Ag-Tech in India

Investment Landscape Report 2022

ACCELERATING INNOVATION IN FOOD AND AGRICULTURE

Copyright © 2022 ThinkAg. All rights reserved.

Contact information: info@thinkag.co.in

Disclaimer: The data/information contained herein has been obtained from trusted secondary sources and is
believed to be reliable. ThinkAg disclaims all warranties as to the accuracy, completeness, or adequacy of such
data/information. The views presented herein are ThinkAg’s and not attributed to anybody. ThinkAg shall have no
liability for errors, omissions, or inadequacies in the information contained herein, or for interpretations thereof.

About ThinkAg

ThinkAg is India’s first Ag-Tech platform to bring together innovators, corporate entities, and investors to improve
outcomes in Indian food and agriculture where fresh opportunities are constantly opening up with growing and
changing consumption patterns. To leverage these opportunities in the face of climate change, low productivity,
supply-chain inefficiencies and wastage, large scale investment in agri-infrastructure and technology innovation
is a must. While many entrepreneurs and innovators are using cutting-edge technologies and contemporary
business models to address these challenges, existing players are also looking to adopt smart approaches to old
businesses. Winning partnerships between stakeholders (existing entities, new entrants, innovators, and investors)
to accelerate these innovations through rapid prototyping can transform the Ag-Tech landscape in India.
This is where ThinkAg programmes come in.
• AgPartnership: For deep engagement with corporate entities and start-ups for supporting viable pilots
• AgLabs: An incubation/acceleration vertical to mature emerging start-up ideas
• AgClinics: For category-led thematic discussions on challenges facing food and agriculture in India
Besides these, ThinkAg also develops knowledge documents in Ag-Tech and Ag-Innovation for interested readers
and stakeholders in the sector. This investment report is such a knowledge document which presents a verified
investment landscape in food and Ag-Tech in India.

Knowledge Partner Investment Partner

Cover concept: A Mobius strip is an apparently two-sided surface which seamlessly flows from one to the other.
Technology and agriculture too are similarly inseparable in the 21st century, even though traditionally farming is
perceived to be anything but technology. The emerging future partnership between agriculture and technology is
the theme of the cover of this sectoral investment report.

Cover photos (credits): Andrii Yalanskyi (ID 173711654); Suwin Puengsamrong (ID 242867380); Ekkasit919
(ID 147682507); Luke Wilcox (ID 123414610); Andrey Popov (ID 226477845), sourced from Dreamstime.com.

Custom published for ThinkAg by Lucid Solutions (www.lucidsolutionsonline.com), New Delhi.

 Ag-Tech in India 2022

Contents

Preface 4

Notes to the Report 6

1 Executive Summary 10

2 Ag-Tech Investments in India 12

3 Ag-Tech Investors’ Palate and Appetite 24

4 ThinkAg Insights 31

5 Ground Reports: Ag-Tech Experience of Indian Farmers 33

6 ThinkAg Investment Outlook 37

Endnotes 39

Acknowledgements 41

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Preface

Ag-Tech after COVID-19

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s the world emerges from the disruptive impacts of the Covid-19 pandemic, the imperative
for resilient agricultural ecosystems and improved farmer livelihoods stirs our collective
consciousness, more than ever before. India’s Ag-Tech sector, now a decade old, has matured
significantly in scope and scale in the last couple of years. Its potential for value creation and impact
has attracted interest and participation from diverse entrepreneurs and investors, agribusiness and
corporates from various verticals, and policymakers looking to ease the path of novel solutions to
longstanding challenges with fragmented and inefficient agricultural value chains.

In this rapidly evolving landscape, ThinkAg is proud to present the 2022 edition of our annual
publication Ag-Tech in India: Investment Landscape Report. Developed to apprise stakeholders of the
prevailing innovation and investment scenario, this report analyzes investment activity, identifies
emerging trends, captures relevant stakeholder perspectives and presents a directional outlook for the
sector’s future. Building on the spirited response and dialogue generated by previous iterations of this
publication, this edition will highlight the significant progress achieved by Ag-Tech solutions in India as
well as the areas of the ecosystem requiring further growth.

Echoing this sentiment, some words from our sponsors:

The Ag-Tech sector in India has benefitted significantly from the increased interest of
domestic and global investors, and related ecosystem players. The Government of India
has provided enabling backend technology to make small ticket sized retail transactions
seamless and easy. Greater focus on tech solutions for the upstream segment of the
agriculture value chain is also welcome as this would solve the real problems of the
fragmented sector. Efforts to solve the critical challenge of access to finance have increased,
with large financial institutions collaborating and co-creating financing and insurance
solutions alongside AgFinTech and AgWeatherTech players. Another important dimension

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 Ag-Tech in India 2022

has been the investors’ increased focus to boosting climate related adaptation, resilience
and mitigation measures, leading to the incorporation of climate solutions into the bouquet
of services being offered by the Ag-Tech players. Efforts by national institutions to promote
farmer collectives and aid the agriculture supply chain players in procuring sustainable
produce has enhanced the adoption of technology at the grass roots. Digitization and
practical technology solutions would be the enablers for ensuring safe food for consumers
and inclusivity and fair income for farmers.
We welcome the current edition of ThinkAg’s annual Ag-Tech Investment Landscape Report
as it provides a holistic overview of the transition towards digitized agri-value chains. These
viable and scalable solutions being innovated in India, could potentially address global
food and climate issues. The focus of international investors on solving the global nutrition
challenge in a sustainable manner will positively favour investments in agriculture-related
innovations and digital technology in India.

Arindom Datta

Executive Director, Rabobank

Caspian is pleased to support ThinkAg in bringing out the Ag-Tech in India: Investment
Landscape Report 2022, the most definitive and authoritative report on the subject and much
awaited. Not only does the report look at events of the year, but also provides a vision of
the leading trends in the Ag-Tech space in the coming years, and the emerging investment
opportunities.
For the agricultural start-up ecosystem in India, 2022 has been a year of consolidation and
coming of age, with the widening and deepening of the ecosystem. With more incubators and
accelerators focused on agriculture coming up, and a lot of talented people getting attracted
to work in this space, the pipeline of potential investment opportunities is rapidly expanding.
We at Caspian are excited by the emerging opportunities to invest via equity and debt in
agricultural start-ups that can transform Indian agriculture, and the lives of Indian farmers.
I’m sure many of you share the same excitement about the sector.

Emmanuel Murray
Investment Director, Caspian Impact

Encouraged by our sponsors’ words of support, we at ThinkAg are delighted to present Ag-Tech in India:
Investment Landscape Report 2022. We are certain the report will offer a compelling, content-rich, and
engaging peek into India’s burgeoning Ag-Tech landscape.

We welcome any questions, suggestions, or interest in deeper involvement in our initiatives and
programmes.

The ThinkAg Team

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Notes to the Report

Ag-Tech Taxonomy
The Ag-Tech landscape continues to evolve as business models develop and offerings expand. The
broad categories of Ag-Tech solutions used globally are presented below.

Category Description Examples

Agriculture Biotechnology This category includes all biotech and biomaterials String Bio, Sea6 Energy,
and Biomaterials innovations for agriculture such as bio-inputs, food BioPrime Solutions,
(AgBioTech) preservation tech and artificial in semination technologies Tropical Animal Genetics,
for livestock. It does not, however, include hybrid seed FIB-SOL Life Technologies
innovations which are typically housed within larger
companies.
Agriculture Finance and This includes solutions that facilitate finance and Samunnati, Jai Kisan,
Insurance Technology insurance offerings solely for agriculture and allied sectors. Gram Cover,
(AgFinTech) Companies in this space explore novel credit solutions and DGV, Samaaru
leverage farm and value chain data to enable financing
and insurance, offering them through traditional and novel
distribution channels.
Supply Chain These companies focus on improving input access for BigHaat, Animall, Unnati,
Technology–Upstream farmers through digitalization of the input supply chains, Krishify,
(Upstream AgTech) as in, e-commerce in seeds, fertilizers, pesticides, cattle, AgroStar, Gramophone
livestock or fishery feed, etc.
Supply Chain Companies in this category deploy technology-led BigBasket, Licious,
Technology–Downstream solutions to optimize output supply chains and create Ninjacart,
(Downstream AgTech) linkages at various levels of aggregation and with end WayCool, DeHaat,
consumers. Specifically, this includes using e-commerce FreshVnF, Bijak,
tools to reach agriculture, horticulture, aquaculture, and Captain Fresh,
dairy products to consumers. Clover, Jumnotail,
Reshamandi

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 Ag-Tech in India 2022

Precision and Digital Most companies in this segment use digital data for CropIn, Stellapps,
Agriculture Technology smart farming or imaging technologies for quality Absolute, IntelloLabs,
(PrecisionAgTech) control. They could be using sensors or remote sensing Fasal, BharatAgri, Fyllo,
data or employing machine learning to enhance the role Euruvaka Technologies,
of analytics and predictability either on-farm or along IoTechWorld,
the value chain. This category covers digital platforms General Aeronautics
that provide crop advisory, weather modelling, drones,
machine-learning-led grading solutions, and solutions for
optimal resource usage.
Robotics and This category includes companies developing novel Tessol, Ecozen, Carnot,
Mechanization tools or farming systems for the sector, e.g., small farm Eeki Foods, Kheyti,
(AgAutomation) mechanization tools, cold chain solutions, hydroponic TartanSense, Gourmet
equipment, etc. It also includes companies working Garden
with software solutions to enhance the adoption and
availability of such tools.
Agriculture Infrastructure This segment primarily refers to warehousing solutions Arya Collateral
Technology: Warehousing offered for agri-produce and does not include broad-based Origo Commodities,
and Logistics logistics start-ups that may also serve the agriculture Ergos, NCML, StarAgri
(AgInfraTech) sector.

