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A study of start-ups in food and agriculture, their potential for scaling-up and
the ecosystem required for their growth and development

Technical Report · July 2018

DOI: 10.13140/RG.2.2.27253.88803

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 A study of start-ups in the food and agriculture space

their potential for scaling-up

and

the ecosystem required for their growth and development

SUMMER PROJECT REPORT

Prepared by: Under the guidance of:

Mamta Joshi Emmanuel Murray

National Institute of Agricultural Senior Advisor

Marketing (NIAM), Jaipur Caspian Impact Investment
(April-May 2018) Adviser Private Limited
 Declaration

This is to declare that I, Mamta Joshi, a student of Post Graduate Diploma in Agri-Business
Management (2017-2019), NIAM, JAIPUR, have given original data, information and maintained full
confidentiality to the best of my knowledge in the project report titled “A study of the start-ups in
food and agriculture space, their potential for scaling-up and the ecosystem required for their
growth and development.” Data from different primary and secondary sources have been collected
for the completion of this project .

MAMTA JOSHI

PGDABM (2017-19)

NIAM, JAIPUR
 CERTIFICATE

This is to certify that Ms. Mamta Joshi is a bonafide student of Post Graduate Programme in Agri-
Business Management (2017-2019), NIAM, Jaipur and participated as summer trainee in our company
for the period 2ndApril-1st June. She has successfully completed her summer project titled “A study
of the start-ups in food and agriculture space, their potential for scaling-up and the ecosystem
required for their growth and development.” towards partial fulfillment of her requirements for the
course.

Emmanuel Murray
Senior Advisor
Caspian Impact Investment Adviser Private Ltd.
 Table of contents
Chapter Title Page no.

(I) Declaration
(II) Certificate
(III) Acknowledgement
(IV) Executive Summary
(V) Overview of Caspian 1
(VI) Scope of Study 2
(VII) Research objective & research plan 3
(VIII) Limitations of study 5
1. Persisting challenges in Indian Agriculture 6
2. Overview of start-ups in food & agriculture space and the ecosystem 12
3. Start-Up Scenario in Food& Agricultural in India 16
4. Sub-sectors in food & agriculture in India 24
5. Profiling of prominent start-ups in Food & Agriculture 27
6. Government support to start-up in Food and Agriculture 50
7. Food and Agriculture focused investors 53
8. Reports of visits to Start-ups 54
9. Incubators and Accelerators in Food and Agriculture 69
10. Parameters that can be used to assess a start-up 77
11. Conclusions and Recommendations 78
References 79
Annexure 1 Questionnaire for start-ups 80
Annexure 2 Photographs of the visits 86
Annexure 3 List of startups in food sector 88
Annexure 4 List of start-ups in agriculture sector 94
 Acknowledgement

It is a matter of great pleasure for me to be associated with Caspian Impact Investment Adviser Pvt.
Ltd. I would like to thank the staff with whom I interacted, for offering me their kind hospitality and
cooperation during my project work.

I express my sincere gratitude to Mr. BV Narasimham, Investment Director, and Mr. Emmanuel
Murray, Senior Advisor, who gave me the opportunity to work on this project.

I am highly grateful to Mr. Vijay Nadiminti, COO, aIDEA for his guidance and support throughout
the project.

Special thanks to Dr. Hema Yadav (Director, PGDM-ABM, NIAM), Dr. Vikram Singh (Dean,
PGDM-ABM) and other staff of NIAM for their kind co-operation.

The contribution from all the above-mentioned people helped me complete my project report
successfully.
 Executive Summary
With around 800 start-ups in agriculture in India, it has become the third largest sector for start-ups
after IT and Healthcare. Food sector with 400+ start-ups is also growing very fast in terms of start-
ups. Just a few years back, these sectors were nowhere, as IT, Telecom and e-commerce sectors were
booming. With the advent of favorable government policies in the form of Start-Up India scheme and
flexibility in policies, people from IT, commerce, engineering and technology, finance, entered these
sectors to trade on the opportunity.

The start-ups in Food and Agriculture can be categorized into 10 heads; Precision Farming, Innovative
Food Technology, Farm Fresh Retail and Organic Produce, Supply Chain, ICT/IOT, Animal
Husbandry, Fisheries, etc. Start-ups in these categories are working on very innovative concepts like,
FAAS (Farming as a service), SAAS (software as a service), Drone technology in farming, Blockchain
and Traceability, A2 milk, Sustainable input production, etc.

The increased confidence can also be attributed to the strengthening ecosystem. There are around 12
prominent incubators along with others which are focused on Food and Agriculture-based start-ups.
Of the 12, only 2 incubators run accelerator programs which provide the threshold for scale-up of the
start-ups.

The investment in Agtech has increased globally in the recent years. India is also receiving
investments from foreign investors focused on Food and Agriculture sector. Early stage investments
are still a big challenge, as it is difficult to assess the future of a company in initial stage. The concept
strength, founder analysis, market analysis and growth of company can be used as parameters to do
comparative analysis for investment purposes.
Overview of Caspian

Since 2005, Caspian has invested debt and equity capital into high quality enterprises in India,
with the intent to generate social and/or environmental impact alongside a competitive financial
return. Caspian’s focus areas include financial inclusion, food & agriculture, affordable
housing, healthcare and clean energy.

Caspian has a successful track record of making investments and supporting some of the best
known social impact enterprises. As one of the early entrants and leaders in the impact investing
space in India, Caspian is one of the few fund managers with a proven exit track record. Caspian
is currently raising the fourth fund.

