2021 by Vicky Dodani and Saket Chirania, the startup aims to drive growth in the agrifood processing market in India. The Bengaluru-based agrofood processing startup looks forward to using cutting edge technology to serve the Indian agricultural food market worth $400 Bn. According to Agrizy, it aims at creating a sustainable future by integrating agriculture with technology and building a resilient food system. 

The startup tries to fill the gaps in the agricultural supply chain, globally. It connects fragmented suppliers and food processing units for better management of the food supply chain.

To conduct all these, Agrizy offers customised solutions for addressing the needs of the agrofood value chain. The B2B platform of the startup allows the food processing units to procure food products and ensures end-to-end fulfilment services through quality assurance, logistics, and payment offerings.

Agrizy caters to large agrifood processors and brands with custom-processed agrofood products, increasing capacity utilisation and profitability for SME processors. 

Last year, the startup raised $4 Mn in seed funding led by Ankur Capital, with participation from Omnivore and angel investors Rajesh Yabaji (CEO, BlackBuck), Zetwerk’s cofounders Srinath Ramakkrushnan, Amrit Acharya, Rahul Sharma, and Vishal Chaudhary among others.

Sustainability is a growing trend in the food industry as demand increases for agro-based food products that are grown and processed in an eco-friendly manner.  Recently, actor Akshay Kumar and former Indian cricketer Virender Shehwag have invested in Two Brothers Organic Farm based in Pune, along with others.

Yet another sustainable agro-based food startup INI Farms has bagged $1.95 Mn from ESG First Fund to achieve multifold growth, expand through the entire agriculture output business.

Use of tech in the food industry has seen upward trends for better management of the supply chain ensuring less wastage. Inc42 found that there is going to be an increased focus on creating a robust and agile infrastructure to ensure the food safety standards are effectively maintained as we anticipate food production to double by 2050.

According to a study by MarketsAndMarkets, the use of AI in the agriculture market is anticipated to reach $4 Bn by 2028. 

The post Agrizy Bags $5 Mn Funding To Help Agri Food Processors Streamline Supply Chain appeared first on Inc42 Media.

Actor Akshay Kumar and former cricketer Virender Sehwag along with some other unspecified investors have reportedly invested an undisclosed amount in agritech startup Two Brothers Organic Farm (TBOF) in a Pre-Series A round.

The funding will be used to expand the business domestically and globally, enhancing the manufacturing capacity and conducting training facilities for the farmers associated with the startup. 

Commenting on the funding, Sehwag said, “It is heartening to see the positive impact they have brought in the lives of farmers and people’s health across India and beyond.” Meanwhile, Akshay Kumar noted that he is a firm believer in sustainability and thus, the ideals of Two Brothers Organic Farm align with his principles.

Based out of Pune, TBOF was founded by Ajinkya Hange and Satyajit Hange in 2012. The idea of the startup was generated when the two founding brothers returned to their village with the aim to take up farming as a full-time job.

Commenting on the fundraise, Satyajit said, “The pre-Series A will set the base for Series A.” 

The founders aim to make the rural lives of TBOF’s farmer community better and thus, they expect that this fundraise will help them generate employment for the farmers and especially, the women of the village. 

According to the official statement, the Hange brothers have launched several initiatives to create awareness about organic farming among farmers, and trained more than 16,000 farmers in sustainable farming over the past few years.

The startup claims to have allocated shares to each of the members of the farming team and the early founding members of the startup.

The startup claims, “While securing rural livelihoods and employment, we harness the power of community to offer solutions to public health and climate change.” According to the startup’s official blog, TBOF believes in sustainability and its regular customers purchase their products in glass containers that they carry from their homes.

The startup sells the produce at the farmers’ market of Mumbai every weekend, to ensure a shorter value chain of buying directly from farmers, for consumers. 

With the increasingly fast and changing lifestyle, people have started preferring the usage of organic products to maintain a healthy lifestyle, which in turn has been boosting investments in the sector. 

Recently, Delhi based INI Farms that produces organic food products, has raised $1.95 Mn from Aavishkaar Capital’s ESG First Fund. In December last year, another agro-based startup Eggoz raised $8.8 Mn. 

Last year, Startup India reported that even today, 70% of Indian households earn from agriculture, which contributes to almost 17-18% of the country’s GDP.

The post Akshay Kumar, Virender Sehwag, Others Invest In Agritech Startup Two Brothers Organic Farm appeared first on Inc42 Media.

Horticulture startup INI Farms has bagged $1.95 Mn from Aavishkaar Capital’s ESG First Fund. As per the startup, it will use the funds to achieve multifold growth, expand through the entire agriculture output business and leverage the current supply chain capabilities.

The startup aims at building a tech-driven global fruit brand in the name of Kimaye. It caters to the agro-market of 35 countries through its direct-to-consumer platform FruitRoute and several other ecommerce channels. In India, the startup has a presence in 8 cities including the likes of Delhi, Mumbai, Bengaluru, and Hyderabad.

