BY ROBIN GHOSH
( FORMER CHIEF ECONOMIST, BENGAL CHAMBER OF COMMERCE AND INDUSTRY)
KOLKATA, 10 APRIL 2023:
If you are looking for a new area of investment – here it is : agritech ecosystem.
Why agritech business? Because exports of agricultural and processed foods are increasing. It is expected that it will reach $ 23 billion in 2023- 2024.
Great scope lies ahead.
Not surprising, today there are 3000 Agritech startups in India. While the market for agri products looks very good, the task is not easy.
What is an agritech ecosystem?
The startups in agritech ecosystem offer – technology embedded solutions like offtake market places, storage, transportation services and agronomy advisory services. Interestingly, in many sectors there is a sharp decline in money flowing to startups this year – 231 deals this year against 696 deals last year.
Yet, the prospects in the agritech sector are not so dim. Particularly because startups in this sector have focused on positive unit economics, right product market fit and positive margin.
Read what Mr. R. Somasundram, CEO, Acquaconnect said in an interview
” This is one of the key reasons why investors are optimistic about the agritech sector’s growth. Today, agri startups are transforming the way food is consumed and produced and are contributing significantly to global sustainability and food security goals”
To conclude, the agritech sector has huge potential in India : primarily because of its large agricultural base and a wide market. And an aspiring generation of entrepreneurs looking for new ventures.
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