Caspian looks for companies with innovative business models and high-quality entrepreneurs
who demonstrate the intent to provide a healthy financial return along with a social return to
investors and have adopted, or are willing to adopt clear deliverables on social and/or
environmental performance.

1
Scope of Study

The Project titled “A study of start-ups in food and agriculture space, their potential for
scaling-up, and the ecosystem required for their growth and development” is analysis of
current situation of start-ups in India, and also to analyze the trends of the startup ecosystem. It
also tries to bring out the challenges for scale-up of the startups, the ecosystem required for scaling
of such startups. In order to be able to fulfill this objective, a potential assessment of the startups
and incubators has been made in order to understand how the ecosystem can help the startups in
agriculture to scale up.

The project scope included understanding the following aspects:

1. Persisting Challenges in Indian Agriculture.

 Why solutions from the world may not work in India. The need for local solutions.
 How Start-ups may be one of the ways to address these problems.

2. Start-ups in India – The eco-system, etc.

3. Start-ups in the Agri space – Their performance and progress

4. Categorization of Agri Start-ups by type of activity, scale, regional distribution etc.,

(A mapping of all the Food & Agri Start-ups)

5. Agri graduates in Start-ups; how, many, what types etc.

6. Funding to Start-ups in the F&A space – Who are the institutions that are actively focused
in the Food & Agriculture space

7. A deeper analysis of some Agri Start-Ups, Scope for scaling-up

8. Agri Start-ups that have scaled-up – What worked

9. Long-Term prospects of Start-ups in Agri Space. Reading of the Future

10. Building a conducive environment for Food &Agri Start-ups to go to scale, what kind of
support systems are there, and what more is required to help in the emergence & growth of
Start-ups.

2
Research objectives

1. To understand present landscape of Food & Agri start-up ecosystem in India.

2. To classify the start-ups into different categories and find the trends of market and growth
in different sector.

3. To study some start-ups and interpret factors attributing their success.

4. To study the prominent incubators and accelerators and their functioning.

5. To study government support for start-ups through various schemes.

Research plan

To achieve the objectives; a systematic research plan was followed. For this, a checklist prepared,
and based on checklist, a comprehensive questionnaire was developed and pre-tested.

The study was conducted for collected and calculated data up to accurate extent from primary as
well as secondary sources, and it was assured to the respondents that their response would be kept
confidential so they were very free and frank while giving their response.

Being descriptive research; collected data and information from personal interviewed with official
of different incubators, Start-Up (founder, co-founder, team), by filling questionnaires, as well as
surfing on Internet, LinkedIn, Your Story, Crunchbase, owler, articles published in news columns.

Research approach

(A) Research instrument.

In this research project, a questionnaire has been devised in a manner to get the knowledge of
the start-ups working in food and agriculture space. The ecosystem required for their growth,
the factors necessary for scaling and to find the gaps in ecosystem which can bridged as an
opportunity. The resources available online were also extensively used.

3
(B) Sampling Plan:

1. Sampling unit: In this project, a qualitative survey of start-ups and incubators was done
to get information about them.
2. Sample size: 8 start-ups, 3 incubators and few mentors were taken for personal visit. 12
start-ups were interacted through online and telephonic interactions.
3. Sampling procedure: Quota sampling was performed for a list of randomly selected
startups.

(C) Contact method:

It is done through in-depth personal interview with help of a well-designed questionnaire

mostly by direct contact method; in few cases by telephonic Contact and e-mail.

(D) Analysis:

Data visualization is done using MS Excel and Tableau software.

4
Limitations of the study:

 The title of study was very broad so it was not possible to do detailed analysis of every
aspect.
 Time duration of two months for the study of whole ecosystem is very less.
 The scope of interviews with the founders were limited due to issues of confidentiality in
start-ups.
 Majority of start-ups missed the telephonic or personal interaction because of their busy
schedule and confidentiality.
 Questionnaire method of survey evoked poor response, and only 13% start-ups responded
to online questionnaire.
 The time given by the start-ups for interviews was very less to understand and analyze
their functioning.

5
Chapter1: Persisting challenges in Indian Food & Agriculture sector

Agrifood sector, a 1INR 533.871 trillion industry for feeding the planet and employing well over
40% of the global population. The pace of innovation has not kept up with other industries, and
today agriculture finds itself as the least digitized of all major industries, according to McKinsey.

The industrial agrifood sector as of today, is also largely inefficient compared to other industries,
with an increasing number of demands and constraints being placed on it. These pressures include
a growing global population set to reach 9 billion in 2050; climate change and global warming;
environmental degradation; changing consumer demands; limited natural resources; food waste;
consumer health issues and chronic disease. The need for agrifood tech and innovation is greater
than ever. This creates many opportunities for entrepreneurs and technologists to disrupt the
industry and create new efficiencies at various points in the value chain.

food waste

chemical
Co2 emissions residues and
run-off

health and
weather
sugar
uncertainties
consumption
PROBLEMS IN
INDIAN FOOD
AND
AGRICULTURE
opaque supply
SECTOR
chains and labour
distribution shortages
inefficiencies

food safety unsustainable

and meat
traceability production
1
INR 533.87Trillion=$7.8Trillion
farmer
welfare

6
 1. Food waste:
Weddings, canteens, hotels, social and family functions, households spew out so much
food. According to the United Nations Development Programme, up to 40% of the food produced
in India is wasted. About 21 million tonnes of wheat are wasted in India and 50% of all food across
the world meets the same fate and never reaches the needy. In fact, according to the agriculture
ministry, INR 2500 billion worth of food produced is wasted every year in the country.