INI Farms was founded in 2009 by Pankaj Khandelwal and Purnima Khandelwal and aims at 100% disintermediation and below 2% food wastage that happens due to supply chain delays. 

In 2022, INI Farms was acquired by B2B farm input startup Agrostar in a cash and stock deal. The deal provided INI with access to an engaged digital farmer network with over 5 Mn users, and a retail network of 2000+ stores.

Commenting on the funding round, Purnima Khandelwal said, “The agriculture story in India is poised for a multi-fold growth. We believe that large platforms providing end-to-end services to the farmers from advisory and inputs to output offtake is going to drive this transformation.”

Aavishkaar Capital has been a consistent investor in sustainable enterprises. Last year in December, accompanied by Aditya Birla Ventures, it invested $13 Mn in dairytech startup MoooFarm.

Agro-based startups have been making strides with an increasing amount of innovation in the sector. Kamlesh Nanasaheb Ghoomre, popularly known as ‘Jugaadu Kamlesh’ has garnered visibility as he secured INR 10 Lakh for 40% equity and INR 20 Lakh in debt from Peyush Bansal on Shark Tank India. Following this, several startups such as Carrageen, Cocofit, Tagz Foods, etc secured funding from the ‘Sharks’ on the show. 

On the other hand, big players such as Flipkart-backed Ninjacart’s net loss narrowed by 70% to INR 307.9 Cr in the financial year ending March 31, 2022, from INR 1,023 Cr in the financial year 2020-21 (FY21). 

Another Indian agro-based startup Eggoz raised $8.8 Mn last year in December, while CropIn secured $13.7 Mn from investors including Google, JSR Corporation, ABC Impact, and Chiratae Ventures.  

In 2022, Startup India reported that even in the current times, almost 70% of Indian households earn from agriculture, and it contributes to about 17-18% of the country’s overall GDP. 

Farm2Fam, DeHaat, ReshaMandi, Vegrow etc are some other startups that are operating in the agritech segment in India. 

The post Agritech Startup INI Farms Bags Funding From Aavishkaar Capital’s ESG First Fund appeared first on Inc42 Media.

Flipkart-backed B2B agritech startup Ninjacart’s net loss narrowed 70% to INR 307.9 Cr in the financial year ending March 31, 2022 from INR 1,023 Cr in the financial year 2020-21 (FY21) as its expenses declined and margin improved.

The Bengaluru-based startup didn’t only manage to cut down its loss but also saw an increase in its top line. Ninjacart’s operating revenue grew 1.2X to INR 967.3 Cr from INR 755 Cr in FY21.

The startup earns revenue by selling fruits and vegetables to retailers. In FY22, it earned INR 795.4 Cr from selling vegetables, while the remaining INR 162 Cr was generated through sales of staple and other products. In comparison, the startup earned INR 645 Cr by selling vegetables in FY21 and INR 97.7 Cr through sale of staples and other products. 

Including other income, the startup’s total revenue jumped 27.5% to INR 990.5 Cr from INR 776.8 Cr in FY21.

On the expenses front, procurement of fresh produce continued to remain the biggest cost for Ninjacart. It spent INR 916 Cr for purchasing goods in FY22 as against INR 681.5 Cr in FY21. 

Interestingly, employee benefit expenses remained almost unchanged. In FY22, the startup spent INR 162.7 Cr on salaries, PF contribution, and other employee benefits. The number stood at INR 162 Cr in the previous year. It must be noted that Ninjacart rolled out an employee stock ownership plan (ESOP) worth more than INR 100 Cr in late FY22.

One of the reasons for the decline in total expenses was a sharp fall in commission paid to the agents and transportation cost. In FY22, Ninjacart paid INR 38.7 Cr as commission while transportation cost stood at INR 60.8 Cr. In FY21, it had paid INR 74.4 Cr as commission and spent INR 130 Cr on transportation expenses. 

Overall, total expenses declined 28% to INR 1,298.8 Cr in FY22 from INR 1,799.9 Cr in FY21. The startup had recorded INR 647 Cr as impairment loss on non-financial assets in FY21 which was absent in FY22. 

Ninjacrat’s EBITDA margin improved to -28.7% in FY22 from -43% in FY21. 

Founded by Thirukumaran Nagarajan, Sharath Loganathan, Sachin Jose, Kartheeswaran KK and Vasudevan Chinnathambi in 2015, Ninjacart initially started as a B2C business. However, it later pivoted to a B2B model, under which it currently sources fruits, vegetables and other groceries from farmers and supplies to supermarkets, kirana stores and other retailers. 

The startup operates in over 150 markets currently. It last raised $145 Mn from Flipkart at a valuation of over $800 Mn valuation in September of 2021. 

Last year, the Tiger Global-backed startup also launched a $25 Mn fund to invest in agritech startups. Ninjacart competes with the likes of WayCool Foods and B2B unicorn Udaan. 

While WayCool saw its losses widen by 142% to INR 360.5 Cr in FY22, Udaan’s losses jumped to INR 3,076 Cr.

The post Flipkart-Backed Ninjacart’s Net Loss Narrows 70% To INR 308 Cr In FY22 appeared first on Inc42 Media.

