In India’s start-up ecosystem, agritech is one of the hottest sectors. Agritech in India currently offers start-ups a $24 billion opportunity over the following four years, according to an Ernst & Young 2020 estimate. With only 1.5% penetration, this industry is still in its infancy.
The country is in a good position to adapt to changing agricultural practices and switch from traditional business models to new innovative business models powered by agritech, thanks to India’s constantly rising internet penetration and rural areas serving as the crucial engine of this growth.
Leading domestic and international investors have invested fresh capital in agritech. This, in turn, is fueling the quick pace of innovation being led by several start-ups at varying stages of maturity who are developing solutions tailored to specific markets. In terms of investments, innovation, growth, and effect, it is already anticipated that agritech will have a significant increase in 2023 compared to 2022.
In order to fully achieve the growth potential of both agriculture and agritech, policy-driven governmental support is essential, especially at the grassroots level.
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