Notes:
1. The companies presented as examples have been classified by what they publicly claim to be their primary focus area.
Many of the companies span multiple categories and dynamically change their strategies.
2. The AgFinTech category here does not include companies associated with large financial service providers with other
focus areas.

Other Definitions
Unique deal: A deal that is a harbinger of institutional capital participation in an enterprise.

Follow-on deal: Capital participation in an enterprise that has previously raised money from external
investors.

Stages of Funding
Angel: Typically, these are funding rounds raised through friends, families, mentors, and increasingly,
angel networks and individuals, through mechanisms such as AL Trust.

Early stage: This includes the first few institutional cheques from incubators and venture capitalists. In
this report, all investments below $5 million have been considered ‘early stage’.

Growth stage: Investments between $5 million and $15 million.

Late stage: Investments over $15 million.

Time Period
This report focuses on Ag-Tech investment activity between January 2021 and June 2022.

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Currency Conversion
While all data on funding was sourced in INR, $ values reported for 2021, 2022 and previous time periods
have been calculated as $1.0 = INR 75.

Inclusions
This report includes technology companies registered in India and operating anywhere along the
agriculture value chain, from input research and development to output supply chain optimization
solutions (Figure 1).

Figure 1: The Ag-Tech Framework

Incubators and Investors and Regulation and

Accelerators Donors Policy

Ag-Tech Innovators

Agriculture Supply Chain Supply Chain

Warehousing and
Biotechnology and Technologies – Technologies –
Logistics
Biomaterials Upstream Downstream

Pre- Post- Trading Wholesale

Consumption
Upstream production harvest Marketing Export
Input Production Storage Downstream
Processing Retail
Supply Transport

Agriculture Finance and Precision and Digital Robotics and

Insurance Technology Agriculture Technology Mechanization

Source: Research and analysis by the ThinkAg team.

The report tracks investments made into Indian Ag-Tech start-ups, based on their filings with the
Ministry of Corporate Affairs, Government of India. Companies that have publicly announced their
fundraising activity form the basis of this report. To project a relevant picture of India’s Ag-Techeco
system, a threshold of $200,000 in fresh funds infusion in a given year has been applied for inclusion in
the ThinkAg analyses.

In a dynamic ecosystem such as Indian Ag-Tech, developing a database of start-ups is a continuous

process. This has been an ongoing effort at ThinkAg and will continue to be so in the future. If you
are an Ag-Tech start-up or know of one that is missing from our database, please let us know at
info@thinkag.co.in.

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 Ag-Tech in India 2022

Exclusions
Companies that have raised angel investments mainly from friends and family and have not publicly
announced it are not included in this report. Also excluded are food brands, food processing, dairy
and poultry companies, traditional agribusinesses, and trading houses for which the driving business
motivation is not technological innovation. While companies may have raised funds over multiple
rounds through the year, a round- or tranche-wise breakdown was not verifiable and therefore the detail
remains excluded from this report.

Historical Data
While focusing on investment activity in 2021 and the first half of 2022, this report also refers to
investments in 2020 and previous years to establish points of comparison. Please note that previous
years’ data in this report may differ from what was reported in last year’s report due to the identification
of more Ag-Tech start-ups and updated filings by companies.

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Executive Summary

Figure 2: Snapshot of Ag-Tech investments (January 2021–June 2022)

2021 2021

$1.18 billion 66
H1 2022 H1 2022

$498 million 34
Gradual rise in number of deals
Capital flows up over 150% since 2020
from 64 in 2020

2021 2021

$3.05 million $4.27 million

H1 2022 H1 2022

$3.89 million
The average first-cheque size up 200%
$3.78 million
Median investment significantly higher
since 2020 than $1.29 million in 2020.

H1 2022 = January to June 2022.

Source: Research and analysis by the ThinkAg team.

I
ndia’s Ag-Tech ecosystem has progressed
significantly in 2021 (that is, January–
December 2021) and the first half (H1) of 2022
(January–June 2022). As the need for remote
technologies and robust solutions became
compellingly evident with the pandemic, Indian
Ag-Tech start-ups attracted investments of
$1.18 billion in 2021, up nearly 200% from the
$412 million raised in 2020. This reflected a
higher year-on-year growth in investments than
observed in the global Ag-Tech landscape for
the first time since the sector emerged in India
a decade ago. This acceleration in capital flows
has been driven significantly by the entry of
many generalist investors—both international
and domestic—into India’s Ag-Tech sector,
accounting for nearly half of all investors in 2021.

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Deal sizes have increased considerably for
Ag-Tech start-ups across all stages of funding—
from enterprises raising their first institutional
investments to those with mature models and
many fundraising rounds under their belt. At the
mouth of the investment funnel, the number of
large first-time deals is on the rise, painting the
picture of an Ag-Tech ecosystem where promising
new solutions are now able to raise funds and
scale at a much faster pace. Many of the sector’s
largest follow-on deals were also inked during
this period, chiefly by private equity and strategic
investors. However, the sector’s largest deals
now account for a smaller proportion of the total
investment value than previous years, indicating a
higher level of sector maturity.
Relative to 2021, capital flows have been muted
in the first half of 2022, though still considerably
higher than previous years. This may be attributed
to a more cautious investment environment in
2022, prompted by the rapid growth in deal sizes
and valuations of Ag-Tech start-ups in 2021, even
as many prevailing models are yet to demonstrate
profitability. While this does point to a year-on-
year dip in investment values in 2022, it reflects
an adjustment in the amount of capital flows
rather than a shift in outlook and will likely herald
a greater emphasis on monetization and unit
economics in India’s Ag-Tech sector going forward.
In contrast to previous years, consumer-proximate
supply chain solutions are no longer the only
dominant category in India’s Ag-Tech ecosystem.
Farm-proximate solutions have begun to
realize greater traction, with input supply chain
digitization and PrecisionAgTech solutions
raising larger investments. This is supported by
ThinkAg’s survey of farmers which reveals that
among Ag-Tech service offerings, farmers are most
interested in pre-harvest services such as access to
better inputs, agronomic advisory, and precision
technologies that improve farm productivity.
Though driving adoption of these solutions
Ag-Tech in India 2022
continues to be a challenge, farmer-facing Ag-
Tech start-ups are increasingly able to collaborate
with agri-corporate players to this end, partnering
with them to access scale and, in some cases, even
alternate business models.
Another area of rising start-up–corporate
collaboration is India’s AgFinTech ecosystem.
We are beginning to see banking institutions
and Ag-Tech start-ups team up to provide Ag-
Tech-enabled financing solutions to farmers and
other rural value chain players. This approach
of combining the enormous capital availability
and experience in credit sanctioning of financial
institutions with the access to farmer-specific,
static and real-time data that Ag-Tech start-ups
bring to the table, presents a promising prospect
for catering to the hitherto unserved credit needs
of Indian farmers.
Ag-Tech start-ups with supply chain digitization
solutions are progressively pursuing vertical
integration across the agri-value chain.
Most enterprises originally focused on input
market solutions are adding output-related
services to their offerings. Similarly, many
DownstreamAgTech start-ups with business-
to-business or business-to-consumer (B2B or
B2C) models are now also building a presence
further upstream in the value chain. Alongside
this ‘platformification’ of Ag-Tech start-ups, we
are also observing the beginning of merger
and acquisition (M&A) activity in India’s Ag-Tech
ecosystem. A number of mature Ag-Tech start-
ups have begun to acquire, acqui-hire, or make
strategic investments in other Ag-Tech enterprises,
in likely pursuit of enhanced capabilities and a
larger bundle of service offerings. Corporates at
the retail end of the value chain have also grown
their participation through strategic investments
and acquisitions. Such transactions increase
investors’ opportunities for successful exits and
consequently improve the attractiveness of India’s
Ag-Tech sector.
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Ag-Tech Investments
in India

2.1 Trends—2021 and H1 2022 (Figure 3). As economic activity rebounded,

Indian and global investors, enthused by the
2.1.1 After surge in 2021, investments conclusive need for digitization evidenced by
muted in H1 2022 the pandemic, channelled $1.18 billion into

I
nvestment values in India’s Ag-Tech 66 Ag-Tech start-ups in India. This marked a
ecosystem showed unprecedented growth significant 186% increase in investment values
in 2021, exceeding $1 billion for the first time from the pandemic-induced dip in 2020. While

Figure 3: Ag-Tech Investments in India, 2016 to H1 2022

1400 70

1200 60
Investment raised ($ million)

Number of transactions

1000 50

800 40

600 30

400 20

200 10

0 0
2016 2017 2018 2019 2020 2021 H1 2022

Investment raised ($ million) Number of transactions

H1 2022 = January to June 2022.

Source: Research and analysis by the ThinkAg team.

12 12
 Ag-Tech in India 2022

this is indicative of the sector’s enormous Figure 4: Median Investment Values, 2019 to H1 2022
potential and bodes well for its long-term 6
prospects, the investment environment in 2022

Median investment
5
hasn’t been as rose-tinted. Ag-Tech investors, 4

($ million)
sceptical of Ag-Tech start-ups’ high valuations 3
amidst yet to be profitable business models, are 2
now proceeding more cautiously. Investments 1
in Indian Ag-Tech during the first half of 2022 0
reflect this, coming up 15% lower than 20212. 2019 2020 2021 H1 2022

That said, the number of transactions have Unique deals

increased slightly, suggesting that a broad base Follow-on deals
of start-ups are still being backed. H1 2022 = January to June 2022.
Source: Research and analysis by the ThinkAg team.
2.1.2 Rising deal sizes across stages of
funding
2.1.3 Unique deals, fewer but growing in
Since 2021, Ag-Techs across stages of funding value
have raised larger investment rounds than
January 2021 to June 2022 recorded fewer
previous years. Median investment value grew
first-time investments than the previous couple
nearly 200% from $1.29 million in 2020 to $4.27
of years (Figure 5).4 However, the average first-
million in 2021 and then fell slightly to $3.78
time cheque size was $3.47 million over the same
million in the first half of 2022. Whereas most
period, nearly 150% higher than what it was in
deals were previously skewed towards lower-
2020 and 2019. Half of these unique deals were
end funding brackets and overall investments
fairly large (over $2 million) and two of them
were dominated by a few large transactions,
even crossed the $10 million mark. Given the
deal sizes have significantly grown across stages
positive investment climate evidenced by the
of funding such that the sector’s largest deals
surge in investments overall, the low number
now account for a lower proportion of total
of first-time transactions could potentially
investment values.
indicate lingering effects of the pandemic for
Follow-on cheque sizes in particular, experienced new Ag-Tech start-ups entering the ecosystem,
a substantial jump in 2021, benefitting from or that they are now being required to meet
growing interest in Indian Ag-Tech solutions higher innovation or scale thresholds in order
and the entry of more global generalist capital to meet investors’ benchmarks for early-stage
(Figure 4).3 This has levelled down to some extent investments.
in 2022, as capital markets have constricted
On the other hand, the occurrence of some
and the Ag-Tech ecosystem has increased its
big-ticket first-time deals points to a healthy
emphasis to improving bottom line and unit
ecosystem for up-and-coming Ag-Tech solutions,
economics.