Even after making significant strides on the back of technological advancements, India’s farming sector continues to be at the mercy of erratic weather conditions. 

But many agritech startups are now determined to turn this around by offering solutions that bestow Indian farmers the vision to predict and prepare accordingly. 

Many of these startups offer early warning systems that warn farmers about impending blizzards, erratic rains and even pest infestation. 

On the second day of The Makers Summit 2023, Inc42 sat down with key players in the agritech space to talk about the next wave of the agricultural revolution that will have deeptech and cloud computing solutions at its core for the farmers of new India. 

However, amid concerns over climate change, which has led to unpredictable weather conditions and higher temperatures, how are Indian agritech startups paving the way for sustainable farming practices?

Understanding the criticality of the question, Cropin’s cofounder and COO Kunal Prasad explained how his startup was engaged in collecting data from multiple sources to fetch insights into local crop patterns. 

This helps in dishing out sowing advisories and suggesting best practices to use water efficiently, including the kind of seeds that should be used, Prasad said. 

According to the cofounder, Cropin helps predict weather patterns and build early warning systems to warn farmers about everything under the sun from the cost of fertilisers going up to complaints of infestations nearby. 

“Knowing about changing weather patterns in advance helps farmers save at least 20-30% of losses happening on the farms. We have demonstrated these technologies across the globe in the last 5-6 years in multiple programmes,” Prasad said.

On the business front, Cropin’s top executive said that the platform helps its procuring partners plan better in terms of which areas to target for production, planning and procurement. Amid the randomness of climate change, the platform claims to help farmers make informed bets based on reliable data. 

Citing the example of recent hail storms in several parts of Northern India, Prasad said that their farmers in the region were forewarned. He added that in many cases where there were instances of inclement weather, the startup directed farmers to harvest early and cut down on their losses. 

As the space evolves, the spotlight continues to be on farmers and their inherent struggles in increasing their crop output and income. 

According to government estimates, agriculture contributed 20.2% GVA to the country’s total economy. Despite the hefty contribution, the sector continues to be marred by lack of erratic weather conditions and other issues.

This untapped opportunity has made Indian agritech startups an attractive bet, with a huge market to look forward to. While Indian agritech startups raised a massive $2 Bn between 2014 and the first half of 2022, the sector is poised for growth with a projected market opportunity of $24 Bn by 2025.

The post Here’s How Cropin Is Deploying Deeptech Solutions To Battle Climate Change appeared first on Inc42 Media.

In a development that appears to be in the making for a few years now, WayCool’s cofounder and head of growth Sanjay Dasari has now said that the agritech startup plans to go for a public listing by 2025.

The startup plans to go for an initial public listing (IPO) only after generating ‘consecutive quarters’ of profitability. 

“WayCool has been planning for a 2025 IPO for the past few years. For us, the understanding has always been that we will IPO with consecutive quarters of profitability and as a company we’ve been moving towards that trend quite aggressively for the past few years…,” Dasari said while speaking at Inc42’s The Makers Summit 2023. 

On achieving this profitability aspect for IPO, Dasari said that it was important to note that sometimes scale and profitability are not as inversely correlated as they might seem. Citing WayCool’s example, Dasari said that scale was the path to profitability, especially in the agritech industry. 

In a bold statement, he said that WayCool’s nearly 89% of revenues were contribution margin 2 (CM2) positive and as a result it was important to further shore up its businesses to achieve profitability at scale. 

CM2 indicates the aggregate amount of revenue left after variable costs to cover fixed expenses are accounted for and is a metric for future profitability.

“… you need to scale those businesses even further so they can continue to generate more revenue… for it to cover corporate costs and will eventually lead to the entire company turning profitable,” Dasari added. 

Chiming in, BigHaat’s cofounder and director Sachin Nandwana said that the agritech startup was close to being EBITDA positive and plans to shore up its strategy to turn PAT positive sooner. 

Nandwana said that he believed that farmers would be willing to pay if they get the desired benefits. Sharing his business mantra, he added that he was more focussed on generating more revenue per resource, as it would increase the startup‘s top line. 

Noting that BigHaat steered clear of the burn-model, he said that the agritech startup was not in the burn game and was in the business of value creation. 

Prior to this, Nandwana also said that technology could help fill the chasm in the agriculture sector and introduce new changes across supply and value chains.

The post Agritech Startup WayCool Slated For An IPO In 2025: Sanjay Dasari appeared first on Inc42 Media.

Agritech startup Absolute reported a 12.5X rise in its net loss to INR 37.4 Cr in the financial year 2021-22 (FY22) from INR 3 Cr in the prior fiscal year on the back of a sharp rise in expenses due to business growth.

Absolute’s operating revenue jumped 12.7X to INR 360.9 Cr in FY22 from INR 28.4 Cr in FY21.

The startup, founded in 2015, controls the entire cycle of agricultural produce – from seed to harvest – in the supply chain. Absolute has developed a digital platform, which is an AI-driven farm operating system, that can be implemented across vertical farms, greenhouses, and open farms. It helps farmers grow crops without using synthetic enzymes. Besides functioning in the domestic market, the startup also exports fruits and vegetables via wholesale trade.

