Exiting investors Ankur Capital, Boston-based organisation Invested Development also participated in the round. With this round of funding the total funds raised by the startup has increased to about $4 Mn. Last year, the startup had raised $2 Mn from Denmark based Sophia Investment.
CropIn was founded in 2010 by Krishna Kumar. It integrates the agricultural sector with Information and Communication Technology (ICT) by putting a network of ERP and BI (Business Intelligence) across rural India. By doing so it collaborates with the different value chain participants along the supply chain to monitor farm produce status closely.
CropIn provides farm businesses a farm management software and mobile app, which enables them to do connected and data-driven farming. It allows farm businesses to take advantage of real-time data and insight from farms (an accurate view of their operation throughout the growing season) and to improve financial, operational, and agronomy aspects.
Talking about the funding, Krishna Kumar, CEO of CropIn said, “With this fundraise we are funding our investments in technology, data science and predictive technologies to detect and predict crops in different regions.”
The startup is currently present in 12 countries with a customer base of 120 clients. The startup claims to have digitised about 2.1 Mn acres of land. The 90 people team is currently focused to further expand the business in Southeast Asia and African countries.
AgriTech In India – A Snapshot
With more than 58% of the rural population relying on agriculture for sustenance, India currently ranks second globally in terms of farm output. According to Inc42 Datalabs, the size of agriculture and allied activities in the country underwent a near-100% growth between FY14 and FY15. Agricultural exports increased from $24.7 Bn in 2011-12 to $32.08 Bn in 2015-16; a CAGR growth of more than 6.75%.
The GDP of agriculture and allied sectors in India was recorded at $244.74 Bn in FY ‘16. Of the 250-plus agritech startups, 53 raked in $313 Mn funding in 2016 alone.
In August 2017, another agritech startup EM3 Agri secured $10 Mn Series B funding from UK-based Global Innovation Fund (GIF) and existing investor, Aspada Investments. Most recently SoftBank CEO Masayoshi Son’s younger brother Taizo Son launched an accelerator ‘Gastrotope’ for startups in India’s agrifood startup segment.
With the recent fundraise from Beenext, agritech startup CropIn will look to leverage technology to facilitate data-driven farming and expand its presence in Southeast Asia and African countries.