Let’s talk about the agrotechnology industry and the financing that occurs in this industry. First of all, knowing the agro-technology industry is agriculture + technology. it is said to be about the use of technology in agriculture and other processes related to agriculture.
This is done in order to have more yield and therefore more profitability. There are different types of agricultural technologies available that make life easier for those involved.
Some of the technologies are birds and pest control, bird netting, agricultural drones, weather forecasting, automated irrigation, soil moisture sensors, IoT based sensor tracking and many more. ‘others.
Those The products and services have found daily use in the traditional agricultural industry, ensuring tasks to be completed in a short time and generating huge income.
We are all aware that the world population is growing at a very rapid rate and is expected to reach 9.7 billion by the end of the year 2050. We all also know the speed and speed at which our resources are being depleted. So what is the solution? Who will help feed the world? Meeting the needs of 9.7 billion people will only be possible with the help of technology in the agricultural sector.
Currently, India’s agro-tech industry is at a slow pace and the penetration is only 1%. It has the potential and capacity to reach $ 24 billion in revenue by the end of 2025.
Currently, speaking of the Indian market, the agro-tech industry has over 450 startups. Between January and August 2021, it generated revenue of $ 426 million, an increase of 3 times over the same period last year.
Some of the agro-tech startups working to change the image of the Indian agricultural industry are Ninjacart, AgroStar, Nurture. Farm, WayCool and many more.
Recently, if we talk about the Indian market, the agrotech industry has more than 450 startups. Between January and August of the year 2021, it generated revenue of $ 426 million, which is actually a 3-fold increase over the same period last year. Some of the agro-tech startups working to change the image of India’s agricultural industry are-
Ninjacart, AgroStar, Nurture.farm, WayCool and many more.
Speaking of funding, as the name suggests, funding is the process of putting money into a business or startup. We all know that cash is the main engine of a business. It is with cash that a company can conduct its business and operations.
Funding helps the company plan for expansion, cross national borders, introduce a new range of products and services, hire new staff, etc. Investors continue to look at startups and invest in one when they find potential and a future there.
Announcement of the financing of an agritech startup
Agritech startup Unnati raised funding of INR 60 crore, as announced on November 10, 2021. This funding round was the Series A funding round and was led by Incofin Investment Management, NabVentures and Orios.
The startup plans to use the funds raised to increase and expand its uStore network and its mostly tech-related infrastructure. The startup is also planning to expand geographically to Harayana, Andhra Pradesh, Rajasthan. It also plans to continue its expansion in Uttar Pradesh, Bihar and Maharashtra.
The startup even plans to increase its number of employees from 200 to 500 by March 2021. In the technological field, it wants to quadruple its number of employees to more than 100, while the rest of the employees that it wants to increase the distribution and aggregation sectors.
With this round of funding, the total funds raised by the startup amount to INR 75 crore. The startup, even last month, had raised an undisclosed amount in a round of funding.
About the newly funded agritech startup
Founded by Amit Sinha and Ashok Prasad, Unnati is an agricultural platform based on financial technologies which aims to minimize the risks associated with agriculture and ensure the necessary transparency in the agricultural sector.
The founders of the startup could clearly see the challenges farmers face due to the lack of predictability in farming and the lack of consistent access to production inputs and knowledge. They understood that digital technologies could play an important role here and provide instant solutions.
The Noida-based startup has a vision to empower farmers with digital technologies that improve the efficiency of their farming businesses. Its mission is to create 5 million agricultural entrepreneurs by empowering small and medium-sized farmers through digital means.
It aims to bring farmers on a unique platform that encourages agricultural entrepreneurship to become their driving force, which has led to the creation of a holistic ecosystem for the agricultural entrepreneur. From Unnati banking services to crop-specific advice, the brand reaches out to farmers at every stage of the farming life cycle and works with them to create a sustainable future.
Farmers who are registered on the startup’s platform have the option to buy and sell here only. They can purchase seeds, pesticides, fertilizers, and other products from branded vendors and vendors listed on the startup’s app. Farmers even have the option of selling their products directly to processors and companies linked to the platform.
Some of the numbers that the startup claims to have reached are as follows:
More than 250K committed farmers
More than 1,800 partner centers
More than 1000 products offered
Imprint of more than 6 states
The startup even claimed that it has grown 15 times in the past 12 months and served around 3 lakhs of farmers through the network of more than 20,000 uStore networks. The startup even launched the “buy now, pay later” program for farmers.
About the founders of the startup agritech
The startup, Unnati, was founded by Ashok Prasad and Amit Sinha.
Ashok Prasad is the CEO and co-founder of startup Unnati. He holds an MSc in Software Systems from BITS Pilani and an Executive MBA from IIRT, Delhi. He is a strong supporter of disrupting agriculture through the intelligent use and penetration of digital technologies and tools.
He has more than 25 years of experience in telecoms, agro-domains and IT. He has professional experience with Nokia Network, One97 Communication and Tata Teleservices. He is comfortable driving the strategy and the executive with the same passion and has a strong focus on innovation and finance, to allow the company to experience year-over-year growth.
Amit Sinha, originally from a small town in Jharkhand, has a Btech degree in mining engineering from IIT Dhanbad and a PGDM from IIM Calcutta. He has over 18 years of experience in technology and digital companies at Payment Mall, Gamepind, Paytm Payments Bank, PricewaterhouseCoopers, Keane Consulting, Airtel and Infosys. He is the mentor of several entrepreneurs and startups, a relationship he cherishes as a coach and mentor.
What was said about the deal?
Rahul Rai, who is the partner of Incofin India, made a statement saying that he and the organization are happy to partner with Unnati Agri as they are engaged in the expansion of a closely related strategy of ‘an integrated rural knowledge-based farm ecosystem. input consulting, financial inclusion and supply chain integration with the help and use of technology.
The startup is offering something different and we wish the startup the best of luck and a bright and successful future.
edited and proofread by: nikita sharma