Absolute earns a majority of its revenue from the sale of its products. In FY22, the startup’s income from the sale of products stood at INR 359.6 Cr as against INR 28.4 Cr in the prior fiscal year. 

While domestic sales contributed INR 333.4 Cr to its product sales during the year, up 1,072% year-on-year (YoY), export of goods helped the startup earn INR 26.2 Cr in FY22. 

As per its website, Absolute currently operates across 16+ countries.

On the other hand, it earned INR 1.3 Cr from sales of services during the year. Total revenue, including interest income and other non-operating income, stood at INR 361.5 Cr in FY22, up 1,170% YoY.

On the expenses front, Absolute spent a total of INR 397.9 Cr in the reporting period as against INR 32.5 Cr in FY21.

In line with the growth of sales, the startup’s cost of materials consumed grew 13X to INR 359 Cr in FY22 from INR 27.6 Cr in FY21.

It must be noted that in March 2021, Absolute raised $2 Mn from Sequoia India and various other angel investors to grow its business.

The startup’s expenditure towards employee benefits also shot up 9X YoY to INR 22.6 Cr in FY22. Out of this, INR 19 Cr was spent on wages and salaries.

Meanwhile, miscellaneous expenses, including freight and forwarding charges, R&D expenses, and quality claims, among others, grew 1,102% YoY to INR 18.9 Cr in FY22.

Besides Sequoia, Absolute is also backed by VC firms like Tiger Global and Alpha Wave, and angel investors like Godrej Industries’ Nadir Godrej, Kamal Aggarwal of Haldiram, and CRED’s Kunal Shah.

The startup, founded by Agam Khare and cofounded by Prateek Rawat, last raised $100 Mn in May last year at a valuation of $500 Mn. It said then that it would use the funding to ramp up hiring and expand to newer geographies and segments.

Absolute competes with the likes of DeHaat, Way Cool, Bijak, Onato, among others.

While DeHaat, which recently raised a funding of $106 Mn in its Series E round, saw a 253% YoY rise in loss to INR 1,563.9 Cr in FY22, WayCool’s loss more than doubled to INR 360.5 Cr.

As per an Inc42 report, the Indian agritech industry is expected to grow to a size of $24.1 Bn by 2025. Of late, the space has become a major focus of investors, backed by the government’s initiatives and focus on modernising the country’s agriculture sector.

The post Agritech Startup Absolute’s Loss Widens 12X To INR 37.4 Cr In FY22 As Business Expands appeared first on Inc42 Media.

2022 for agritech was the year of resilience, convergence, and consolidation, inclined towards tech-first value creation, expansion, innovation, and rising tech adoption across the global food chains. The advent of the fourth Industrial Revolution triggered a steady influx of novel tech paradigms that planted a plethora of exciting innovations in the agritech space. 

The scalability and strength of these innovations have spurred investors to back startups in addressing the long-standing concerns linked with quality and data in the agriculture system. With an upswing in the emergence of promising solutions and innovations, the trend of active participation from public and private investors is expected to spike on its path of growth & profitability. In light of this, the tech-powered agriculture industry is slated to reach a valuation of $13.50  Bn by 2023 in terms of market size. 

Technologies such as artificial intelligence, machine learning, and blockchain are playing a critical role in improving agricultural and food production while simultaneously reducing production waste, minimising carbon footprint, and boosting agriculture efficiency to promote sustainable development. The AI in the agriculture market is anticipated to reach $4 Bn by 2026, according to MarketsAndMarkets tech forecast report. 

Another trend that will see an uptick this year, is the increased focus on creating a robust and agile infrastructure system to ensure the food safety standards are effectively implemented as we anticipate food production to double by 2050. This also outlines the need to leverage promising solutions that can streamline food testing, eliminate subjectivity and digitise the quality of food in the post-harvest ecosystem. 

As the sector is all set to reinvent the traditional space with increased investor interest, scalable innovations and sustainable practices, the process of continuous technological progression is expected to advance further in 2023, making it the year of optimism. 

Let’s look at the seven major technology trends that are set to go big in 2023. 

Artificial Intelligence 

AI, in recent years, has demonstrated its ability to replicate human intelligence and augment agriculture efficiency by streamlining areas of higher stakeholder interests, such as monitoring soil quality, controlling pests and diseases in crops, standardising food quality, providing critical procurement insights, and reducing labour. 

Agri stakeholders including farmers and businesses are leveraging the power of artificial intelligence to alleviate the burden of identifying issues and redirect their efforts to other aspects of farming and procurement operations.

