Agritech funding: Economic Survey 2023: agritech startups raised Rs 6,600 crore funding over last four years

Agritech startups have raised around Rs 6,600 crore over the last four years from private equity investors, witnessing a growth of over 50% per annum, the Economic Survey 2022-23 said. There are over 1,000 such agritech startups that are assisting farmers in improving farming techniques, the Survey said.

India has more than 500 startups “working in the millet value chains, while the Indian Institute of Millets Research has incubated 250 startups under Rashtriya Krishi Vikas Yojana – Remunerative Approaches for Agriculture and Allied Sectors Rejuvenation (RKVYRAFTAAR)”, it added.

“This (climate-smart farming) is slowly gaining acceptance with farmers using clean energy sources like solar for irrigation. The farmers have been incentivised to transfer electricity generated through solar to the local grid. Crop yield prediction models using artificial intelligence and drones for monitoring soil and crop health have been initiated, ”the Survey said.

“Smart farming also enables crop diversification, which will help farmers reduce their dependence on monsoons for water. There are over 1,000 agritech start-ups in India. These assist farmers in improving farming techniques, ”it added.

A report released last month by investment banking firm Avendus Capital pointed out that in the first nine months of 2022, agritech space saw 30 funding rounds worth $ 796 million. The report also noted that the estimated gross merchandise value (GMV) of agritech startups was $ 4 billion in 2022, it is likely to grow to $ 34 billion by 2027.

The Economic Survey also highlighted the 200% increase in rural internet subscriptions between 2015 and 2021, compared to 158% growth witnessed in urban areas – a trend that is reflective of “the increased impetus the government is putting to bring rural and urban digital connectivity to the same level ”.

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“To further create digital linkages at the grassroots level and increase the consumer experience like the one in urban centers, a project for the saturation of 4G mobile services in uncovered villages across the country has been approved,” the Survey said. “The project will provide 4G mobile services in 24,680 uncovered villages in remote and difficult areas, and 6,279 villages having only 2G / 3G connectivity shall be upgraded to 4G,” it added.

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