Worth of food wasted in India per year: INR 88.8 Billion.

Wasted wheat produce: 21 million tonne
Food needed to feed India’s population: 225-230 million tonne per year
Farm output in 2015-16: 270 million tonne
Indians going hungry daily: 194 million
Post-harvest losses: INR 1 Trillion.
India’s rank in Global Hunger Index 100 among 119 countries
Source: thecsrjournal.in

Sources: Reuters

2. Chemical Residue &Runoff

GREEN HOUS E EMISSIO NS

Agricultural production is a major emitter of FROM AGRICULTURE

GHGs, currently accounting for of 18% AGRICU

total GHG emissions in India (INCCA, 2010). LTURE
19%
•Recent estimates report that global food production
must increase by 70% to meet the projected food
demand of the estimated 9 billion global population
by 2050 (CTA-CCAFS, 2011).

Evolving new farming systems to OTHERS

reduce GHG emission is the real 81%
challenge.

2
50,000crore = 500 billion
7
 3. Food safety:
ISSUES Losses due to pesticides and contaminated food
RELATED
TO Fradulence and adulteration issues
FOOD
SAFETY Artificial & processed food related issues

Traceability issues

•4,20,000 from contaminated food.

•200,000 deaths per year as per UN because of
Deaths pesticide toxicity.
•125000 childrens die under 5 year, per year

Diseases
•600 million fall ill from contaminated food/year.
& •incidences of neurological diseases increase due to
pesticide exposure like:
•parkinson's disease
Health •childhood leukemia
issues •lymphoma

According to United Nations’ Population Division, by the year 2050, there will be 9.7 billion
people on Earth – around 30% more than in 2017. Nearly all of this population growth will occur
in developing countries.

The Food and Agriculture Organization of the United Nations (FAO) estimates that, in developing
countries, 80% of the necessary increases in food production keep pace with population growth
are projected to come from increases in yields and the number of times per year crops can be grown
on the same land. Only 20% of new food production is expected to come from expansion of
farming land.

8
Food fraud in India:

As per the prevention of food adulteration Act, 1954, which comes under FSSAI (2011b), usage
of toxic chemical in food is prohibited, but still it is a serious issue:

 Milk: powder and saturated fatty oil, hydrogen peroxide, detergent and urea
 Turmeric: retailers mix the yellow colored rice bran or lead chromate
 Mustard oil: Argemone oil.
 Pulses: Keshari dal, wherein effective traceability, regular audit and reconciliation measures
can assist in preventing fraud and theft of food items

Artificial and processed food:

Sugar problems:

 Saccharin – cancer
 Aspartame –. nausea and vomiting, sleep problems, abdominal
and joint pains, depression, migraines, etc.

Food Traceability:

Why Food Traceability?

Food traceability is crucial and pivotal as well because:

 It reduces public costs like medical and private costs like

product recalling.
 It helps to obtain the rich profit by reducing the labor cost
SOURCE: Google Images
of reading code, reduce goods in stock, and reduce the
occurrence of larceny.
 It reduces distribution costs, operating cost and storage costs.
 It ensures the quality of production and products
 Helps in increasing food safety and security
 Also, ensures consistent quality of food products and prevent food safety problems

9
  Provides accurate, timely, complete, and consistent information about products.
In India, the main principle cause behind increasing food safety concern is the inconsistency and
arbitrariness in the food safety monitoring system, for example,
 the problem of antibiotic in honey
 growing the use of milk adulterants and tainted meat
 European Union temporarily banned on the export of Indian food items, which include
Alphonso mangoes, eggplant, the taro plant, bitter gourd and snake gourd due to fruit flies,
antibiotic residues, cadmium and vibrio.
Australian based Indya Foods Pvt Ltd has recalled Indian based company Haldiram’s food product
such as Tasty nuts from Indian and South Australia supermarkets, because of contamination with
aflatoxin, a highly toxic compound (Chandra, 2014; FSANZ, 2013). Food and Drug
Administration (FDA) also renounced the food products from Haldiram because of high levels of
pesticides, mold, and bacteria (Newsdesk, 2015).

4. Weather uncertainties and droughts:

Weather uncertainties like storm, floods, hails, droughts are almost inevitable. They cause a loss
of millions of dollars to the country. In lack of accurate weather forecasting, farmers have to face
a lot of mishaps. There was an incident in Maharashtra when farmers had to face huge losses due
to wrong forecast by IMD of a normal monsoon.

5. Supply chain problems:

A 2011 report by a UN body, FAO, puts wastage in fruits and vegetables as high as 45% of produce
(post-harvest to distribution) for developing Asian countries like India.

 Inefficient price signals

 The limited reach of mandis
 Too many intermediaries, information asymmetry
 The skewed distribution of capacity
10
 Lack of cold storage infrastructure:
 Lack of collateral management options

6. Labor shortage:

In 2013-14 the agricultural and allied sectors contributed 13% of India’s GDP. Yet the agricultural
workforce reduced by 30.57 million with numbers dropping from 259 million in 2004-05 to 228
million in 2011-12. The drop is in large part due to increased opportunities in the non-farm rural
sector with the service and manufacturing sectors wooing the shrinking labor force with higher
wages and more regular incomes

7. Farmer welfare:

While over 57% of India’s population depends on agriculture for livelihood, close to 80% of
India’s milk, for example, comes from such integrated, “mixed” farming systems. Most farmers in
India diversify into different subsectors in an attempt to boost their incomes, and often to mitigate
risk.
Indian agriculture has come a long way, with the country among the world’s top seven food
exporters today. However, this positive headline obscures continuing challenges with farm
productivity and incomes, particularly for small and marginal farmer While agriculture has
progressed significantly, most Indian farmers have not, a key issue being the lack of profitability
in farming. Farmers’ aim is to generate income and make profits to meet living expenses, cover
social welfare needs and build assets for their families. Hence, for a farmer, what is significant is
not just increased production but rather how much of the production translates into tangible profit.
Most agencies working for farmers focus on increasing farm productivity, but their efforts might
not always be aligned with converting increased yield into greater profitability. This fundamental
divergence in practical priorities needs to be plugged in order to bridge the gap between what
research is keen to deliver and what the farmers are likely to adopt.