AI is revolutionising the agritech industry in several ways:

• Predictive modelling: AI predicts crop yields, identifies disease outbreaks, and determines the best time to harvest, which can help farmers optimise their operations and increase yields.
• Quality control: AI-powered cameras and sensors are automating the inspection of crops, real-time monitoring of quality, and data traceability to help reduce waste and improve, monitor, and manage the quality of food from farm to fork. 
• Supply chain management: Optimising logistics and transportation, AI has the potential to reduce the risk of spoilage, provide critical quality insights, boost data transparency and increase supply chain efficiency with trusted transactions.  
• Automation: AI-powered robots and drones are automating labour-intensive tasks such as harvesting and pruning, which can help improve efficiency and reduce costs.
• Predictive Maintenance: AI applications have proven instrumental in predicting the maintenance of post-harvest equipment, reducing downtime, and increasing their shelf life.

Blockchain Technology 

Blockchain, a breakthrough technology that has disrupted global food chains in recent years, will continue to reinforce the dynamics of agri trade with the increasing demand for traceability, data management, food safety & supply chain transparency in the global food ecosystem. 

From ensuring the authenticity of data to verifying the source of produce and tracking transactions, blockchain has the potential to transform Agri trade while adhering to food safety and quality standards. With a line of industry leaders adopting smart agriculture strategies, the technology is anticipated to grow at a considerable rate in 2023, as forecasted by MarketWatch.

Digitisation Of Food Quality

While technology penetration has introduced us to a new era of agriculture, food quality management is an upcoming trend that will revolutionise the agri-tech industry with its dynamic approach. Technologies like computer vision and spectral sciences have the ability to scan the quality of food and provide digital proof of its safety and composition in a considerably lesser time. 

Integrated with other applications of AI, these new-age technologies can boost agriculture efficiency with a plethora of benefits like end-to-end traceability, real-time quality insights, and 100% digital transactions that will standardise quality and build trust between stakeholders. These technological innovations to standardise the quality of food worldwide are expected to capture an even larger portion of the industry’s eye and a stronger market presence in 2023. 

Regenerative Agriculture 

Regenerative agriculture is a holistic farming method that prioritises soil health by replenishing and enhancing resources instead of depleting them. This can be achieved by practices such as intercropping, providing diverse soil nutrients, crop rotation, and cover cropping, and limiting the use of synthetic fertilisers.

With increased farmer interest, regenerative agriculture will transform the agritech industry, come 2023, in multiple ways:

• Soil Health: Regenerative agriculture focuses on improving soil health and its ability to retain water and nutrients, which can lead to higher crop yields and improved resilience to drought and other environmental stressors.
• Reduced use of chemical inputs: Promoting the use of natural inputs such as compost, mulch, and cover crops, and reducing the use of synthetic chemicals, this type of modern farming helps improve the overall health of the soil, reduce the environmental impact of farming, and improve the quality and safety of the final products.

Internet Of Things

IoT devices in agriculture are specifically utilised to efficiently measure and monitor data, including soil health, chemical and physical composition of food, equipment efficiency, supplier analytics, and weather conditions. 

One of the most important uses of the Internet of Things (IoT), revolutionising agri-tech is precision agriculture. IoT-enabled devices such as sensors, drones, and cameras can be used to collect data on factors such as soil moisture, temperature, and nutrient levels, as well as crop growth and health. 

This data can then be analysed using machine learning algorithms to create detailed maps of the farm, which can be used to optimise planting, irrigation, and fertilisation. In short, the analysis and knowledge provided by IoT devices can allow agri stakeholders to make well-informed decisions, boost procurement efficiency and ensure quality-based pricing on a day-to-day basis. The impact being created by this revolutionary technology will be scaled as 2023 turns into the year of tech-first value creation. 

Chemical-Free Fertilisers

The use of organic materials and chemical-free fertilisers is helping to improve food security by increasing crop yield and improving soil structure, enabling it to retain moisture and boost microbial activity, thus promoting sustainable agriculture. 

With the increased use of chemical-free fertilisers, the agritech industry is en route to developing innovative solutions that align with organic farming principles and help in meeting the increasing consumer demand for organic products.  This trend is expected to gain momentum in 2023.

Big Data 

Big data is disrupting the agri-tech industry by providing stakeholders with actionable insights that can help them optimise their operations, increase data transparency and boost efficiency. The technology is a game changer when it comes to monitoring and analysing data from IoT-enabled devices, such as sensors, drones, and cameras, which can help identify pests, diseases, soil deficiencies, and the degrading quality of food in real time. 

With pre-delivered insights and data analytics, stakeholders are able to make more informed decisions, boost trade efficiency, and reduce both pre-and post-harvest losses. For instance, with real-time visibility of lot-wise quality, stakeholders can identify the shelf-life of food in storage, thus are successful in making more informed decisions about the market release and pricing of each lot.  

2023 will witness increased penetration of Big data across the food chains. This will not only enhance their business intelligence but will also pave the way for a transparent and trusted approach to food quality management. 

Conclusion

To conclude, new-age agritech startups have started leveraging various digital technologies to accomplish the goal of enhancing food output while using fewer resources, hence simultaneously curtailing the environmental effect of manufacturing operations. 

The startups are shaking the status quo by delivering a desirable blend of trust, speed & transparency across the agriculture value chains. They are doing so by deploying high-duty next-gen cloud-based, SaaS platforms and tech frameworks that are helping agribusinesses warrant food safety. The future is indeed bright for the agritech industry.

