In India over 40 IoT startups are dealing with smart agriculture, while a majority of them are in research and development (R&D) phase, a few large-scale farmers have started implementing these IoT products on their farms for better output.
In the last five years, more than five global agritech companies have ventured in India, as compared to more than 25 Indian agritech companies with global presence.
As of June 2019, the sector has received more than $248 million funding, a rise of 300% as compared to the previous year.
India is home to more than 450 startups in the agriculture technology sector, of the global total of about 3,100.
There are 2,477 APMCs and 4,843 submarket yards regulated by the respective states in India. Leveraging technology for implementation of agri logistics platforms such as e-NAM and e-mandis.
The e-FMCG market was estimated to be USD 600 Mn in 2016 and is set to grow and reach USD 4 Bn by the end of 2022.
Efforts to create supply chain efficiency are the focus of more than 50% of the India’s booming agritech industry, which has received 300% more funding in the first half of 2019 than in the whole 2018.
The government also launched the multilingual mobile app ‘CHC-Farm Machinery’. Currently 133,723 pieces of agricultural machinery available for rent are registered on this mobile app. 2,300 CHC’s have been established in 2019-20.
For 2019-20 the government set aside USD 85 million (€ 77 million) for farm mechanization.
Indian Space Research Organization (ISRO) is building more remote-sensing satellite capacity as it looks to expand space-based agricultural forecast to cover over 23 crops from the existing eight in the country.
The Indian agricultural services and machinery sectors have cumulatively attracted foreign direct investment equity inflow of about US$2,278.3 million from April 2000 to March 2016.