11
 Chapter 2: Overview of Start-ups and Ecosystem.

1. What is a Startup?
Source: NASSCOM Startup India report 2015, Secondary sources, New articles
Currently a clear definition of a ‘Startup’ does not exist in the Indian context due to the subjectivity
and complexity involved. Considering various parameters pertaining to any business such as the
stage of their lifecycle, the amount and level of funding achieved, the amount of revenue generated,
the area of operations, etc., some conceptual definitions are available in the public domain. These
have been sourced and enumerated below to provide an indicative understanding on the space to
the reader. The Department of Industrial Policy and Promotion (DIPP) is also working around a
clear definition for startups and is expected to make it public in due course.
A start-up is a young company that searches for an unknown business model in order to disrupt
existing markets or create new ones.

2. Startup Definition (As defined by DIPP)

Startup means an entity, incorporated or registered in India:

 Not prior to seven years, however for Biotechnology Startups not prior to ten years,
 With annual turnover not exceeding INR 250Million in any preceding financial year, and
 Working towards innovation, development or improvement of products or processes or services,
or if it is a scalable business model with a high potential of employment generation or wealth
creation provided that such entity is not formed by splitting up, or reconstruction, of a business
already in existence. Provided also that an entity shall cease to be a Startup if its turnover for the
previous financial years has exceeded INR 250Millio or it has completed 7 years and for
biotechnology startups 10 years from the date of incorporation/ registration. Provided further that
a Startup shall be eligible for tax benefits only after it has obtained certification from the Inter-
Ministerial Board, setup for such purpose.

12
According to startup india.gov.in, till 9 April,2018, there are;

30080 - Registered start-ups.

8916 - Recognized start-ups.
99 - Funded startups.

3. Start-Up stages:

1. Prestart-up:
 Discovery: Identify a potential scalable product/service idea for a big enough target
market.
 Validation: The service or product discovered hits the market, looking for the first
clients ready to pay for it.
2. Start-up:
 Maintenance: Maximising benefits and facing problems derived from the global
dimension that the business has achieved
 Sale or Renewal: The decision to sell the start up to a giant or acquire huge resources
that the brand will need to continue Growing.
3. Growth:
 Efficiency: The entrepreneur begins to define his/her business model and looks for
ways to increase customer base.
 Scale: Pushing the growth of the business aggressively while increasing its capacity to
grow in a sustainable.

4. Benefits of registering in startup India:

 Self -certification and compliance under 9 environmental & labour laws.

 Start-up patent application fast track & up to 80% rebate in filling patents.
 Startup patent application fast track & up to 80% rebate in filling patents.
 Public procurement fast track under the criteria of "prior experience/turnover" for startups in
all Central Government ministries/departments.
 Winding up company in 90 days under insolvency & Bankruptcy code 2016.
 INR 100 billion fund of funds for investment into startups through Alternate Investment
Funds.

13
 INR 20 billion credit guarantee fund for startups through National Credit Guarantee Trust
Company / SIDBI over 4 year.
 Tax exemption on Income for 3 year.
 Tax exemptions on capital gains & on Investments above Fair Market Value.
(Source: startupindia hub)

5. Ecosystem of start-ups
1. Startup:

A startup is a fairly new entrepreneurial venture or company which aims to meet a

marketplace need by developing or offering an innovative product, process or service.

2. Supporting Organizations

 Incubators:
An incubator is an organization in a technology/management school or an independent
setup that helps early stage startups launch their business and grow by providing services
such as work space, management training, captive mentor pool, access to technological
services etc.
 Accelerators:
An accelerator is an organization, either an independent organization or a corporate
program that supports early-stage companies through intense immersive education,
mentorship, and financing. Startups enter accelerators for fixed time periods and graduate
as established, robust companies which are ready to scale. Its objective is to accelerate the
growth of the portfolio batch startups in a short period of time.
 Mentors:
Mentors (experienced individuals typically from the same industry) guide the less
experienced startups with best practices, management tools, industry connections, etc.

3. Funding organizations:

 Angel Investors:
These seed or early stage investors typically put in a small amount of money as the assumed
risk is very high. They are usually affluent or high net worth individuals.

14
  Venture Capitalists/Private equity:
These companies typically invest in growth and late stages of a company’s lifecycle. Since
they are firms /professional investors they also provide access to legal, accounting and
networking support.

4. Knowledge:
 Resources and Tools:
Organizations such as research institutes and universities help startups familiarize
themselves with business terminology, gain industry insights, learn to develop business
plans and pitch to investors, strengthen their legal and financial knowledge, etc.