The post What Does 2023 Hold For Indian Agritech Industry? appeared first on Inc42 Media.

Agritech startup WayCool’s net loss more than doubled to INR 360.5 Cr in the financial year 2021-22 (FY22) from INR 148.7 Cr in the previous fiscal year on the back of a sharp jump in expenditure on the purchase of finished goods.

As an omnichannel full-stack agri-commerce platform that distributes farm-sourced agricultural produce to retailers, traders, processors, and others, WayCool earns a majority of its revenue from the sale of its products. In FY22, the startup reported a 2.4X rise in its operating revenue to INR 926.9 Cr from INR 382.3 Cr in FY21.

Total revenue, including interest income and other operating revenue, stood at INR 930.6 Cr during the year under review as against INR 386.9 Cr in FY21.

Founded in 2015 by Karthik Jayaraman and Sanjay Dasari, WayCool raised $117 Mn in its Series D funding round in January 2022 from the likes of LightRock, Lightsmith, LightBox, IFC, Redwood Equity Partners, and Gawa Capital. The startup claims to have a network of over 85K farmers and over 1 Lakh customers. 

In line with its revenue, WayCool’s total expenditure also jumped over 2.4X to INR 1,289.2 Cr from INR 534.5 Cr in FY21, with expenditure on purchase of finished goods contributing almost 72% of its total expenses.

The startup spent INR 927.4 Cr towards the purchases of stock-in-trade in FY22 as against INR 378.9 Cr in FY21.

WayCool told Inc42 in a statement that its expenses during the year were predominantly towards strengthening its brands and investing in building its tech stack and associated capabilities. Besides, the startup said that it had a significant non-cash expense increase due to a comprehensive ESOP policy rollout across the company.

As per WayCool’s filings with the Ministry of Corporate Affairs (MCA), its spending towards employee benefits rose 126.5% to INR 147.9 Cr in FY22 from INR 65.3 Cr in the previous year. The startup spent INR 101.6 Cr on salaries and wages as against INR 50.7 Cr in the previous fiscal. 

On the other hand, advertisement and promotional expenses rose over 336% to INR 26.9 Cr from INR 6.1 Cr in FY21. 

Besides its supply chain operation, the startup owns six food brands – Madhuram, DeziFresh, Fresehys, Kwick Kitchen, L’exotique, and Kitchenji. WayCool runs ad campaigns across television channels and various digital platforms for these brands. The startup, which has a major presence in the southern region of India, recently roped in actress Sneha Prasanna for Kitchenji promotional.

In FY22, WayCool’s miscellaneous expenses, which include material handling charges, inventory write-offs, cost of packaging materials, and casual labour charges, jumped almost 167% year-on-year (YoY) to INR 55.7 Cr.

The startup’s provisions for bad and doubtful debts rose to INR 39.4 Cr from INR 15.2 Cr in FY21.

However, WayCool, in the statement, said that on a net non-cash expense basis, it is better by 210 basis points  (bps) in FY22 compared to FY21. Similarly, net of branding and marketing expenses, it is better by 850 bps.

It must be noted that WayCool recently also invested in supply chain management startup AllFresh. The investment came months after it raised $40 Mn in a strategic funding round led by global alternative investment firm 57 Stars. 

WayCool also said that it is currently focusing on turning profitable. “Our mission is very clear to become EBITDA positive by December 2023, followed by four profitable quarters before we list in May 2025,” the statement said.

WayCool’s competitor DeHaat reported a 253% YoY jump in its net loss to INR 1,563.9 Cr in FY22, while its operating revenue surged 2.6X to INR 1,273.42 Cr.

Agritech startups in India have been receiving a lot of funding of late helped by various government initiatives and attempts to leverage modern techniques in the industry. An Inc42 report suggests that the Indian agritech industry is expected to grow to a size of $24.1 Bn by 2025. 

The post WayCool’s Net Loss Widens 142% To INR 360.5 Cr In FY22; Operating Revenue Up 2.4X appeared first on Inc42 Media.

Agritech startup DeHaat’s loss widened over 253% year-on-year (YoY) to INR 1,563.9 Cr during the financial year 2021-22 (FY22) on the back of a sharp rise in its miscellaneous expenses. The full-stack agritech platform had reported a loss of INR 442.62 Cr in FY21. 

Meanwhile, its revenue from operations surged 2.6X to INR 1,273.42 Cr in the fiscal year ended March 2022 from INR 352.91 Cr in FY21. The startup also earned INR 13.19 Cr in other income during the period under review. 

Meanwhile, DeHaat’s total expenses rose to INR 2,850.57 Cr as against INR 798.20 Cr in FY21. Of this, ‘other expenses’ accounted for the biggest chunk of expenditure at around INR 1,484.10 Cr.

