Mumbai-based agritech startup Grow Indigo has raised more than $6 Mn in a fresh funding round from Indigo AG, Mahyco and high-net-worth individuals (HNIs).
Including the current fundraising, Grow Indigo claims to have raised a total of $13 Mn to date.
Founded in 2019, the startup offers agritech solutions to address climate-related changes in the agriculture process.
Grow Indigo said that it conceptualised carbon farming for small farmers in India thus, offering an alternate source of income to them.
“With sustainability at its core, Grow Indigo will continue to scale up carbon farming in India”, said Usha Barwale Zehr, executive chairman of Grow Indigo.
The Mumbai-based startup operates in 12 Indian states and currently has a team of 200 employees including agronomists, data scientists, engineers, sales professionals and researchers.
It is currently connected with 10+ Mn farmers and more than 100K retailers and FPO. It aims to onboard farmers cumulatively holding more than 3.5 Mn acres of land in the next two years.
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In India, CropIn, FarMart, Agricx and DeHaat are some agritech startups operating in the space.
According to an Inc42 report, the country’s agritech startups have together raised about $2 Bn between January 2014 and June 2022. The sector is estimated to surpass the $24 Bn mark by 2025.
Centre Backing India’s Agritech Startups
Recently, the Centre has introduced plenty of initiatives to support the agritech startup segment. At the moment, it is planning to reserve funds in the upcoming budget to offer low-interest loans to agritech startups.
Besides, it is also looking to form policies that will further help build facilities for the agriculture sector including micro-cold storages and help tackle supply chain problems.
In November, the Union Minister Narendra Singh Tomar announced the setting up of an agritech-focussed INR 500 Cr accelerator programme for startups.
He also announced a slew of other initiatives developed by the Centre such as creation of committee and panel, a single-window clearance platform, database platform (of agritech startups) and organising agritech conclaves.
During the same month, the minister also announced that the central government invested about INR 6 Cr in 66 agritech startups and shortlisted another 25 startups for funding.
According to an Inc42 report, the country’s agritech sector is likely to become a $24.1 Bn space by 2025.