15
Chapter 3: Startup scenario in food and agriculture in India

India, world’s fastest growing start-up ecosystem with 10,000+ start-ups backs 3rd position in
world in no. of start-ups and Agriculture stands at 3rd place with 757 only after IT & Healthcare.
The scenario was not the same 4-5 years back when start-ups meant only IT, e commerce and
consumer internet. But things got changed with the advent of forces of FDI in Agrifood tech,
access of electricity and internet to the villages, changes in lifestyle due to increased income, and
deliberate attempts of government such as start-up India initiative.
source: startupindiahub.gov

Startup scenario in different sectors

1600 1422
1400
1200 930
1000 757 738
800 446
600 389 377 370 316 308
400
200
0

Table no1: Scenario of start-ups in different sectors as on 21May 2018according to Start-Up indiahub.gov

Sector Number of start-ups as on 21 May 2018

IT Services 1422

Healthcare &Lifesciences 930

Agriculture 757

Education 738

16
 Food &Beverages 446

Finance Technology 389

IOT 370

Green Technology 316

Technology hardware 308

Professional and commercial services 377

BROAD SUB-SECTORS IN FOOD AND AGRICULTURE

Table No.2: start-ups in sub sectors of food and agriculture

SUBSECTOR NUMBER OF START-UPS

AGTECH 442
DAIRY 38
FOOD PROCESSING 38
ORGANIC AGRICULTURE 121
OTHERS 118

17
Mapping of all start-ups in agriculture sector till February 2018 Emerging hotspots for agri start-ups

18
The mapping of start-ups clearly shows the emerging hotspots in food and agriculture sectors
which are: Maharashtra, Karnataka(Bangalore), Hyderabad, Delhi, Uttar Pradesh.

19
 Analysis of funding in food and agriculture sector:

The graphical illustration shows total known funding to different sectors in India from 1991 to
2017.The data clearly shows that the most heavily financed sectors are IT and Telecom. Magnitude
of investment in food and agriculture sector is negligible.

20
The above graph shows an increase in funding after 2012 in food and agriculture sector.
Although all the three industries showed growth but the growth of investments in food sector is
maximum.

The story behind this:

From 1980’s the ecosystem of startups in India started building but agriculture was least focused
until the first agri incubator arrived as TBI of ICRISAT in 2005.Even after that, the number of
start-ups were negligible in this sectors till 2010-2011. There were some changes that occurred
after that which triggered the reaction and paved way for more agricultural start-ups. The
following are the most plausible reasons for increased number of agricultural startups after 2012.

21
 FDI in Agriculture
 Increased income of people
 Advent of new health problems
 Saturation of e-commerce sector
 Access of electricity in rural areas
 More penetration of private players to rural areas and to farmer
 Government support.
 More awareness among people regarding opportunities in Agriculture sector.

FDI in agriculture

22
There was a sudden increase in the influx of
foreign investments in Agriculture during
2012. The main reason for this was a
liberalization in the government policies.

There was a decrease in FDI in subsequent

years but it remained to almost 2 times that
in the preceding year.

23
Chapter 4: Sub-sectors in Food &Agriculture

PRECISION INNOVATIVE FOOD FARM FRESH/

FARMING TECHNOLOGY ORGANIC FOOD

1.

SUPPLY CHAIN FISHERIES AGRI BIOTECH

ANIMAL FARM URBAN/VERTICAL

HUSBANDRY MECHINAZATION FARMING

SUSTAINABLE POST SOIL , WATER

HARVEST &WEATHER
INPUTS TECHNOLOGY TECHNOLOGY

24
 IOT Sector
The Indian IOT ecosystem has a diverse set of ~120 players including hardware vendors,
application vendors, network operators and system integrators; 60- 65% of these players are start-
ups

India is a rapidly growing hub for IOT solutions with market value expected to be INR616.00
billion, and an installed unit base of 1.9 billion by 2020

Although India began its IOT journey much later than developed economies, the installed base of
connected units is expected to grow at a rate much faster than them. IOT units in India are expected
to see a rapid growth of ~32x to reach 1.9 billion units by 2020, from its current base of 60 million.
As a result, India IOT market is expected to grow ~7x to move from INR89 billion in 2016 to INR
616.00 billion by 2020.

Source: Deloitte analysis, industry reports

2. Food industry

The Indian food industry is poised for huge growth, increasing its contribution to world food trade
every year. In India, the food sector has emerged as a high-growth and high-profit sector due to its
immense potential for value addition, particularly within the food processing industry.
The Indian food and grocery market is the world’s sixth largest, with retail contributing 70 per
cent of the sales. The Indian food processing industry accounts for 32 per cent of the country’s
total food market, one of the largest industries in India and is ranked fifth in terms of production,
consumption, export and expected growth. It contributes around 8.80 and 8.39 per cent of Gross
Value Added (GVA) in Manufacturing and Agriculture respectively, 13 per cent of India’s exports
and six per cent of total industrial investment. The Indian gourmet food market is currently valued
at INR 89Billion and is growing at a Compound Annual Growth Rate (CAGR) of 20 per cent.
India's organic food market is expected to increase by three times by 2020.

Investments
According to the data provided by the Department of Industrial Policies and Promotion (DIPP),
the food processing sector in India has received around INR516 billion worth of Foreign Direct
Investment (FDI) during the period April 2000-March 2017. The Confederation of Indian Industry
(CII) estimates that the food processing sectors have the potential to attract as much as INR 2.2
Trillion (US$ 33 billion) of investment over the next 10 years and also to generate employment of
nine million person-days.
SOURCE: https://www.ibef.org/industry/indian-food-industry.aspx

25
3. Farm machinery
The Indian machinery market is set to grow at a compounded annual growth rate (CAGR) of
around 6.6 percent to reach INR 769.2 billion by FY 2022.
Farming-as-a-Service
In India, average land holding size is 1.5 ha which is much less than European and western
countries. The small farmers who cannot afford buying machinery take it on rent from big farmer.
EM3 is the first company in India to organize this sector and renting machinery at affordable
prices. Other start-ups like Rago, Trringo, Gold farm, etc. have also emerged in the same line.

