A few years ago, many wouldn’t have thought that Indian engineers and management grads of top-tier universities would opt for agriculture over significant positions with high packages in global corporates. The agriculture industry of India is generally considered unattractive and an option for the uneducated population. In India, over 50% of the workforce is involved in agriculture, but the invention and adoption of technologies in this sector are extremely meagre.
70% of the total farmlands in the country are dependent on monsoon, while 40% of the rain-fed farmlands yield 40% less than irrigated farmlands. However, today’s reality is changing. There’s a new wave of emerging startups and blossoming entrepreneurs, who are determined to reform the agriculture sector and deploy technologies to bring in good change. As per the reports of the National Association of Software and Service Companies (NASSCOM), around $248 million worth of funding was received by Indian Agritech startups as of June 2019, which is almost 300% more compared to 2018. India has currently more than 450 startups, with a growing annual rate of 25%. These B2B Agritech startups are maturing rapidly and generating decent revenue, benefiting the farmers leveraging latest technologies. This growth rate has been attracting both global and sector-focused funds.
A lot of young Agriprenuers are involving emerging technologies like artificial intelligence (AI), the Internet of Things (IoT), and others to boost the agricultural economy of India. Based on the modus operandi, the startups can be classified into four categories:
