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agriculture: Indian agri-tech sector can develop to $24.1 billion in 5 years: Report – NewsEverything Know-how

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India’s agriculture expertise sector has the potential to develop manifold to $24.1 billion within the subsequent 5 years, in line with a brand new report.
With a turnover of $204 million, India’s agri-tech sector is at below 1% of its market potential in the present day. A giant chunk of the positive factors will possible be made by corporations addressing provide chain and monetary providers options, pushed by the supply of reasonably priced high-speed web and maturing of India’s digital content material ecosystem, the EY report on India’s agri-tech potential mentioned.

The report has additionally forecast consolidation within the agri-tech area together with startups increasing horizontally to service the end-to-end wants of farmers inside the subsequent few years.

“Engaging market alternative, nascency in funding funding and minuscule penetration by incumbent agritech gamers provide a possibility for established gamers resembling institutional retailers, e-commerce gamers and meals processing corporations to create impression at scale,” mentioned Ankur Pahwa, associate and nationwide chief – e-commerce and shopper web at EY India.
EY estimates that 5 key classes of agritech will management the lion’s share of the sector’s turnover, with the agritech marketplace for supplying farm inputs being as massive as $1.7 billion by 2025, the marketplace for precision agriculture and farm administration rising to $3.Four billion in that point, whereas the marketplace for high quality administration and traceability may very well be price $Three billion.

The marketplace for tech enabled provide chain and output market linkages would be the largest phase, which may very well be price $12 billion by 2025, in line with EY. The second largest phase within the general agritech market may very well be for monetary providers, with a market potential of $4.1 billion within the subsequent 5 years.

Funding within the sector up to now can also be skewed in direction of startups serving these 5 sectors, with a bulk of the cash being pumped into startups constructing agri provide chains and market linkages.

Ninjacart, Waycool and Jumbotail alone have raised $252 million in funding, out of $301 million in whole funding that has gone into startups on this phase. Based on the report, there are over 500 agritech startups within the nation, with 57 of them servicing the 5 excessive classes and have raised a mixed whole of $532 million until April 2020.

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