4. Supply Chain
The dairy and horticulture industries are growing faster than the grain industry in India. Milk
production in India is approx. 150 M tonnes and horticulture production is approx. 270 million
tonnes. There is need to optimize these supply chains for both milk and horticulture. Solutions
that can preserve the quality, reduce waste, improve traceability, and improve shelf-life efficient
aggregation, transportation and storage, are in need. Farm to consumer milk supply chain models,
such as LaVeda, Farmery, Puralite, and 4S Foods have been able to innovate supply chains and
scale up at a city to regional level.

5. Organic food market in India:

Growth rate by 2020:25%, globally growth rate will reach 16% by 2020

6. Precision farming sector:

CAGR-14.9% (2016-2022) Smart agriculture in global market is INR 1.2Trillion ($ 17.57billion),
by 2020 it will increase toINR1.831 Trillion ($26.76 billion.)

7. IOT device installation in global agriculture:

Growth at a CAGR:20% by 2020 the dairy market in India reached a value of INR 7,916 Billion
in 2017. IOT device installation will in global agriculture set up would increase from 30 million
in 2015-75 million in 2020.

8. Market size of food processing industry

In India will grow to INR 5.338 Trillion by 2018.

9. The Indian dairy market

Expected to reach a value of INR 18.599 Billion by 2023, exhibiting a CAGR of around 15%
during 2018-2023.

sources: Agrination, iot.com, business insider intelligence reports, imarcgroup.com,

techmahindra, nasscom

26
Chapter 5: Profiling of prominent start-ups in Food and
Agriculture space

Since the start-ups in food and agriculture are emerging at a rapid pace, it is necessary to
understand the sector and the start-ups in this sector. The profiling of the start-ups gives a
panoramic overview of various aspects of start-ups like different types of ideas coming up to
solve the problems of agriculture, the kind of people are coming in this sector and what
innovative marketing methods are used by them to market their product or service. It will also
give an idea of the role of ecosystem in the growth of start-ups like incubators, accelerators and
investors.

There can be more than one Start-Up working on same concept but because of certain reasons
one Start-Up becomes more successful than other. The reasons could be founder, team,
marketing plan, target customer, investment, governance, location, etc. It will help in comparing
different factors which could play pivotal role in success of Start-Up.

27
1. Avanijal Agri Automation Pvt. Ltd

Concept: Avanijal has developed an automated system - termed 'Nikash' - that leverages IoT and
wireless technology to control irrigation motors and valves in the field. This low-cost system
consists of a controller that is connected to an app, wireless sensor nodes that are embedded into
the soil and repeaters that establish communication between the controller and the
nodes. Farmers can configure their irrigation schedule on the app and remotely monitor the
activity thereafter, automating processes that were earlier done manually.
Source: economic times

Founders: Channabasappa Kolar & Vijayeendra H S

City it is based out of: Bengaluru
Headcount/Strength of the team: 3
Industry: AgriTech
Investors & amount raised: Bootstrapped, INR 3 million

Co-Founder: Vijayeendra H S. He is responsible for Hardware Engineering, Manufacturing,

Business Development, New Technologies, and shares other general management
responsibilities.

Experience: Prior to this role, he worked as General Manager at Mindtree Limited responsible
for Semiconductor and Hardware Engineering Service Business. Earlier he worked for Wipro
and Tata Power. He has 25 years of experience in the industry and has contributed in various
positions across engineering and management and has been responsible for the development of
Electronics Systems and Integrated Circuits for various applications across, Consumer,
Communication and Industrial Automation segments.

Education: Vijayeendra completed his B.E in Electronics and Communication, from Karnataka
University

Vijayeendra co-founded Avanijal with an intent to solve the farmer's problems/hardship by

optimal utilization of water and electricity by application of technologies.

Achievement: Among top 8 finalists in Qualcomm Design in India Challenge II launched in

association with NASSCOM and also incubated with Qualcomm.

28
2. BharatRohan Airborne Innovation Pvt. Ltd.

Founded:2016-06-17
Location: New Delhi
Cofounder 1: Rishabh Choudhary
Contact:8090962692
rishabh@bharatrohan.in
Specialization: UAV Design, Flying & Maintenance, Data Acquisition, Photogrammetry
Education: B Tech in Aeronautical Engineering
Worked with Start-Up-no

Co-founder2: Amandeep Panwar

Contact:9650588865
aman@bharatrohan.in
Specialization: Organisational Management, Business development, Data Processing

Employment generated:6-15-employment generated.

Sources of procurement (inputs): Local/ Online stores, OEM partner.

Details of product/service-They mitigate the risks in agriculture by providing an integrated
solution for diagnostics of fields and crops. Farmers get an easy to understand detailed report of
their farm with maps showing what is wrong with their crops with precise location.

Turnover-INR 5-10 million

Customers- Farmer/ FPO, Corporate, Government, individual farmers, Farmers in group,
Government / Private agencies trying to assess the yield, Corporate farmers

Channel of distribution-B-B, B-C, B-G

Challenges-Early stage of the market. Unconducive government policies.

Association with Incubator- a-IDEA.

