New Delhi, November 24 (IANS). Agritech startup funding is increasing rapidly in India and has significant potential to bridge the technology gap. It was told in an RBI paper that at present there are 19 Agritech Soonicorns and 40 Minicorns in the country, which are adopting emerging technologies like AI and developing models.
The paper titled ‘Agri-tech Startups and Innovation in Indian Agriculture’, prepared by D Suganti, Jobin Sebastian and Monica Sethi, said that India’s agri-tech landscape has one unicorn, while 19 are soonicorns (close to becoming unicorns). And there are 40 minicorns.
A survey of agri-tech startups shows that they have benefited from government funding support, research and development initiatives and digital infrastructure support provided by states.
Investor interest in India’s agri-tech ecosystem has also increased compared to before. Investor inflows increased to $1.25 billion in 2021, up from $370 million in 2019.
Global funding into the agri-tech sector is expected to peak at $10.9 billion in 2021 and 2022, then decline sharply to $5.2 billion in 2023.
The paper said that America ranks first in global agri-tech funding with 43.2 percent. This is followed by China with 14.4 percent, China with 12 percent and India’s agritech sector with 8.5 percent.
The paper stressed that this plays an important role in building a strong ecosystem to foster innovation and facilitate mainstreaming of agri-tech by developing agri-stack.
Emerging technologies like Internet of Things (IoT), Big Data Analytics, Artificial Intelligence (AI), Blockchain, Remote Sensing, Biotechnology, Drones, Robotics and Automation are being used by many startups.
Agri-tech startups have received support from government initiatives such as Digital India, Make-in-India, startup funds, accelerators and incubator initiatives.
According to the paper, despite the progress made so far, agri-tech in India faces challenges in scaling up its operations. The sustainability of agri-tech directly depends on the adoption of modern technology by farmers.
–IANS
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