“DeHaat’s total business expenses for FY22 stood at INR 217 Cr. The remaining amount is a combination of cost of goods sold (INR 1,235 Cr) as well as notional adjustment on account of Compulsory Convertible Preference Share liabilities (INR 1,400 Cr) post equity fund raise as part of the Indian Accounting Standards (IND AS) which became applicable to DeHaat from FY22 onwards. There are no cash flow implications of the same,” said a DeHaat spokesperson.  

Purchases related to stock-in trade formed the second biggest expenditure in FY22 at around INR 1,351.93 Cr, growing 272% from INR 362.88 Cr in FY21. 

On similar lines, employee benefit costs shot up 280% to INR 110.56 Cr from INR 29.05 Cr in the fiscal year ended March 2021. Employee benefits mostly comprise of salaries, provident fund contributions, gratuity, and other employee welfare expenses. 

Founded in 2012 by Amrendra Singh, Shyam Sundar, Adarsh Srivastav and Shashank Kumar, the startup operates a full-stack agritech platform that offers end-to-end agricultural services to farmers. From offering financial services for farmers to customised farm advisory, the startup has a plethora of products that cater to the agriculture sector. 

This comes close on the heels of the Patna and Gurugram-based startup raising $60 Mn as part of an extended Series E funding round led by Sofina Ventures and Temasek. In October, DeHaat raised $46 Mn from the same set of investors, bringing the total size of its Series E round to $106 Mn.

Till date, the startup has raised more than $300 Mn in funding across multiple rounds from investors.

With a last-mile supply chain in more than 1.1 Lakh villages across 150 Indian districts, DeHaat operates a network of 10,000 micro-entrepreneurs and serves more than 1.5 Mn farmers in 11 states. 

The startup largely competes with players such as Ninjacart, Absolute and Vegrow in the highly competitive and lucrative agritech sector. 

While agriculture has largely been considered an ailing sector in India, the entry of new-age tech startups has overhauled the space. Deploying emerging technologies such as AI, ML and Internet of Things, agritech startups have helped many farmers increase their yield by offering customised and affordable products.

These players have also leveraged their experience and footprint to partner with FMCG giants and big corporations to sell their produce and streamline market linkages for farmers to get the best price for their produce. 

Built at the heart of the critical agriculture industry, the agritech space is expected to see a major boom in the coming years as it is projected to reach a market size of $24 Bn by 2025.

(This story has been updated to include company statement and further elaboration on the total expenses incurred by the agritech company in FY22)

The post DeHaat’s FY22 Loss Widens, Operating Revenue Surges To INR 1,273 Cr appeared first on Inc42 Media.

Gurugram-based egg-focused consumer startup Eggoz has raised $8.8 Mn in its Series B round of investment. The funding round was led by IvyCap Ventures and also saw participation from its existing investors such as NABVENTURES, Avaana Capital, and Rebright Partners. 

Angel investors such as Vishesh Khurana of Shiprocket, Ankit Mehrotra, Nikhil Bakshi, and Vivek Kapoor of Dineout also participated in the round. 

The startup said it will utilise the fresh funds to expand its business footprint and hire fresh talent. The funding round comes exactly a year after the startup raised $3.5 Mn in its Series A round in December last year. 

Founded in 2017 by Abhishek Negi, Uttam Kumar, and Aditya Singh, Gurugram-based Eggoz procures fresh, chemical-free eggs from farmers and delivers them to retailers, supposedly within 24 hours of laying. 

It has presence in Delhi-NCR, Bengaluru, Kolkata, Chandigarh, Jaipur, Lucknow, Allahabad, Bhopal, Chandigarh, Indore, Patna and Ranchi, among others. The startup claims that its eggs are rich in protein, Omega-3, and amino acids. 

The startup, which calls itself “Amul of eggs”, also claims to maximise farmers’ earnings by deploying IoT infrastructure and other technologies. The startup earlier launched ‘Pragati Poultry Technology Platform’ to simplify egg farming in the country. The platform claims to assist farmers in starting a farm with adequate financial and technical support. 

According to The Economic Survey 2021-22, India was the third largest producer of eggs in the world. Egg production in the country increased from 78.48 Bn in 2014-15 to 122.11 Bn in 2020-21. The per capita availability of eggs in India in 2020-21 was 91 eggs per annum. 

The fundraise comes at a time when Indian startups are struggling to secure fresh capital amidst the ongoing funding winter. As per Inc42 data, funding raised by Indian startups declined 73% year-on-year to $1.1 Bn in November 2022. Indian startups raised $24 Bn in 2022 till November 29 as against $37 Bn in the entire 2021.

The post Egg Procurement & Delivery Startup Eggoz Bags $8.8 Mn From IvyCap Ventures, Others appeared first on Inc42 Media.

Update| January 9, 4:45 PM

In a statement issued on January 9, CropIn said it has secured $13.7 Mn (INR 113 Cr) in a funding round from Google, JSR Corporation, ABC Impact and Chiratae Ventures.  

The startup said it will use the fresh capital to expand its platform’s capabilities and infuse it in go-to-market strategies.

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Agritech startup CropIn has reportedly raised $14 Mn (about INR 115.1 Cr) in a fresh funding round from tech giant Google, Impact Assets, and its existing investors Chiratae Ventures and JSR Active Innovation Fund.

