Agri-business

The number of startups in agriculture and allied sectors has risen to over 7,000 in the last nine years due to a conducive business environment and government support, a report said. Before 2014-15, there were less than 50 startups in agriculture and allied sectors, according to a report titled 'Transformation of India's Agriculture' released by the Federation of All India Farmer Associations (FAIFA) on Wednesday. The Department of Agriculture & Farmers' Welfare (DA&FW) is implementing the 'Innovation and Agri-Entrepreneurship Development' programme under Rashtriya Krishi Vikas Yojana (RKVY) from 2018-19 to promote innovation and agri-entrepreneurship by providing financial support and nurturing an incubation ecosystem. Five Knowledge Partners (KPs) and 24 RKVY- Agribusiness Incubators (R-ABIs) have been appointed by the Department for incubation of startups and implementation of this programme across the country during 2018-19, which is sufficient to cater to current ...

Rural startups are making a strong pitch for new programmes to foster research and innovation, as the grassroots-level entrepreneurs seek support for streamlined supply chains, subsidies, improved infrastructure, and easy access to finance. As the Budget and the Lok Sabha elections draw closer, startups working in various sectors, especially in smaller towns and villages, said they expect the government to look at various teething issues, even as their "overall performance has improved owing to various policy changes in the past couple of years". "India's food processing industry faces a number of difficulties such as outdated equipment, ineffective supply chains, poor infrastructure, and restricted finance availability. We expect the government to help us connect with global supply chains so that we can export our products to international markets," Pardeep Kumar Yadav, Founder of Krini Spices, told PTI. Krini Spices, which was founded in March 2017, has 22 direct and over 100 ...

Investments in Indian agri-tech startups fell by 45 per cent between 2021-22 and 2022-23 fiscal years, primarily due to a hike in global interest rates and heightened investor caution amid rising uncertainty, reveals consulting firm FSG's new report. Meanwhile, global agri-tech investments declined by 10 per cent between calendar years 2022 and 2023, it said. Going forward, FSG expects the funding slump to continue into FY24 before springing back in FY25. It expects that startups will continue focusing on profitability to tide over the next financial year. "Investors are likely to continue being cautious and direct their limited funding towards established business models, such as follow-on funding for companies in the mid-stream agri-tech category," it said. Commenting on the trends identified by the firm, Rishi Agarwal, Managing Director, Head-Asia, FSG, said, "The shift in investment dynamics highlights the Indian agri-tech sector's sensitivity to global economic trends. Startup

IFC-backed agri-commerce startup WayCool Foods is looking to become a Rs 6,000-crore entity by FY25, up from Rs 2,000 crore in FY23, driven by its fast-growing food products vertical. Chennai-based WayCool was founded by auto industry veteran Karthik Jayaraman and Sanjay Dasari, the son of the ex-head of Ashok Leyland Vinod Dasari in 2015. It was founded as a social enterprise and agri-tech company. Later it diversified into agri-products with a slew of ready-to-cook and other packaged food brands such as Madhuram, Dezi Fresh, Lexotique, Kitchenji, and Freshey's. These brands have fetched around 25 per cent of its Rs 2,000 crore revenue in FY23, up from 10 per cent in the previous fiscal, it was Rs 1,000 crore. Jayaraman, the cofounder and managing director, expects this to scale to 35-40 per cent by FY25, when the company targets to log in Rs 6,000 crore turnover. "We closed FY23 with Rs 2,000 crore of topline. Of this, as much as 25 per cent came from the branded products and ..

A saturated tractor market and increasing mechanisation provide the momentum

Farm machine makers and dealers have been directed to sell their products at the same price across the country, Union Minister of State for Agriculture Shobha Karandlaje said on Thursday. The minister made this statement in Goa during a review meeting with the state's Agriculture Minister Chandrakant Kavlekar and officials on the implementation of centrally sponsored farm schemes. Karandlaje lauded state Chief Minister Pramod Sawant and the state's agriculture minister for doing "amazing work" for the better implementation of the farmers' welfare in Goa. She also honoured woman farmer Darshana Pednekar at the Goa Secretariat, who received accolades from Prime Minister Narendra Modi for her modern agricultural practices. "Price of agricultural mechanisms should be the same in every state. It should not differ in different places in the country. The Government of India has instructed dealers and manufacturers to put the same price list across the country," an official statement quote

The bills are aimed at helping smallholder farmers get a better price for their produce and invest in technology to improve their farm productivity

RBI panel says banks should partner agri-tech firms to provide quick loans to farmers

According to VCCEdge Funding Insights, fall in food tech and online grocery deal value has resulted in 62 PE deals worth only $ 250 million during the year in the food and agri space