29
3. Nub sol
Founder and Managing Director: Paul Basil

Investors: Villgro and Artha

Main work:

 Grower and Land Record Management

 Precision Monitoring
 Predict Cane Acreages confidently
 Yield Prediction
 Improve productivity and Increase Sugarcane yield
 Increased Recovery
 Maximize Sugar Recovery at Reduced Operational Cost
 Efficiency & Loyalty
 Improve Field Staff Efficiency and Stronger Grower Loyalty

1%-5% increase sugar Recovery

5%-10% increase in cane Yield

10%-25% increase field staff efficiency

10%-25%decrease in operational cost

 The service is available at all the places.

 Application installation and initial data set up can be achieved in two days.
 NubeSol will evaluate and suggest an approach for system integration with existing IT systems
and address data migration ensuring no data loss.

30
4. Aarav Unmanned Systems
Concept: Drones provide high-value engineering solutions to enterprises across GIS
Surveying/Mapping, Industrial inspection & Precision agriculture.

Head Office: Bangalore, Karnataka, Asia-Pacific

Categories: delivery, geospatial.

Founding Year :2013

Founders: Nikhil Upadhye, Suhas Banshiwala, Vipul Singh, Yeshwanth Reddy

Education and background: These are a bunch of designers, artists, developers & engineers
from IIT Kanpur, IIT Bombay, IISc Bangalore & IIST building the future of Drones and their
applications in enterprise space

Incubated: yes, by SIIC

Number of Employees :11-50

Website: aus.co.in/

Contact Email: info@aus.co.in

Phone Number: +919167469792

Number of Funding Rounds 3

1.StartupXseed Ventures
2.GrowX Venture Management
3.BellWether Advisors

Growth: As per Singh, AUS has seen a six-fold growth in revenues over the last one year.

31
5. Triton Foodworks Pvt. Ltd.
Clean, Accountable & Reliable Farming with Hydroponics and Aeroponics.

Location: Delhi

Categories: Agriculture, Farming, Organic Food

Founded Date: Sep 2014

Founders: Triton Foodworks by four friends — Deepak Kukreja, Dhruv Khanna, Ullas Samrat,
and Devanshu Shivnani.

Number of Employees :11-50

Website: www.tritonfoodworks.com

Contact Email: Info@urbanfarming.co

The company has greenhouses where temperature and humidity are controlled. The company has
invested heavily in the systems and processes that has enabled it to build and manage over
150,000 sq. ft. of state-of-the-art vertical farms

Products: vegetables like tomato, capsicum, cauliflower, broccoli, etc. and herbs like mint, basil,
etc.

Customers: Retail, Institutional and restaurant clients

Growth: Triton currently has over 200,000 sq. ft. area under hydroponic cultivation in various
locations in the country. Using hydroponics, it produces more than 700 tonnes of residue-free
fruits and vegetables every year.

Comments: The Triton food works concept is a mixed concept of precision farming, organic
agriculture as well as urban farming. Water scarcity and reduction in arable would be biggest
problem in future and this Start-Up is the best solution for water scarcity problem and also
produce the same crop as on field but in a very less space. The demand for chemical free food is
increasing due to increased health issues. This startup would be the best solution for this kind of
problems

32
6. EM3 Agriservices
Concept: The Uber of agri machinery. Custom hiring facility for agri machinery through its
Samadhan centres. 1st of its kind in India.

Inception year: 2014

Head office: Yamuna expressway, Noida

Locations:1240 locations - Rajasthan,20 + locations in – Madhya Pradesh, 1 location in UP

(franchisees based model)

Founder

Co-Founder 1: Rohtash Mall

 Age:62
 Education: IIT Delhi and IIM Kolkata
 Experience and achievements: Chief Executive of Escorts ltd., Chief Executive of
Bharti Airtel Ltd., CEO of Bharti Field Fresh Limited, Bharti Delmonte. Over 35 years of
experience spanning six industries—agri-machinery, agriculture, telecom, automobiles,
paper and chemicals across companies such as Bharti Airtel, Maruti and escorts.

Co-founder: Adwitya Mall

 Age:34
 Education: Bachelors in economics from DU, completed his MBA at the Simon School
of Business, University of Rochester
 Experience and achievements: front line sales manager with ICICI prudential. Strategy
manager at AXA insurance’s Asia headquarters at Hong Kong and was responsible for
developing corporate strategy for the group's 19 businesses across 10 countries in Asia.
The desire to do something large and impactful in India brought Adwitiya back to co-
found Em3 Agriservices.

Team:

 Deepak Kapoor: Over 37 years’ experience at senior management level. He was earlier
vice president at Chambal Fertilizer & Chemicals, India’s largest fertilizer company.

33
  Colonel NK Jangley: An army veteran with extensive experience in the field of
operations and logistics management.

No. Of employees: 350 (source: owler)

Product/service details: providing owned agri-machinery on pay-per –use basis through their
samadhaan centres and through mobile application.

Market:

 Market size: the Indian agricultural machinery market is projected to grow at a CAGR of
around 6.6% to reach INR769.2 billion by FY 2022 (source: business wire)
 The total market size of agri-machinery renting is stated to be over $5 billion, (source:
Your Story)
 McKinsey estimates FAAS to be a INR 8.2 Trillion ($120-billion) opportunity
 Market growth rate: 6.6% market is projected to grow at a CAGR of around 6.6%
(business wire)
 Competitors: Khatami, Zamidara, Trinigo (Subsidiary of Mahindra &Mahindra),
Tractorjunction

Traction/turnover: INR410.67 Million($6m) (owler)

Investments: INR 910.318 ($13.3m)

Investors:

 Series A: Aspada: INR 225.8 Million ($ 3.3m)