The startup allotted 95,590 pre-series D compulsorily convertible preference shares (CCPS) at an issued price of INR 11,862.68 apiece to raise the $14 Mn, Entrackr reported citing its regulatory filings.  

Google and Impact Assets infused INR 40.78 Cr and INR 40 Cr, respectively, in CropIn. On the other hand, Chiratae Ventures infused INR 24.47 Cr, while JSR Active Innovation Fund pumped INR 8.16 Cr in the startup.

CropIn has raised a total funding of $46 Mn till date, including the latest funding round.

In January last year, CropIn secured $20 Mn in its Series C funding round led by Singapore-based impact investor ABC World Asia. CDC Group, Kris Gopalakrishnan’s family office Pratithi Investment Trust, Chiratae Ventures, Invested Development, and Ankur Capital also participated in the funding round.

Founded in 2010 by Krishna Kumar and Kunal Prasad, CropIn is a SaaS-based agritech platform. It helps farm-to-fork businesses digitise their operations and improve decision-making process via real-time data and insights. 

It has partnered with over 250 organisations across the globe and helped these organisations digitise more than 16 Mn acres of farms and impacted the livelihood of nearly 7 Mn farmers, according to its website.

The startup competes with the likes of FarMart and Agricx in the agritech market in the country.

According to an Inc42 report, the Indian agritech sector is anticipated to breach the $24 Bn mark by 2025. Meanwhile, its subset, market linkage, is likely to be a $12 Bn opportunity by 2025. 

Consequently, the agritech space has been seeing a lot of interest from investors. Indian agritech startups raised a combined funding of $2 Bn between January 2014 and June 2022. 

Earlier this month, agritech startup DeHaat secured $60 Mn in its Series E funding round led by Sofina Ventures and Temasek. Existing investors RTP Global Partners, Prosus Ventures and Lightrock India also took part in the funding round. 

The post Agritech Startup CropIn Raises $14 Mn Funding From Google, Others appeared first on Inc42 Media.

Agritech soonicorn DeHaat has raised another $60 Mn in a Series E round of funding, led by Sofina Ventures and Temasek. Existing backers RTP Global Partners, Prosus Ventures and Lightrock India also have participated in the new round. 

DeHaat has raised a total of $106 Mn in its Series E funding round, having raised $46 Mn in October from the same set of investors. With the latest round, the startup has raised $300 Mn from investors.

Founded in 2012 by Amrendra Singh, Shyam Sundar, Adarsh Srivastav and Shashank Kumar, Patna and Gurugram-based DeHaat offers end-to-end agricultural services to farmers. These include the distribution of high-quality agri-inputs, customised farm advisory, access to financial services and market linkages for selling their produce.

The soonicorn has built a last-mile supply chain in more than 110K+ villages across 150+ districts of India through its network of 10K+ micro-entrepreneurs. DeHaat claims to serve more than 1.5 Mn farmers across 11 agricultural states in India.

To provide end-to-end services, it has onboarded 2,000+ agribusinesses including input manufacturers, FMCG players, banks, insurance partners and bulk output exports.

Commenting on the development, Shashank Kumar, cofounder and CEO, DeHaat said that there has been 60X growth of DeHaat over the last 40 months, adding that the startup has a clear path to profitability. Kumar added that almost 70% of the startup’s last fundraise – where it raised $115 Mn in October 2021 – is still in the bank.

“We are very well capitalised at this point in time and we aim to leverage this status to consolidate our growth towards efficiency & profitability,” said the CEO, adding that DeHaat aims to break even in the next 12 months.

It is prudent to mention that DeHaat reported a consolidated loss after tax of INR 54.1 Cr in FY21, a 2.98X increase from INR 18.1 Cr in FY20. At the same time, the startup’s revenue from operations increased by 2.6X to INR 358.2 Cr in FY21 from INR 125.1 Cr in FY20. 

The agritech’s expenses almost tripled to INR 415.1 Cr in FY21 from INR 143.4 Cr in FY20 as well. DeHaat has not filed its financial statements for the financial year 2021-22 (FY22) yet.

With the fundraise, the agritech startup has inched closer to a unicorn valuation. Inc42 had exclusively reported in September that DeHaat was looking to raise around $100 Mn in the next funding round to achieve the said unicorn valuation.

When reached out by Inc42, a DeHaat spokesperson stated that the valuation with the current round remains in the ballpark of $700-800 Mn. 

For now, the agritech’s valuation remains around the same as its biggest competitor Ninjacart, which was valued at $812 Mn during its last funding round. 

While farming and agriculture are a $300 Bn industry in India, the country does not have an agritech unicorn; given that agriculture is largely unorganised as an industry in India, agritech startups are still a new phenomenon.

Despite this, the agritech sector is set to reach a size of $24 Bn in 2025, with market linkage emerging as the biggest sub-sector within agritech.

The post Temasek, Sofina Ventures Lead $60 Mn Funding In DeHaat appeared first on Inc42 Media.