India: Agriculture Start-Ups Boom as Farmers Turn Tech-Savvy
Indian agriculture-tech start-ups have turned out to be the darling of investors in recent times, with the sector receiving more than USD $248 million in funding over the first six months of this year, registering a whopping 300% growth compared to the same period last year, writes Gunja Sharan at The New Indian Express. With numbers growing at the rate of 25% year-on-year, India currently has more than 450 start-ups in the agritech sector, according to a report unveiled by NASSCOM. “Over recent years, the sector in India has witnessed some of the global and sector-focused funds directly investing in agritech start-ups,” according to the report “Agritech in India: Emerging Trends in 2019.”
According to a survey by the IT industry body, 48% of agritech CEOs who responded believe they will be the next agritech unicorn in the coming three years. With more and more farmers accepting and adopting innovative start-up solutions, there has been a considerable shift in the segment from B2C (consumer-facing) to B2B (business-facing) start-ups.