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with promising, well-executed models able Figure 6: Ag-Tech Investments by Deal Size, 2019 to H1
to raise large rounds relatively early in their 2022

operations. 35
30

Number of deals
Figure 5: Follow-on and Unique Deals, 2019 to H1 2022
25
1400 70
20
Aggregate value ($ million)

1200 60
15
1000 50

Number of deals
10
800 40 5

600 30 0
2019 2020 2021 H1 2022
400 20
< $1m $1 - $5m $5 - $15m > $15m
200 10
H1 2022 = January to June 2022.
0 0 Source: Research and analysis by the ThinkAg team.
2019 2020 2021 H1 2022

Follow-on deals, aggregate v alue

Follow-on deals, numbers Another half registered 2x–10x growth on
Unique deals, aggregate v alue their previous fundraise and 15% of them
Unique deals, numbers secured deals over ten times larger than their
H1 2022 = January to June 2022. last one. However so far in 2022, only half the
Source: Research and analysis by the ThinkAg team. deals concluded have exceeded the company’s
previous fundraise. This is maybe on account of
a more cautious investment environment and
2.1.4 Deal flow narrowing in H1 2022 after
to some extent, significantly large previous
a healthy 2021
deal sizes in 2021.
Deal activity in 2021 and the first half of 2022
paints the picture of a nearly smooth investment
2.1.5 Increasing traction for farm-
pipeline, rather than an investment funnel.
proximate solutions
The 100 deals conducted over this 18 month
period are almost equally divided across the Consumer-proximate or downstream supply
four funding brackets identified in our analysis chain solutions have thus far dominated deal
(Figure 6). Compared to 2020 and 2019, this activity and investment values in India’s Ag-Tech
reflects a significant rise in deals above the $5 ecosystem. For innovators looking to enter
million threshold, indicating a higher level of the sector, the inefficiencies of India’s highly
maturity attained by Ag-Tech models and the intermediated supply chains have long been a
ecosystem as a whole. low-hanging problem statement to solve for.
Conversely, though problems faced by farmers
Of the 56 follow-on deals in 2021, 12 Ag-Tech and the opportunities to increase their on-farm
start-ups raised less capital than their previous operational efficiency are numerous, solutions
round of funding—a mixture of companies in this space have been limited by the practical
receiving a small tranche of an otherwise challenges of reaching remote areas and having
large investment and Ag-Tech start-ups that a business model that relies on technologically
are middling, unable to raise larger deals. less savvy and low-income farmers. So far, this

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 Ag-Tech in India 2022

had been resulting in a slower take-off for farm-

Innovating for India’s smallholder farmers
India’s agricultural ecosystem (large by every
metric) with its growing portfolio of Ag-Tech
start-ups, presents an attractive proposition
for us as a global venture capital investor. In
comparison to other markets, India’s farmers—
predominantly smallholders—have much
thinner margins and so, limited bandwidth
to invest in sophisticated equipment or
technologies. We believe, for an Ag-Tech
model to be successful in India, it cannot rely
on charging farmers for services and should
instead pursue measures such as upstream
and downstream market linkage where costs
are borne by other stakeholders, innovative
financing mechanisms or, providing services to a
collective of farmers, making it more affordable.
—Shai Albaranes, Corporate Vice President,
Innovation and Ventures, Orbia
proximate solutions relating to inputs, precision
technologies, bio-inputs, etc.
However, deal activity since 2021 points to a
possible thaw in the hurdles faced by Ag-Techs
directly servicing farmers. Upstream supply chain
and Precision AgTech solutions (most of which
are on-farm), have together brought in 45% of
the deals in 2021. Digitalization driven by the
pandemic, in both commercial and personal
use, is likely to have made farmers and their
rural communities more adaptable to Ag-Tech
solutions. At the other end, Ag-Tech start-ups
now have greater access to data about India’s
agriculture sector and also relevant partners such
as agribusinesses, farmer collective organizations
and agri-corporates, making them more willing
and able to develop and scale farm-proximate
solutions.

Accessing scale through corporate-start-up collaboration

Our mission, at Bayer, is to use science to address rising concerns of health and hunger. It is an ambitious goal
that we cannot achieve alone. Ag-Tech start-ups have some promising solutions. We actively work with driven
start-ups across the agriculture value chain not only to sharpen their solutions but also to help them take
these solutions to farmers with our extensive reach. We are currently collaborating with several start-ups in
the areas of input supply chain, agronomy, mechanization, financial solutions, improving market access and
precision farming technologies, to help meet the unmet needs of farmers in advancing agriculture.
We are partnered with input supply chain start-ups to ensure that farmers not only get quality inputs door-
delivered but also, agronomic knowledge to use them in the most optimal fashion. One such example is our
partnership with AgroStar, which enables farmers to order Bayer’s seeds and crop protection products for
their entire crop lifecycle and also receive agronomic advisory. This avails them of diverse choices beyond the
traditional services they rely on and creates a more customer-centric ecosystem, with greater transparency.
Bayer has also partnered with many Ag-Tech start-ups developing precision technologies such as disease
prediction models, image recognition and remote sensing technologies, and drones for spraying in order
to drive access to real-time agronomic advisory and help foster sustainability in agriculture. With this,
we are helping farmers access high quality produce that is compliant with various export standards and
can fetch them higher prices. Our farmer-facing application, FarmRise, provides farmers access to these
functionalities, adapted to their local conditions and in local languages.
—Simon-Thorsten Wiebusch, Country Divisional Head, Crop Science Division of Bayer for India, Bangladesh & Sri Lanka

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2.1.6 Early signs of consolidation
Over the past decade Ag-Tech solutions in India
have emerged and scaled while being largely
independent of existing corporate players in the
ecosystem as well as of each other. However,
as Ag-Tech start-ups grow both in terms of size
and penetration among farmers and other value
chain players, we are witnessing the beginning of
consolidation in the ecosystem.
In 2021, this included the acquisition of Ag-Tech
start-ups by corporate players (for instance, Big
Basket by Tata Consumer Products and Milk
Basket by Reliance Retail) as well as other Ag-
Tech start-ups (such as FarmGuide by Dehaat and
Kamatan by Samunnati).This trend significantly
accelerated in 2022 with the acquisition of Blinkit
(formerly Grofers) by delivery giant Zomato,
PrecisionAgTech Eruvaka Technology by Dutch
animal nutrition company Nutreco and many
other smaller Ag-Tech start-ups by more mature
Ag-Tech enterprises like Waycool, Dehaat, Arya,
and AgroStar.
Capabilities expansion driving
acquisitions by Ag-Tech start-ups
At Waycool, we view inorganic growth as a
means to pursue capability complementarity.
We have approached this by first pursuing
long-term partnerships with other Ag-Techs
and identifying synergies that emerge along
the way, assessing their added value to our
operations rather than just their independent
value. Our participation ranges from making
significant investments to an outright
purchase. In the latter case, the founders most
often join Waycool to continue running that
part of the business.
—Karthik Jayaraman,
Co-founder and MD, Waycool
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2.2 Investment by Category
In 2021, the distribution of Ag-Tech deals across
categories reflected a more mature Ag-Tech
ecosystem. While DownstreamAgTech solutions
continued to account for the majority of capital
raised, followed by UpstreamAgTech (Figures 7 and
8), the proportion of downstream deals fell from
52% in 2020 to 35% in 2021 (Figure 9). This is the
result of there being fewer DownstreamAgTech
deals as well as a relative increase in other
categories, UpstreamAgTech and PrecisionAgTech
in particular. Both these segments attracted larger
transactions across more deals in comparison to
previous years, indicating that such innovations
are gaining traction and their business models
growing in maturity.
This diversification of investment has broadly
continued during the first half of 2022. Though
DownstreamAgTech solutions resumed their
dominance, accounting for almost half of all deals,
Upstream AgTech and PrecisionAgTech have
maintained their pace of fundraising as well. The
AgAutomation category, driven by the emergence
of start-ups developing hydroponic farming
technology, has also grown its share of the pie.
Figure 7: Ag-Tech Investment Values
(DownstreamAgTech vis-à-vis Other Categories
combined)
1000
Investment ($ million)
800
600
400
200
0
2019 2020 2021 H1 2022
DownstreamAgTech Other categories
2021 = January to December 2021, H1 2022 = January to
June 2022.
Source: Research and analysis by the ThinkAg team.
 Ag-Tech in India 2022

Figure 8: Ag-Tech Investments Values (Other Categories)

140

120
Investment ($ million)

100

80

60

40

20

0
AgBioTech AgFinTech UpstreamAgTech PrecisionAgTech AgAutomation AgInfraTech

2019 2020 2021 H1 2022

2021 = January to December 2021, H1 2022 = January to June 2022.

Source: Research and analysis by the ThinkAg team.

