India Will Create Most Number of Unicorns; 450 Agri-Tech Startups Receive $248 Million Funding
It has been a good six months for the Indian start-ups of the agri-tech sector, which has received more than $248 million as funds.
A report by NASSCOM has revealed this information, which shows the bright future of agritech startups, and the huge potential they hold.
Another big news is that India is all set to become the ‘unicorn destination’ due to the high number of startups worth billion dollars.
Read on for more interesting details!
Indian Agritech Startups Receive $248 Million Funding in H1 2019
NASSCOM has drafted a report, ‘Agritech in India -Emerging Trends in 2019,’ that shows that Indian agritech startups have received $248 million in the first six months of 2019. There has been a whopping 300% growth as compared to H1 2018.
As per the report, the rate of startups is growing at 25% YoY, and is home to more than 450 startups in the agritech segment.
In its report, NASSCOM says, “Over recent years, the agritech sector in India has witnessed some of the global and sector-focused funds directly investing in agritech start-ups. With the recent rise in funding, 48 per cent Agritech CEOs, as per the NASSCOM Agritech CEO survey, believe to have the next agritech unicorn in coming 3 years.”
Agritech startups have proven to be of benefit in more than one way – the average income of the farmers in India has boosted by about 1.7 times in the last decade. Indian companies are looking to expand in various other countries, including the regions of Southeast Asia, Europe, Africa and South America.
Additionally, there are a lot of areas that have added to the popularity of the concept, such as the linkage to the market, digital agriculture, financing, enhanced access to the inputs, FaaS (functions-as-a-service). Also, more than 50 per cent of the agritech startups offer these supply chain solutions.
Indian startups in the agritech sector are definitely set on a path of brilliance!
Startup Boom in India: India To Become World’s Top Unicorn Destination
A joint report by the Confederation of Real Estate Developers’ Associations of India (CREDAI) and CBRE has brought it to our notice that the massive expansion of startups in India will soon make India the world’s leading unicorn destination.
For those who don’t know yet, ‘unicorn’ is a term for a privately held startup company valued at over $1 billion.
As per reports, startups and bigger organizations are both coming together to offer tech-enhanced services, and this is expected to result in a high number of unicorn companies. As of 2018, a total of 8 unicorns transpired from India, some of which are Zomato, Oyo, Byju’s, Paytm subsidiary Paytm Mall, Udaan, and Swiggy.
The report says, “Given the skill sets of these migrants, their presence in India would contribute significantly to the entrepreneurial evolution in the country, particularly from the perspective of a start-up culture.”
As of now, India is the third-largest destination for startups in the world. In fact, the number of Indian unicorn startups is just after the US, the UK and China.