Indian Agritech Startups To Generate 90 Lakh Jobs, See 300% Increase In Funding

Farmers and agritech startups in India have evolved rapidly over the past few years due to digital penetration and funding, majorly driving the growth in this sector.

Indian agritech startups have received 300 per cent more funding in the first six months of 2019 than the total funding received in 2018. Agritech companies raised $ 248 million until June 2019, which was only $ 73 million in 2018, according to NASSCOM. “Farmers and agritech startups in India have evolved rapidly over the past few years due to digital penetration and funding, majorly driving the growth in this sector,” says the report. New areas in the agritech sector such as market linkage, digital agriculture, better access to inputs, farming as a service (FaaS) and financing are attracting more and more stakeholders to connect with this new trend in agriculture. Indian agritech companies are also focussing on South East Asia, Europe, Africa and South America.

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NinjaCart remained the top-funded Indian startup with funding of $ 89 mn received in 2019. Samunnati Financial Intermediation, AgroStar, WayCool and Jumbotail remained the other startups with the highest funding till June. Tiger, Accel, BII, omnivore and Nuveen remained the top 5 investors till June 2019.

Source: Financial Express

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