Agriculture is one of the most important sectors in India’s economy. Over 58 percent of rural households depend on agriculture as their principal means of livelihood. However, in the last decade despite technology disrupting most sectors, this industry is yet to see a massive transformation.
But, there has been a spike in interest from the startup community as far as the agritech sector goes. In 2017, agritech startups raised $53 million in 17 deals. This year, too, the sector saw a few startups like Agricx Lab, Agrostar, Agrowave, Agrowood, and others raise funds.
Anant Raheja, Co-founder of FIB-SOL Life Technologies, says: “In the agriculture sector, there is a huge diversity in terms of farming practices, crop types, weather conditions, and – most importantly – the unsaid policies of the region. A lot of business growth depends on the distribution channels and market fluctuations, which can seem completely out of anyone’s control.”