Figure 9: Proportion of Ag-Tech Deals, by Category exploring opportunities for inorganic expansion
100% through acquisitions. Another crucial evolution in
the ecosystem has been the emergence of value
80% chain-specific platform solutions, particularly in
dairy and fishery.
% of deals

60%

40% Vertical integration – the path to scale

20% Waycool’s thesis is that the path to scale for Ag-

0%
2019 2020
AgBioTech AgFintech
DownstreamAgTech
AgAutomation
2021 = January to December 2021, H1 2022 = January to
June 2022.
Source: Research and analysis by the ThinkAg team.
Ag-Tech start-ups across categories have
continued the trend of adding adjacent services
to their offerings and moving closer to vertically
integrated solutions. While start-ups were initially
pursuing this only through organic expansion or
partnerships, some mature Ag-Techs have begun
Tech start-ups is to build an end-to-end value-
chain presence, rooted in specific regions. This
2021 H1 2022 is because, while India’s Ag-Tech ecosystem
UpstreamAgTech
lacks deep geographic network effects that
PrecisionAgTech would enable rapid expansion, enterprises
with visibility from farm inputs and advisory
AgInfraT ech
to financing and output markets, benefit
from significant network effects associated
with participation across different parts of
the value chain. Geographic focus also makes
businesses operationally more efficient and
governable, which are critical for profitability
and scalability.
—Karthik Jayaraman,
Co-founder and MD, Waycool

17
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2.2.1 Agriculture Biotechnology and
Biomaterials (AgBioTech)
Ecosystem support, investments, and adoption
of AgBioTech solutions have been limited since
the emergence of India’s Ag-Tech ecosystem a
decade ago. However, in 2021, three companies
in this segment raised over $14 million. While
this is a meagre 1% of the sector’s substantial
fundraise in 2021, it is the highest for this
category thus far. A key point worth noting
is that each of these start-ups—Sea6 Energy,
StringBio, and BioPrime Agri-solutions—began
operations in or before 2016, making them some
of the oldest in the ecosystem. However, the time
elapsed until their first deals as well as between
subsequent fundraises is significant, indicating
Sustainably advancing agricultural
productivity
Agricultural ecosystems, around the world
and especially in India, have long faced
the competing challenges of increasing
agricultural yield while maintaining soil quality
and reducing adverse impact on human health.
Bio-stimulants (among other bio-inputs) are
an example of solutions that bridge this gap by
stimulating crops’ own physiological processes
to improve nutrient uptake, boost metabolism,
and activate immune pathways to fight
diseases. As a seaweed growing company,
we at Sea6 Energy innovate seaweed-based
solutions for a variety of industries, including
agriculture. Upon developing our range of
bio-stimulant products, we have found there
to be a large and ready market for its use
internationally, as well as in India, aided by
recent legislation to regulate its production.
—Shrikumar Suryanarayan,
Co-founder and CEO, Sea6 Energyy
18
long incubation periods for progress. Although
the higher investment values in 2021 are
encouraging, no funds were raised by AgBioTech
start-ups in the first half of 2022. Greater access
to patient capital, partners to collaborate with,
and better protection of intellectual property
are needed for the category to gained sustained
traction.
2.2.2 Ag-Finance and Insurance
Technologies (AgFinTech)
Standalone AgFinTech solutions raised a
cumulative $36.5 million across five deals in 2021
and $19.33 million through one transaction in
2022. Although much larger than the category’s
funds raised in 2020, it is a miniscule fraction of
the capital attracted by India’s overall FinTech
sector, which raked in a massive $9 billion
in 2021.5
Instead, the pressing need for innovative
financing and insurance for farmers and other
value chain players is increasingly being
serviced by start-ups with a primary focus on
other Ag-Tech innovations—either as lenders
themselves or, more often, in partnership with
financial institutions. The trove of farmer-specific
data collected by these start-ups serves as a
‘digital wrapper’ for financing entities to make
informed lending decisions. In some cases, these
Ag-Tech start-ups’ engagement with farmers and
ecosystem players also provides the channel for
repayment.
Such AgFinTech solutions are coming up in
various forms, including PrecisionAgTech start-
ups providing locally and remotely captured
farm-level data to inform loan underwriting
decisions, DownstreamAgTech players facilitating
tripartite agreements between farmers, financial
institutions, and buyers to create assurance of
purchase as well as repayment,6 AgInfraTech
 Ag-Tech in India 2022

solutions engaging in warehouse receipt capital financing to amplify access to agri-inputs,

financing (collateralizing stored produce) and feed, equipment, and farm-assets.
UpstreamAgTech start-ups facilitating working
Collaboration with banking institutions to
Diverse models of AgFinTech accelerate AgFinTech solutions
emerging in India
YES BANK strongly believes that Ag-Tech start-
In India’s evolving AgFinTech ecosystem we are
ups will play a significant role in transforming
seeing five distinct solution spaces emerge: (i)
access to finance across Indian agri-value
Ag-specialized non-bank financial companies
chains. With a view to collaborating and co-
(NBFCs) built on a strong technology backbone,
creating alongside Ag-Tech start-ups, YES
forging partnerships to provide farmer
BANK initiated the Agri-Infinity Program. The
financing; (ii) Ag-focused FinTech start-ups
programme has the objective of identifying
that provide farmer and agribusiness financing
and accelerating the development of
without direct interaction with the agricultural
innovative tech-enabled financial solutions.
value chain; (iii) large Ag-Tech start-ups setting
This year’s Agri-Infinity Program cohort
up their own captive NBFCs and leveraging
includes solutions that leverage technology to
their data to underwrite farmer financing—a
enhance efficiency of sourcing and monitoring
risky proposition given the requirement for
of farm loans, provide near-real-time farm level
new competencies and significant risk carried
intelligence for informed risk-assessment and
onto their balance sheets; (iv) supply-chain
utilize digitalization to improve efficient access
Ag-Tech start-ups that facilitate financing for
to finance across the agri-value chain. Given
farmers on their platform by providing their
that start-ups and banks tend to have distinctly
rich farm, farmer, and crop data to banks and
different approaches, developing a common
NFBCs; (v) companies with Ag-specific data
platform or structure to address opportunities
intelligence that work directly with banks and
and challenges could be iterative and time-
credit bureaus to unlock capital by combining
consuming. However, such partnerships have
credit underwriting requirements with real-
the potential for significant impact, given the
time data and a predictive analytics layer that
potential for scalability of such tech-enabled
makes banks’ portfolios more robust. My take
solutions.
is that in the long-run, the winning solutions
will be the ones that are able to work with —Sunjay Vuppuluri, Head President,
mainstream banking institutions, without too Food & Agribusiness Strategic
many layers of intermediation, and provide Advisory & Research, Yes Bank
cost-effectively gathered, real-time farm and
crop data, reducing transaction and risk costs
2.2.3 Supply Chain Technologies
of agri-financing. Technologies like satellite
imagery, internet-of-things (IoT) devices and In the context of India’s traditionally inefficient
artificial intelligence (AI) algorithms hold and intermediated supply chains, digitization
particular promise in this regard. has been the lowest hanging fruit for disruption
and so supply chain digitization has dominated
—Arindom Datta, Executive Director, Rural & investments values and deals over the years,
Development Banking/Advisory, Rabobank
peaking at $860 million in 2021. However,

19
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downstream supply chain solutions, which have
been consistently pulled in the lion’s share of
investments, accounted for a smaller proportion
in 2021 than previous years, reflecting increased
traction for upstream supply chain innovations.
In the first half of 2022, supply chain Ag-Tech
deals have grown in number and diminished
slightly in investment values due to smaller deal
sizes overall in 2022.
2.2.3.1 UpstreamAgTech
Since 2021, UpstreamAgTech solutions appear to
be gaining traction, accounting for a third of the
first-time transactions and more than 20% of Ag-
Tech deals between January 2021 and June 2022.
This represents a significant upward shift from
past years, including 2020, when this category
pulled in just 14% of all Ag-Tech deals.
Requiring engagement with farmers,
UpstreamAgTech solutions have had to contend
with the higher costs of customer (farmer)
acquisition and onboarding. Coupled with the
generally lower visibility of the farm-end of the
supply chain for many would-be entrepreneurs,
new entrants and pace of growth had been
limited compared to the downstream end.
However, should the current uptick in deals
and investments sustain, it would point to
an augmented level of Ag-Tech adoption by
farm-proximate players and be an indicator of
great long-term prospects for India’s Ag-Tech
ecosystem.
Start-ups in this category are increasingly
positioning themselves as a platform providing
access to a range of inputs and farm-assets, farm
management offerings, output linkages and even
credit solutions. While most companies in this
space are geared towards crop agriculture, many
recent entrants are value-chain specific. Of the
16 UpstreamAgTech start-ups that raised funds
20
Platform solutions abound to leverage
value-chain linkages
Agricultural value-chains are multi-
dimensional and in India, these verticals
(fertilizers, financing, output markets, etc.)
operate largely in isolation of one another. Our
thesis is that the key benefit of digitizing this
ecosystem is to be able to develop linkages
across the value chain. For instance, farmers’
use of higher quality inputs should reflect in
their output being sold at a higher price and/or
in larger volume, which in turn should impact
the amount and terms of financing available
to them. At Unnati, we view an integrated
platform solution as crucial to this outcome,
since it can provide the horizontal framework
into which specialized solutions, such as AI-
based crop advisory, can be plugged in and
delivered.
—Amit Sinha, Co-founder, Unnati
in 2021, 3 are focused on the dairy value chain,
1 on aquaculture inputs and management and
1 on inputs for farm diversification verticals such
as animal husbandry, aquaculture, and insect
farming.
2.2.3.2 DownstreamAgTech
DownstreamAgTech solutions accounted for
about 72% of investment values in January 2021–
June 2022, a smaller proportion than recent
years but still substantial and reflective of this
category’s maturity in the Ag-Tech ecosystem.
Start-ups in this space raised 8 of the 10 largest
deals and half of the total first cheque values
over this period.
The 32 DownstreamAgTech start-ups that raised
follow-on investments in the 18 month study
period are evenly split between B2B and B2C

