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India’s agrifood startups close record-breaking $4.6 bn in funding in FY2022
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Thursday, 01 December, 2022, 08 : 00 AM [IST]
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Our Bureau, Mumbai
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Agriculture is the backbone of India’s economy and has to sustain its 1.4 billion population. With $4.6 billion in agrifood venture capital investments in FY2021-22, India’s agrifood ecosystem is finally receiving the funding required to tackle the challenges faced by smallholder farmers, rural communities, agricultural value chains, and food systems.
As with other parts of the world and particularly in the wake of Covid-19, food delivery services inflated total investment level, with Restaurant Marketplaces and eGrocery startups securing close to $3 billion – around 66% – of total investment in the fiscal year (FY) ending 31 March 2022. But increasing deal activity for upstream innovations shows promise.
Michael Dean, founding partner, AgFunder, said, “India has always been a leading agrifoodtech ecosystem, ever since AgFunder and Omnivore started in the early 2010s but to see investment levels surpass all other countries in the Asia-Pacific region and compete on the global stage is indicative of the impressive range and depth of innovations coming from the country and potential to impact the agrifood industry as a whole.”
Mark Kahn, managing partner, Omnivore, said, “The investment trends are proof that the agrifoodtech space can no longer be called niche. It has caught the attention of generalist VCs the world over who understand that agrifoodtech is key to the transformation of India’s massive agricultural sector and rural economy.”
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