Agriculture-technology is evolving as one of the newest sectors for investors this year, primarily in the mountains of data these startups are able to harvest. Foremost venture capital firms including Accel India and SAIF Partners are evaluating several Agritech firms to advance. IDG Ventures-backed Agrostar, a path for farmers to acquire raw materials, is in advanced talks with Accel to raise $10-12 million.
The business, which elevated $4 million in 2015, has more than 5,00,000 farmers using its mobile application. The funds elevated will be focused on expansion plans and to advance technology in terms of creating the app easier to use for farmers. An aggregation path of farm equipment is in preliminary talks to raise $3-5 million from SAIF Partners.
“The funds upraised will be focused on technological updating,” Abhilash Tirupathy, cofounder of Goldfarm added, although he declined to offer more details on the fund raising. Crofarm, an agricultural supply chain technology startup that elevated $1.5 million last year, is seeing to increasing $7 million between April and September to permit farmers to yield their produce beyond Mumbai, Bengaluru and Delhi.
Accel and SAIF Partners did not immediately reply to queries. Investors such as Omnivore Partners and Aspada Investments, that are attentively on the agri-tech sector, are also sighted interest in their portfolio companies from venture capital and private equity investors. Rendering to Kushal Agrawal, partner at Aspada Investments, European family management and other such funds are likely to ponder investing in India as many of these have capital assigned for investment in agriculture in emerging markets.
Data Harvesting Creates Agri-tech Startups Attractive for Investors