business models. While three of the largest
fundraisers in this category—Big Basket, Blinkit
(formerly Grofers), and Licious—are consumer-
facing solutions, players operating deeper in the
output value chain—such as Dehaat, Jumbotail,
and Waycool—are also beginning to raise large
investment rounds over the past couple of years.
New entrants during this period also have a
similar spread across business models. While the
sector’s largest first-time deals have generally
been raised by Ag-Techs with a B2C model, the
two largest unique deals in January 2021–June
2022 were inked by start-ups innovating with
B2B models- Reshamandi, a silk supply chain
enterprise and Wheelocity, a platform providing
fresh produce to quick commerce companies.
Similar to the trend observed for
UpstreamAgTech solutions, value-chain specific
Significant opportunity for value-chain
specific solutions
Indian agriculture is composed of many value-
chains, almost all being high in complexity and
having a large addressable market. Entrepreneurs
entering the sector have a strategic choice to
make between tackling these with horizontally
or vertically integrated solutions. In our case, we
identified India’s natural fibre value-chains to be
a significant, under-addressed space that lacked
transparency and tools for quality assessment. A
problem statement, we believed would be best
tackled by adopting an ecosystem approach
and developing a solution that has been able
to account for and cater to a range of sector-
specific stakeholders, spanning farmers, fabric
producers, value-addition players (printing,
dying, embroidery units), and retail players
(export houses and large, small, and medium
retailers).
—Mayank Tiwari, Founder and CEO, Reshamandi
Ag-Tech in India 2022
models are gaining traction at the downstream
end of the supply chain as well, accounting for
half the DownstreamAgTech deals in January
2021–June 2022, including Licious, Captain
Fresh, and Tender Cuts in the meat and seafood
segment, Vegrow, FreshVnF, Otipy, Clover
Ventures and Onato in horticulture, Eggoz in
poultry (eggs), Country Delight in dairy, Boheco
in hemp and cannabis, and Reshamandi in silk
value chains.
2.2.4 Precision and Digital Agriculture
Technologies (PrecisionAgTech)
PrecisionAgTech innovations attracted $62
million across 15 deals in 2021 and $72 million
across 6 deals in the first half of 2022, the highest
capital and deal flow this category has seen so
far. Many start-ups in this space address on-farm
challenges and so, like upstream supply chain
solutions, have struggled with driving adoption
among farmers and farm-proximate value chain
players and monetizing their solution. However,
the uptick in investments suggests that they are
now achieving higher traction, likely driven by
growing awareness of and trust in
Ag-Tech solutions among value chain players,
as well as strategic partnerships with agri-
corporates, other Ag-Tech start-ups, and farmer
collective organizations.
Innovations in this space can broadly be
segmented into three verticals—precision
insights, precision delivery, and post-harvest
quality assurance. The first vertical refers
to solutions such as soil or cattle health
management, pest and disease detection,
instructions for optimal resource usage and
predictive weather analysis, delivered through
remote (e.g., satellite) or local (e.g., IoT)
sensing. The second refers to technologies that
physically aid in executing precision farming,
in particular, drones. While companies working
21
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on them have been around for a few years,
their operations have benefited from recent,
supportive legislative changes regarding drone
technology. Lastly, post-harvest grading and
quality assurance solutions are used at the
farm-gate and by downstream agri-businesses
to determine appropriate pricing, spoilage, and
other parameters.
Potential and complexities of agri drone
technology in India
Agri-drone technology has enormous potential
to improve pest and disease management and
enhance agricultural productivity. Solutions in
this space can achieve higher yields using lesser
inputs, with varying degrees of precision. This
ranges from blanket spraying inputs in precise
doses in a fraction of the time (replacing
traditional knapsack sprayers), to selectively
treating areas affected by pest or disease, or,
most optimally, using AI to detect the nature
and severity of pest/disease invasion in each
area and delivering the exact type and quantity
of inputs required. The challenge for drone
technology providers is to make these available
in an accessible and cost-effective format. At
General Aeronautics, we believe in providing
a sustainable service solution. In addition to
the drone KRISHAK (certified by Directorate
General of Civil Aviation, Government of
India) our solutions include partnerships with
agrochemical companies, a hyperlocal model
providing training for nearby youth to operate
the drones, a digital platform for improving
operational efficiency and data security, and
electric vehicle-based charging infrastructure
for remote villages.
—Abhishek Burman,
Co-founder and CEO, General Aeronautics
22
2.2.5 Robotics and Mechanization
(AgAutomation)
AgAutomation solutions attracted three
investments in 2021 and five in just the first half
of 2022, the highest for the category. Growing
traction for hydroponic technology,7 accounts for
half of these—two in Eeki Foods and one each in
Gourmet Garden and Nutrifresh. This technology
could provide an additional revenue stream for
farming families and serve as a fallback in the
event of crop losses due to unfavourable weather
or other circumstance. Hydroponic technology
also has enormous potential to provide reliable,
resource-efficient supply of produce to urban
food systems.
Agri-corporates adding an Ag-Tech layer
Our farming-as-a-service vertical Krish-e was
born three years ago with the purpose of
improving agricultural incomes sustainably.
Much progress has been made since,
with 2 million farmers and 20,000 farming
intermediaries being positively impacted. This
has been achieved by working closely with
several technology and go-to-market partners
in the Indian and global ecosystem. An example
is a plug and play IoT kit for farm equipment,
developed by an Ag-Tech start-up Carnot, that
is integrated with our platform and functions
as a mini ERP solution for rental entrepreneurs
i.e., farmers who depend on renting out their
tractors for their livelihood.
With 120+ on-ground Krish-e dealerships in
16 states, a 20,000 strong on-farm partner
network and AI and IoT powered digital
solutions, Krish-e has created a phygital and
differentiated user experience that is giving
(continued...)

farmers, rental entrepreneurs, village-level
entrepreneurs, and channel partners a new
and smart way to operate and earn more.
Krish-e translates this high engagement
platform into the commerce of crop inputs,
farm equipment, and high tech solutions.
— Ramesh Ramachandran, Sr. Vice President –
Strategy and Farming-as-a-Service (FAAS),
Farm Equipment Sector, Mahindra & Mahindra
The other four deals have backed start-ups
developing robotic farm solutions, a rural vehicle
marketplace, a solar-powered cold-chain solution
and a digital platform to optimize farm vehicle
and equipment usage.
Ag-Tech in India 2022
2.2.6 Agriculture Infrastructure
Technology: Warehousing and
Logistics (AgInfraTech)
This category attracted only two deals in 2021,
none in the first half of 2022 (down from four
in 2020) and no first-time investments over
this period. Capital flows in AgInfraTech are
dominated by large warehousing platforms—
Arya, primarily, and, to a smaller extent, Ergos.
The high capital requirements of solutions in this
space likely pose a significant barrier to entry
for new entrants. Innovative cold chain and
other shelf-life preservation solutions, as well
as equipment and facilities for farm-proximate
value addition, are a huge missed opportunity in
this category.
23
3
A
Ag-Tech Investors’
Palate and Appetite
3.1 Investment Activity
3.1.1 Plethora of new investors in the
ecosystem
I
n 2021, 146 unique investors channelled capital
into India’s Ag-Tech ecosystem and 78 did so
in the first half of 2022. This is well over 50%
higher than the previous couple of years. Almost
half of them were making their first investment
in India’s Ag-Tech sector. These investors have
very diverse profiles, ranging from domestic
businesses operating in various sectors to
international private equity funds. This suggests
broad awareness of Ag-Tech solutions and
cognizance of its potential to offer returns.
3.1.2 Most strategic participation at the
downstream end
Corporate players are increasing their
participation in Ag-Tech solutions through
strategic investments and acquisitions, mostly in
24
the e-grocery category. As mentioned in
Chapter 2, two of the sector’s largest deals in
2021, in NinjaCart and Blinkit, were done by
Flipkart (Walmart) and Zomato respectively,
cumulatively accounting for a massive 20% of
the $1.18 billion raised. Meanwhile, Big Basket
and Milk Basket were acquired by two of the
largest consumer goods platforms in India, Tata
Consumer Products and Reliance Retail.
On the other hand, there are limited strategic
investments further upstream in the agri-value
chain. The few strategic deals in this space were
small in size and included Dutch animal nutrition
company Nutreco’s investment in Stellapps
as well as a couple by Syngenta and Unilever
Ventures. Apart from investment, some other
forms of agri-corporate engagement in India’s
Ag-Tech ecosystem include UPL and Mahindra &
Mahindra focusing on building their own Ag-Tech
capabilities and Bayer’s partnerships and pilots
with multiple Ag-Tech start-ups, facilitating their
access to scale.

3.1.3 Sizable private equity investments
In 2021, private equity players, international and
domestic, accounted for 7 of the 10 largest investors
in India’s Ag-Tech ecosystem. Their investments
add up to $335 million, nearly 30% of the total
investments raised in 2021. Of these, Lightrock,
Tiger Global, and Temasek have been consistent
backers of Indian Ag-Tech start-ups, while the
Invus Group, West Bridge, Sofina, and Multiples
Equity inked their first investment in India’s Ag-Tech
landscape in 2021. The first half of 2022 also saw
new sources of private equity enter the sector, most
notably, Investcorp and JM Financial.
3.1.4 Growing participation of impact-
focused global funds
An increasing number of international investors
with an impact-focused thesis have made
investments in Indian Ag-Tech in 2021. These
include venture funds with an impact mandate
such as Creation Investments and Omidyar,
development financing institutions such as FMO
and the CDC group and, a public-private impact
fund, IDH Farmfit Fund.
3.2 Global Investment Landscape
Globally, investment in Ag-Tech solutions came up
at $33.4 billion in 2021,8 nearly double the capital
attracted in 2020. While this increase is significant,
investments in India’s Ag-Tech ecosystem grew
by more—nearly tripling over the same period.
This can likely be attributed to India’s Ag-Tech
ecosystem experiencing the tailwinds of the
Covid-19 pandemic with a lag, in comparison to
other geographies, particularly the US.
3.2.1 Similarities
• Rising traction for precision farm
management: Ag-Techs in this
Ag-Tech in India 2022
category have significantly grown their
investments in 2021, increasing by 50%
and 75% year-on-year, globally and in
India, respectively. While new global
solutions are focused on developing
ways to anticipate, mitigate, and reduce
the impacts of climate change, Indian
solutions, reflecting the structural
needs of its agri-ecosystem, focus
on augmenting farmer income and
productivity.
• Growth in M&A activity: Buying
activity, already on the rise, ramped up
in the global Ag-Tech landscape. India’s
ecosystem, where Ag-Tech M&A had yet
to take off, witnessed the beginning of
M&A transactions in 2021.
• Novel farming systems being backed:
Globally, and to a smaller extent in India,
Ag-Techs developing sustainable indoor,
hydroponic and vertical farming solutions
are emerging and raising capital.
3.2.2 Differences
• Differentiated traction for agribusiness
marketplaces: Global Ag-Tech start-ups
facilitating B2B output market linkages
saw the slowest growth in investment in
2021. Conversely, Indian Ag-Techs in this
category received enormous support to
vertically integrate their solutions across
India’s fragmented supply chains.
• Trajectory of AgBioTech solutions
diverge further: While global
investments in biological inputs,
molecular biotech, and biomaterial
solutions grew to $6.6 billion in 2021, a
measly $14.3 million across three deals
was channelled into India’s AgBioTech
solutions.
25
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• Relevance of AgFinTech solutions: and integrated (with other Ag-Tech

There are limited financing and insurance
solutions in other major Ag-Tech markets,
given the easy access to such products
through traditional financial institutions.
In India, on the other hand, standalone
services) AgFinTech solutions are a crucial
requirement to boost farmer productivity,
income, and maturity of the agriculture
sector as a whole.

3.2.3 Top deals in 2021 and H1 2022

Table 1: Ag-Tech companies that raised more than $5 million in 2021 or H1 2022

Company Capital raised in 2021 Capital raised in H1 2022

($ million) ($ million)
Licious 159.60 112.95
NinjaCart 153.33 9.31
Grofers/Blinkit 146.43 –
DeHaat 124.80 –
Country Delight 0.53 98.40
Jumbotail 85.59 –
Captain Fresh 52.84 29.47
Absolute 12.51 67.87
AgroStar 45.68 0.33
Arya 45.73 –
FarMart 10.22 32.53
Reshamandi 22.91 18.84
FreshVnF 38.09 –
Jai Kisan 15.74 19.33
Crofarm/Otipy 33.15 –
FreshToHome – 28.44
Waycool 20.00 –
Bijak 19.20
Tender Cuts 14.67 1.31
Animall 15.75 –
Stellapps 14.21 –
Vegrow 13.03 –
Sea6 Energy 11.51 –
BigBasket 11.33 –

26
 Ag-Tech in India 2022

Company Capital raised in 2021 Capital raised in H1 2022

($ million) ($ million)
Samunnati 10.85 –
Agnext 10.29 –
Wheelocity – 10.21
Gramophone 9.72 –
Eeki Foods 2.10 6.20
Unnati 8.16 –
BharatAgri 6.47 –
Krishify 2.63 3.72
GramCover 5.91 –
TractorJunction 0.07 5.75
Agrim 5.71 –
Aqgromalin 5.52 –
BigHaat – 5.44
OurFood – 5.27
Intello Labs 5.05 0.11
SV Agri 5.13 –
Tartan Sense 5.00 –

Table 2: Investors that closed atleast two Ag-Tech deals in 2021or H1 2022

Investor Number of deals in 2021 Number of deals in H1 2022 Focus area

Omnivore 17 3 Ag-Tech
Nabventures 7 1 Ag-Tech
AngelList 7 – Generalist
Lightrock 4 1 Ag-Tech among others
Sequoia Capital 4 1 Generalist
Omidyar Network India 4 3 Ag-Tech among others
Ankur Capital 4 3 Ag-Tech among others
Innoven Capital 4 2 Generalist
Accel 3 1 Ag-Tech among others
Matrix Partners 3 3 Generalist
Nexus Venture Partners 3 – Generalist

27
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Investor Number of deals in 2021 Number of deals in H1 2022 Focus area

Orios Venture Partners 3 2 Generalist
Avaana Capital 3 – Generalist

Lets Venture 3 2 Generalist

Stride Ventures 3 1 Generalist

Temasek 1 2 Ag-Tech among others

Tiger Global Management 2 1 Generalist

West Bridge 2 – Generalist

Prosus Ventures 2 1 Generalist

General Catalyst Partners – 2 Generalist

CDC Group 2 – Generalist

Bertelsmann 2 1 Generalist

SAI Global 2 0 Generalist

Syngenta 2 0 Corporate

Trifecta Capital 2 2 Generalist

FMO 2 – Ag-Tech among others

Incofin Investment Management 2 – Ag-Tech among others

Vertex Ventures 2 – Generalist

Info Edge Ventures 2 1 Generalist

Accion 2 1 Ag-Tech among others

Kalaari Capital 2 – Generalist

3one4 Capital 2 1 Generalist

Surge 2 1 Generalist

India Quotient 2 – Generalist

Incubate India Fund 2 1 Generalist

SAB Holding 2 – Generalist

Flourish 2 – Generalist

Rebright Partners 2 – Generalist

AgFunder 2 1 Ag-Tech

Rockstart 2 1 Generalist

Alteria Capital 2 2 Generalist

Rajasthan Venture Capital Fund 2 – Generalist

Axilor Ventures 2 – Generalist

28
 Ag-Tech in India 2022

Table 3: Investors that put atleast $10 million into Ag-Tech in 2021 or H1 2022

Investor Amount invested in 2021 ($ million) Amount invested in H1 2022 ($ million)

Walmart/Flipkart 144.00 –
Invus Group 69.47 –
Zomato 69.09 –
Lightrock 57.83 0.13
Temasek 51.60 34.93
Tiger Global Management 42.67 15.60
West Bridge 42.40 –
Sofina 40.80 –
Prosus Ventures 39.93 20.40
Amansa Capital – 39.60
Alpha Wave Global 5.95 32.53
General Catalyst Partners – 31.36
Multiples Equity 30.93 3.91
IIFL Asset Management 30.80 4.17
Venturi Partners – 25.20
SoftBank 23.47 –
Kotak Mahindra Bank – 22.93
Omnivore 22.56 5.24
Impact Asia SA 22.00 –
Sequoia Capital 18.14 19.33
KTB Ventures 19.20 –
Creation Investments 17.73 3.17
CDC Group 15.28 –
Accel 14.86 5.01
Ammar Tehnik 14.67 –
India Infoline – 14.67
Avendus 14.13 –
Matrix Partners 13.98 6.12
Nabventures 13.56 0.59
Bertelsmann 7.24 13.15
SAI Global 12.95 –
Syngenta 12.25 –

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Investor Amount invested in 2021 ($ million) Amount invested in H1 2022 ($ million)

Axis Growth – 11.88

Trifecta Capital 0.41 11.61
Iron Pillar – 11.39
Schroders 11.23 –
Elevar Equity 10.12 –
Evolvence Capital 10.01 –
Paragon Partners 10.00 –

30
4
ThinkAg Insights
B
uilding on investment and innovation
trends outlined in previous sections,
ThinkAg has identified and elaborated on
some imminent trends that could potentially
come to impact the direction of India’s Ag-Tech
ecosystem.
4.1 Emergence of Downstream
Supply Chain Solutions for
Global Agri-Trade
Output supply chain solutions, numerous in
India’s Ag-Tech ecosystem, have focused almost
entirely on its large domestic market. Meanwhile,
the export of Indian produce to global markets
has remained in the domain of traditional
agribusinesses. Although Ag-Tech start-up, Ini
Farms has been involved in horticulture exports
for a few years, their international operations
have largely relied on dealer networks, rather
than a digitized solution.9 While solutions linking
output markets within India will continue to be
the sector’s primary focus for the foreseeable
future, we may begin to see some more Ag-Tech
solutions that link in global markets as well.
In the second half of 2022, Ag-Tech start-up
Ag-Tech in India 2022
Produze raised a seed investment of $2.6 million
for their digitized cross-border supply chain
solution that would enable farmers to directly
sell their produce to international retailers and
access better margins.10 In addition to being
another area for value creation, solutions linking
Indian output markets with global demand could
catalyze the adoption of superior traceability
technologies and better agricultural practices
across value chains.
4.2 Ag-Tech Start-Ups Take On
Investor Roles
Over the last couple of years, a number of Indian
Ag-Tech start-ups have gained maturity in terms
of scale and capital raised and begun taking on
new roles as investors in the ecosystem. While
much of this activity has been in the form of
strategic investments and acquisitions, some
may also introduce programmes and funds to
support nascent solutions in the sector. For
instance, Ninjacart launched its $25 million ‘Agri
Seed Fund’ in 2022 with a view to back emerging
ideas and business models by providing funding,
technology infrastructure, access to data as well
31
A
as farmer networks.11 Having experienced the
challenges of scaling and fundraising themselves,
their participation and that of other mature Ag-
Tech start-ups could greatly expand the sources
of capital, insights, and ecosystem support
available for up-and-coming Ag-Tech solutions.
4.3 Towards an Integrated ‘Agri-Food
Tech’ Ecosystem
In India’s start-up ecosystem, Ag-Tech and more
recently, food innovation technology have
emerged as relatively independent solution
spaces. Start-ups developing solutions to
improve productivity and efficiency in agri-value
chains have been largely distinct from those
creating novel ingredients, innovative food
and beverage products. While the boundaries
between the different Ag-Tech categories have
slowly been blurring for a while, we may see this
happen with respect to food innovation solutions
as well. Examples include Ag-Tech start-ups like
Licious pursuing forward integration by creating
value-added meat and seafood as well as
alternative protein products for consumers,12,13
32
and food innovation technology start-ups like
Vahdam and OmniActive backward integrating
by procuring produce directly from farms or
growing it themselves.
4.4 Increase in Impact and Climate
Resilience Capital
Over the past couple of years, investment
funds with a social impact or climate resilience
mandate have grown in number as well as
in terms of their participation in global and
Indian Ag-Tech investment. Apart from being
an additional source of capital, investors in
this category may also prompt a more multi-
dimensional approach to measuring progress. In
India’s Ag-Tech landscape, a large proportion of
solutions is geared towards directly or indirectly
improving productivity and income for farmers
and rural ecosystems. However, currently the
extent of impact along these vectors is under-
monitored. Increased participation by investment
funds with an impact mandate could, over time,
influence Ag-Tech start-ups to record data that
measures farmer welfare and sustainability.
5
Ag-Tech in India 2022

Ground Reports:
Ag-Tech Experience
of Indian Farmers
In collaboration with Krishify

O
ver the past decade, India’s Ag-Tech start-
ups have grown significantly in number
and scope, innovated diverse solutions
and business models, raised larger deals at
higher valuations and attempted to create value
for a growing proportion of India’s numerous
farmers. While progress along other metrics
have been easier to measure over time, farmers’
usage of and experience with Ag-Tech solutions
remains relatively under-explored.
To further this understanding, ThinkAg
conducted a qualitative survey of farmers, in
collaboration with Ag-Tech start-up, Krishify. Their
farmer-centric social network and e-commerce
platform includes a community of over 10 million
farmers and hundreds of agribusinesses in
India. Farmers’ input was solicited and collected
through their social networking application,
generating 2,324 responses across India.14
Farmer respondents were almost entirely male
(98%) and skewed young, with 60% of them
below the age of 35 (Figure 10). Only about 11%
are members of farmer–producer organizations
or other collectives. Sampled farmers are largely
composed of smallholders, with over 80% of
them earning less than INR 1 lakh annually.

Figure 10: Farmer respondent profile

Type of farming

Crop
Member of Age in Annual
Gender farmer Horticulture
years income
collective Animal
Husbandry
Fishery
Male Yes No 15-25 Upto INR 25K
Dairy
Female 25-35 INR 25K - 1L
35-45 INR 1L - 3L Other
Over 45 INR 3L - 5L
Above INR 5L 0% 20% 40% 60% 80% 100%

Source: Research and analysis by the ThinkAg team.

33
A
Among the few women farmers surveyed, the
proportion of smallholder farmers was even
larger. Reflecting Krishify’s overall user base, over
90% of respondents are engaged in crop farming,
with a quarter of them are also practising one
or more additional types of farming; animal
husbandry being the most common.
Survey responses indicate an encouraging level
of farmer awareness and interest in Ag-Tech
solutions, particularly services that enhance
productivity or lower costs. However, Ag-Tech
solutions are yet to significantly impact farmer
incomes, the survey points out. The following
analysis delves deeper into the experience of
Indian farmers with various Ag-Tech services.
Alongside, are also discussed the factors
enhancing benefits from such solutions and / or
impeding their expansion in the Indian market.
5.1 Encouraging Participation in
Ag-Tech Solutions
According to the data, 85% of surveyed farmers
report some usage of online Ag-Tech services.
While this reflects an encouraging level of
awareness of and participation in Ag-Tech
solutions, it is worth noting that since farmers
were sampled through Krishify’s social network
user base, these survey results reflect a selection
effect for farmers that are already digitally
engaged.
Of the farmers who have used Ag-Tech solutions,
a small proportion have received assistance from
a farmer collective organization or training from
an Ag-Tech start-up, but most identify as having
taught themselves to access and use Ag-Tech
services (Figure 11). Interestingly, the proportion
of farmers not using any online Ag-Tech services
does not vary much across income brackets
(identified above) suggesting that farmers with
a smaller farm or farming operation do not seem
34
Figure 11: Means of introduction to online Ag-Tech
services
Self
Help of FPO or other
farmer org
T raining by Ag-Tech
startup
Don’t use Ag-Tech
services
Source: Research and analysis by the ThinkAg team.
to be less likely to engage Ag-Tech solutions, as
might’ve been expected.
5.2 Keen Interest in Pre-Harvest
Assistance
Farmers’ survey responses identify access
to precision farming technology and expert
agronomic advisory for crop or animal health, as
the most sought-after input-related/pre-harvest
services. Precision farming, described to farmer
respondents as ‘a farm management system
involving the use of data such as satellite weather
data, soil health data, crop and animal disease
data, etc.’ were of interest to 72% of them—the
highest for any Ag-Tech service. Despite precision
farming being more technical in nature, 45%
reported having used some version of these
technologies (Figure 12).
Expert agronomic insights, similar in its
employment of information to enhance
agricultural productivity, comprised the second
most used service by surveyed farmers. This was
closely followed by Ag-Tech services that aid in
the procurement of inputs—seeds, chemical
fertilizers and pesticides, animal feed etc. While
3 in 10 farmers surveyed had never used an
input-related Ag-Tech service before, only about
11% articulated that they were not likely to do so,
even in the future.
 Ag-Tech in India 2022

Figure 12: Usage of and interest in pre-harvest Ag-Tech Figure 13: Use of and interest in post-harvest Ag-Tech
services services

Access to seeds, Post-harvest Ag-Tech services

fertilizers, pesticides etc
Booking storage or
Access to bio-f ertilizers, warehouse services
bio-pesticides etc
Finding buyers
Access to farming for produce
equipment
Conducting online
Access to expert advice trading of produce
on crop, animal health
Access to precision None of the above
farming technology
0% 20% 40% 60% 80%
None of the above
Use Interest
0% 20% 40% 60% 80%
Use Interest Source: Research and analysis by the ThinkAg team.

Source: Research and analysis by the ThinkAg team.

5.4 Low Usage of Ag-Tech-Enabled

5.3 Low Perceived Value of Output–
Market Linkage
Among farmers surveyed, use of (and interest
in) post-harvest/output-market services is
surprisingly low given the dominance of output
supply chain Ag-Tech solutions in India. The most
frequent Ag-Tech service, that of finding buyers
for produce, has been used by just 20% of farmer
respondents (Figure 13). While 63% report never
having used Ag-Tech services for warehousing or
output market linkage, a remarkably high 43%
indicate not being interested in using them, even
in the future. This suggests a low assessment
of the value offered by Ag-Tech based output-
related solutions among farmer respondents.
Given this surprising finding, we followed up
Financing
More than half the farmers in our survey sample
reported interest in financing solutions offered
by Ag-Tech startups or facilitated by them.
However, a mere 10% of the respondents
(farmers) have used it. This outlined a significant
gap between interest and usage among Ag-Tech
offerings in India (Figure 14). Digital payments,
a possible indicator of general comfort with
conducting financial transactions online, came
up higher, with about a third of farmers having
used it already and nearly 60% being interested
in doing so.
Figure 14: Use of and interest in Ag-Tech enabled
financing and digital payments
Ag-Tech enabled financing Digital payments
In In
ter

with some of the respondents who expressed

ter

Use
e st

e e
e st
Us

apprehension regarding market-linkage services.

Us

One such farmer from Bihar, named Gopal

Kumar, cites perceived risk and a lack of trust and
knowledge as chief reasons for his hesitation in Y es No Y es No
using output market services. Source: Research and analysis by the ThinkAg team.

35
A

5.5 Lack of Capital and Knowhow (reported by 25% farmers) and an increase in
yield (reported by 42% farmers). On the other
Lack of capital, followed by lack of knowhow of
hand, less than 20% of them report obtaining
digital technologies, emerged as key challenges
higher prices or achieving better connectivity
faced by surveyed farmers in accessing Ag-Tech
with buyers, for their produce.
solutions (Figure 15). The identification of capital
constraint as a major barrier also ties in with Overall, below 10% of farmer respondents see
farmer respondents expressing greater interest in a significant positive impact on their income
input-related pre-harvest solutions, which could as a result of Ag-Tech services, about 44% see
require investment in better inputs/equipment some improvement and a comparable number
or payment for precision farming technologies, of farmers do not perceive any growth in their
compared to market linkage solutions that income (Figure 16).
would not require any capital expenditure on
farmers’ end. Figure 16: Impact of Ag-Tech services on farming
operations and income
Figure 15: Challenges reported in accessing Ag-Tech
services Impact of Ag -Tech services on farming Impact of Ag -T ech
on income
Lack of knowledge about Better and cost-
digital technology effective inputs
Lack of trust
Increase in yields
Literacy/language barrier
Higher prices for
Lack of capital produce
None of the above Better connectivity
with buyers or sellers
0% 20% 40% 60%
No improvement Not at all
Source: Research and analysis by the ThinkAg team. in farming owing Somewhat
to Ag-Tech services
T o a large extent
0% 20% 40% 60%
5.6 Higher Yields, Lower Costs—Value Source: Research and analysis by the ThinkAg team.
Perceived
Surveyed farmers’ responses about the impact This outlines the long road ahead for Ag-Tech
that Ag-Tech services have had on their farming solutions in achieving penetration among Indian
operation, reflect a high perceived value from farmers, navigating around their low capital
pre-harvest assistance. The key benefits reported availability, and importantly, creating perceptible
include better and more cost-effective inputs value for their operations and income.