 Series B: INR684Million($10m), global innovation fund, Aspada (Kartik Srivastava-
partner investor) and Soros economic development fund. (source: crunch base)

Achievements: Partnership with John Deere, ITC, a joint venture with Trimble that offers
precision farm services; small farmers’ agri-business consortium (SFAC)

Growth:

 Serviced farmers cumulatively manage over 35,000 acres of land in the past two years
 Over 20,000 farmers have worked with em3 over the years
 MOU with Rajasthan government to open 120 samadhaan centers which will increase to
300 over the next few years (source: http://smartceo.co)
34
Comments: Em3 was the first one to work in custom hiring sector so will get the first mover
advantage. A few other start-ups have also emerged and some as subsidiaries of big companies.
Since only 40% of agriculture is mechanized, there is a huge potential to mechanize further 60%
by this custom hiring services. The company has a well experienced team. The new franchise
based model will certainly improve the accessibility of machinery to farmers and also service
points of the company and help in expansion. There is just one disadvantage i.e., purchasing
machinery will add to owned capital of the company and add to expenses.

35
7. Gold Farm
Inception year:2016

Head office: Tamil Nadu & Karnataka

Locations: 11 villages across Kolar and 6 in Gadag in Karnataka (the better india.com)

Founders:

Founder1: Abhilash Thirupathy

 Education: IIM Lucknow(Marketing)

 Experience: Business Development Manager, Johnson & Johnson, Assistant Dental
Surgeon.
 Achievements: Co-founded Surya power magic in 2012, co-founder of Health care
magic Start-Up in 2008.

Founder 2: Karthic Ravindranath

 Education: PSG college of Technologies.

 Experience: Technical leader at CSM software, application engineer at EDS
Technologies.
 Achievements: founder and CTO at Sakthi Aerospace Private Limited.

Team:

Number of people employed:101-250(crunch base)

Board member/advisor: Sham Menon (Bharat Innovations Fund)

Product/service details: based on farming as a service model. Aim to provide farmers the
access to book any farm equipment according to their requirement through a mobile application
and a call centre service. Gold farm offers a range of implements such as rotavators, disc
harrows, rotary tillers and MB ploughs. The services are charged on an hourly basis, based on
the tariff fixed by a local panel that includes a government representative, mainly the district
agriculture department officials, as reported in The Hindu Business Line.

36
Market:

 Market size: the total market size of agri-machinery renting is stated to be over
INR342.22 billion ($5 billion) (source: Your Story)
 Customers: farmers
 Market growth rate: 6.6% market is projected to grow at a CAGR of around 6.6%
(Business wire)

Investments: total 2 rounds

Seed round: INR 34.22 Million ($500k), Infuse Ventures

Seed round: INR136.89 Million ($2m), Mahindra Rise & Infuse Ventures

Achievements: till date (Feb ,2018), the team has converted 7,500 hectares of barren
land and 25,000 hectares of land has been ploughed and harvested in Kolar and Chikbellapur
district in Karnataka.

Growth: from a two-person startup, gold farm has now grown to a 100-people company. Its aim
is to provide farmers with products and services through a convenient platform and have a
positive impact on their lives. Its platform has benefitted over 25,000 farmers on ground.

They wish to spread across eight states in India and also start their venture in Bangladesh.

37
8. Farmart
Need of Start-Up and basic concept: Farmart aims to provide access of the latest agricultural
machinery and modern technology to every farmer. Farmart is a technology-enabled platform
that helps farmers to rent their underutilized agricultural machinery to fellow farmer

Inception year:2015

Head office: Gurgaon, Haryana

Locations: UP

Founders:

Founder1: Alekh Sangera

 Age:26years
 Education: BE, Mechanical Engineering from Visvesvaraya Technological University
 Experience: Analyst, Microsave

Founder 2: Lokesh Singh

 Education: PGDRM(IRMA), B Tech (H.B.T.I.)

 Experience: program officer, Nanadi Foundation, Senior Regional Manager, SKS
Microfinance, Managing Partner, Sanchetna Financial Services Pvt. Ltd., Senior Manager
(digital finance) Microsave.
 Achievements:34 publications, 3 honor and awards

Founder3: Mehtab Singh Hans

 Age: 26years
 Education: BBA(Finance) from Christ University, Bangalore.
 Experience: Product analyst in Goldman Sachs, Public Policy Consultant in national
institute of public finance and policy.

Number of people employed:62+(owler)

Investors: Indian Angel Network

38
Product/service details: By renting out machinery, a farmer can earn anywhere between INR
1,000 and 5,000 in a day. They take up about 10-15 percent of the commission on every
transaction. In an area where there is normal farming, farmers grow around 2.5 to 3 crops cycles
in a year, needing two implements per crop, which makes it 6-8 times in all. Since they cater to
vegetable farmers who have around 5 to 6 cropping cycles, the frequency of renting machinery
becomes around 12-15 times in a year. They wish to expand to every sector of farming and
provide maximum help to the farmer.

Market:

 Market size: The total market size of agri-machinery renting is stated to be over
INR342.22 billion ($5 billion). (Your Story)
 Customers: Farmers
 Market growth rate:6.6%
 Competitors: EM3, Harvest Port, Agrostar.

Traction:<$1m (owler)

Investments: undisclosed Angel Investment by Ambarish Raghuvanshi (angel network)

Growth: in less than two years, the company has roped in 5,000 customers and over 300
machinery owners — all in Uttar Pradesh.

According to one interview given to business line, the company’s business is growing fourfold
ever quarter.

Comments: Farmart has one advantage that it is working in northern states as other start-ups are
not working in northern states. