Collaboration is key for Indian agritech startups to harness potential on the journey towards USD 10 billion: FICCI-PwC report

Collaborations is key for Indian agritech startups to harness potential on the journey towards USD 10 billion: FICCI-PwC report
India houses more than 700 agritech startups that are providing customised solutions and products to make the agricultural value chain more profitable and remunerative

India houses more than 700 agritech startups that are providing customised solutions and products to make the agricultural value chain more profitable and remunerative, said a FICCI-PwC report released during 4th edition of ‘FICCI Agri Startup Summit & Awards’ today.

Speaking on the occasion, Dr Trilochan Mohapatra, Secretary (DARE) & Director General, Indian Council of Agricultural Research (ICAR) emphasised that nurturing agri innovations is imperative for agricultural development. Innovations played a key role in green and white revolution.

Addressing the Summit & Awards’, Dr Mohapatra said, “The evolving technologies and agri innovations are to be mainstreamed and deployed in the fields.” Dr Mohapatra further said that we also need to incubate the start-ups and entrepreneurs, and this is critical to address the challenges of agriculture and allied sectors. There is a lot of opportunities to link farmers to markets and startups have huge potential in this area. Dr Mohaptra mentioned that there has to be efficiency, climate resilience and high productivity with quality and we need more and more players to be part of it. “Partnership and collaboration are key in today’s world to take agriculture to next level,” he added.

Speaking on the integration of APMC mandis with e-NAM, Neelkamal Darbari, MD, Small Farmers’ Agribusiness Consortium (SFAC), Govt of India said, “The timing is apt to leverage technologies for the small and marginal farmers. The government has already launched the e-NAM (National Agriculture Market) which is a pan-India electronic trading portal which networks the existing APMC mandis to create a unified national market for agricultural commodities.” “The government has already integrated 1,000 mandis and 1.72 crore farmers are already registered with the portal along with two lakh traders. The next step will be to integrate 1,000 more mandis with the portal,” she added.

She further stated that the government was also planning to create a platform of platforms. This would link up all the portals available in the country for all activities related to the farming sector. This would also create greater synergy for the farmers to reduce the cost of operations and improve pricing for the product. “The entire value chain will come together on this platform of platforms,” said Darbari.

Speaking on the emergence of agritech startups in India, TR Kesavan, Chairman, FICCI National Agriculture Committee & Group President, TAFE said that FICCI Awards for agriculture start-up had emerged as a leading platform for entrepreneurs to showcase their potential. He further mentioned that in the last few years, we had seen young entrepreneurs coming up with ideas, innovations and business models to support farmers and help them achieve scale and sustainability.

You may also like to read: Indian agrifood startups saw USD 2.1 billion investment in FY2020-21, says Study

Speaking on the need for agritech startups for food security for the growing population, Vivek Chandra, CEO, Global Branded Business, LT Foods said that Agri start-ups would play a crucial role in bringing in the required technology and innovation needed to meet the increasing demand for food as the world population grows.

Highlighting the growth of agritech startups in India, Ashok Varma, Partner, PwC said, “At present, there are more than 700 agritech start-ups in India that are developing customised solutions and products to make the agricultural value chain more profitable and remunerative. With an impressive inflow of funding, more than 48 per cent of agritech CEOs in the country believe that they would have the next agritech unicorn within a three-year time frame.

Speaking on the role of agritechs for increasing farmers’ income, Amit Mundawala, Managing Director and co-founder, Star Agribazaar Technology highlighted that agritech companies could play important role in enhancing farmers’ income. This could be achieved if we have a proper database of all the parameters needed in remote sensing resulting in accurate farmer advisory services which will, in turn, increase the yield, reduce the input cost, and make proposition win-win for all stakeholders.

Hemendra Mathur, Chairman, FICCI Task Force on Agri Start-ups & Technology & Venture Partner, Bharat Innovation Fund said, “Indian agritech is entering its third phase, which will be driven by increasing farmer adoption of new-age innovations and a significant degree of consolidation in the start-up space.”

4th edition of FICCI Agri Start-up Awards was announced during the event along with the release of FICCI-PwC Knowledge report “Agri start-ups – Fostering collaboration to bring paradigm shifts in Indian agriculture’ and publication on Agri Start-ups by FICCI Task Force members. PwC was the knowledge partner for this event.

Key highlights of the FICCI PwC Knowledge report
  • By 2050, the global population is forecast to reach 10 billion, which makes it critical to find disruptive solutions to fulfil future requirements of food, feed, fuel and factory, and sustain the livelihoods of smallholder farmers (SHFs).
  • Indian farmers are predominantly SHFs and there are more than 40 critical farming activities that need attention and informed decision making to ensure a good yield and appropriate return on investment.
  • Agritech startups (agritechs) have been playing an important role in harnessing the potential of disruptive technologies to support farmers in reaching better scale, systems and sustainability.
  • Global investment in agritech start-ups stood at USD 91.5 billion till Q1 2021, and the last two years accounted for 51 per cent of the investments.
  • India is next only to the US and China in terms of agritech funding and has secured cumulative investments worth over USD 1.5 billion in the last 10 years, exhibiting a growth of 14x starting from USD 45 million in 2011.
  • India houses more than 700 agritech start-ups that are providing customised solutions and products to make the agricultural value chain more profitable and remunerative.
  • The future potential for agritech start-ups in India is immense while navigating the ‘USD 10 billion and beyond’ journey.
  • Government of India has been presenting its deep commitment to bring policy reforms in agriculture and allied sector to further bolster the agri startup ecosystem.
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