KRISHIFY
acknowledges the contribution of in conducting this farmer survey.
R

36
6
ThinkAg Investment
Outlook
6.1 Emphasis on Unit Economics
F
ollowing the pandemic-induced slowdown
in 2020, investments in India’s Ag-Tech
ecosystem experienced unprecedented
growth in 2021. With the need for digitized
supply chains firmly established and the level of
digital connectivity rising in rural ecosystems,
many generalist investors, international and
domestic, came in to back Indian Ag-Tech
solutions, driving up valuations and deal sizes for
these start-ups.
However, given that most mature Ag-Tech
models are yet to achieve profitability and that
many of their strategies involve the expensive
task of vertically integrating across value chains,
investors are likely to proceed more cautiously
and place greater emphasis on Ag-Tech start-ups’
bottom-line going forward. Though investment
activity in the first half of 2022 indicates that
investment values have been impacted but not
the number of transactions, deal volumes will
likely also fall in the second half of the year.
While the long-term outlook for Indian
Ag-Tech remains intact, we can expect to find
Ag-Tech in India 2022
capital markets to be more constrained and a
greater focus on monetization and healthy unit
economics for Ag-Tech solutions.
6.2 Consolidation
Until 2020, Ag-Tech start-ups that emerged
in India (largely) had to either stick around,
pursuing scale and larger rounds of investment,
or go belly up. This has slowly begun to change,
with a number of Ag-Tech start-ups getting
acquired in the last couple of years, by players
ranging from e-commerce and food delivery
giants, consumer product corporates, other
Ag-Tech start-ups, and to a very small extent,
agri-corporate organizations.
As new ventures continue to enter the
sector, increasing its size and maturity, we
can expect to see M&A activity to grow
apace. Drivers for consolidation could include
expansion of capabilities by acquiring
intellectual property and/or talent,
geographical expansion, as a hedge against
disruption by traditional players in the
agriculture sector, etc.
37
A
Ag-Tech investors, keeping in mind their funding
lifecycles, are likely to increasingly seek exit
opportunities with healthy returns as well. A
string of successful acquisition-driven exits
would bode well for the investment landscape
as a whole, driving greater interest and capital
towards Indian Ag-Tech in its wake.
6.3 Increased Ag-Tech-Enabled
Institutional Financing
Access to credit has long been one of the most
significant and under-addressed needs of Indian
farmers and rural agri-enterprises, underpinned
by the low availability of information to make
financing decisions. Ag-Tech start-ups are
increasingly stepping in to service this gap by
identifying and leveraging tech-enabled means
to gather data that can be used to sanction and
monitor credit.
While some of this is being done by standalone
AgFinTech start-ups or the NBFC arms of Ag-Tech
start-ups, the most significant shift in this space
is being led by Ag-Tech start-ups working with
banking and NBFCs to unlock capital for the
sector. Not only is this a way for Ag-Techs to
capitalize on data that they already have or have
easy access to, but facilitating financing solutions
for farmers and other value chain players also
provides them with more resources that they
could invest back into accessing and benefiting
from these Ag-Tech services.
As financial institutions deepen engagement
with them, we will likely see many more Ag-Tech
start-ups develop solutions to facilitate access to
credit for farmers and other value chain players
and investors will step in to back these efforts.
38
6.4 Farmer-Facing Ag-Tech Solutions
Gaining Traction
Solutions for downstream agricultural
supply chains have been dominant both in
number and in capital attracted since India’s
Ag-Tech sector emerged a decade ago.
While these continue to be an important
area of innovation, farm-proximate Ag-Tech
solutions including input and near-farm
output solutions, ag-advisory and precision
technologies, have been steadily gaining
adoption and investor support.
Given the challenges associated with driving
adoption and monetization for Ag-Tech
solutions among India’s many small farmers,
Ag-Tech start-ups operating in this part of
the value chain will evolve their model in
directions that help cost-efficiently mitigate
these barriers. Examples of such approaches
include offering farmers a bundle of services on
a single platform (through internal expansion
or partnerships), pursuing inorganic growth
to rapidly expand capabilities or geographical
presence, partnering with input, equipment
or output agri-corporates with access to larger
farmer networks, collaborating with or creating
solutions for farmer collective organizations,
providing farmer financing (through own NBFC
arm or in concert with banking and NBFC
institutions), etc.
As Ag-Tech start-ups with farmer-facing offerings
explore such strategies, investors will evaluate
their potential, among other criteria, and back
start-ups with a promising approach to tap into
this under-penetrated part of India’s Ag-Tech
ecosystem.
 Ag-Tech in India 2022

Endnotes
1 The funding route could be equity investors, angel indian-fintech-after-record-funding-in-2021-what-
investors, incubators, accelerators, institutional does-2022-hold-7873531.html
sources such as venture and growth capital,
6 Hemendra Mathur (2021), ‘Pivoting from Agritech
private equity, and corporate venture capital, or a
to Agri-fintech’, Inc42, 5 December. https://inc42.
combination of these.
com/resources/pivoting-agritech-to-agri-fintech/
2 Investment data for H1 2022 is based on
7 ThinkAg’s analysis classifies Ag-Tech start-ups
information filed with Ministry of Corporate
innovating their own hydroponic equipment
Affairs, Government of India as of the writing of
into the AgAutomation category, regardless of
this report and could change.
whether these enterprises also sell produce grown
3 Rajesh Ranjan (2022), ‘What’s going on in the with the help of this technology.
highly value market linkage agritech start-ups in
8 AgFunder (2022), 2022 AgFunderAgriFoodTech
India?’ , Mint, 13 September. https://www.livemint.
Investment Report, available at https://agfunder.
com/opinion/online-views/whats-going-on-in-
com/research/2022-agfunder-agrifoodtech-
the-highly-valued-market-linkage-agritech-start-
investment-report/ (accessed August 2022).
ups-in-india-11663062555733.html.
9 Navneel Maji (2022), ‘Experienced
4 Due to the inherently challenging nature of
Horticulture Exporter Ini Farms Joins
identifying new entrants in the ecosystem,
E-Commerce Bandwagon’, BW Business World,
data on the number and cumulative value of
17 October. https://www.businessworld.
unique deals is most likely to be back-updated in
in/article/Experienced-Horticulture-
subsequent iterations of the publication.
Exporter-INI-Farms-Joins-E-Commerce-
5 Priyanka Iyer (2021), ‘Indian fintech: After Bandwagon/17-10-2020-332589/
record funding in 2021, what does 2022 hold?’,
10 Jaspreet Kaur (2022), ‘Agritech Start-up Produze
moneycontrol, 28 December. https://www.
Raises Funding To Help Indian Farmers Sell in
moneycontrol.com/news/business/start-up/

39
A
International Market’, Inc42, 9 August. https://
inc42.com/buzz/agritech-start-up-produze-
raises-funding-to-help-indian-farmers-sell-in-
13
international-market/
11 Anuj Suvarna (2022), ‘NinjaCart Rolls Out Seed
Fund Of $25 Mn to Back Agri Start-ups’, VCCircle,
4 March. https://www.vccircle.com/ninjacart-
rolls-out-seed-fund-of-25-mn-to-back-agri-
14
start-ups
12 Sanghamitra Kar (2022), ‘Hear and eat: Licious
takes on restaurants and cloud kitchens with
ready-to-cook non-veg dishes’, moneycontrol,
27 July. https://www.moneycontrol.com/
news/business/heat-and-eat-licious-takes-on-
40
restaurants-and-cloud-kitchens-with-ready-to-
cook-non-veg-dishes-8897401.html
Nikita Bameta (2022), ‘Licious launches
plant-based range ‘UnCrave’’, YourStory, 10
October. https://yourstory.com/2022/10/licious-
uncrave-launch-plant-based-meat-alternative/
amp
Given that Krishify’s current user base is primarily
from Northern and Western India, states most
represented by respondents include Uttar
Pradesh, Rajasthan, Madhya Pradesh, Bihar,
Haryana, Maharashtra, Gujarat, Delhi, Punjab, and
Himachal Pradesh. Appropriately, the survey was
administered in Hindi.

Acknowledgements
Report sponsors
• Rabo Foundation
• Caspian Impact
ThinkAg would like to thank:
• entrepreneurs and ecosystem
stakeholders who contributed to the
writing through their experiences,
• the team at Traxcn for their support on
data,
• Rajesh Ranjan and Anmol Raina from
Krishify for their platform’s support in
conducting farmer surveys and,
• Sudipto Patra from Lucid Solutions
(www.lucidsolutionsonline.com)
for content support and publishing
consultancy.
Credits and Contacts
• Sannidhi Srinivasan (sannidhi22@gmail.
com)
• Abhijit Goswami (abhijit@thinkag.co.in)
• Ritu Verma (ritu@ankurcapital.com)
Ag-Tech in India 2022
• Raman Ahuja (Ahuja.raman@gmail.com)
• Hemendra Mathur (hemenda.mathur@
gmail.com)
• Ram Kaundinya (ram@kaundinya.in)
Contributors
• Abhishek Burman, General Aeronautics
• Amit Sinha, Unnati
• Arindom Datta, Rabobank
• Karthik Jayaraman, Waycool
• Mayank Tiwari, Reshamandi
• Munish Soni, Bayer
• Ramesh Ramachandran, Mahindra &
Mahindra
• Simon-Thorsten Wiebusch, Bayer
• Shai Albaranes, Orbia
• Shikha Bhatt, Yes Bank
• Shrikumar Suryanarayanan, Sea6 Energy
• Snigdha Vishal, Bayer
• Sunjay Vuppuluri, Yes Bank
41
 Ag-Tech in India
Investment Landscape Report 2022

Ag-Tech in India: Investment Landscape Report 2022 tracks investments made into registered private
limited Ag-Tech companies in India since their inception, based on their filings with the Ministry of
Corporate Affairs, Government of India. This report aims to deep dive into Ag-Tech growth trends
and game changers over the past five years in India while also capturing stakeholder viewpoints and
sentiments about the future.

Custom published for ThinkAg by Lucid Solutions (www.lucidsolutionsonline.com), New Delhi.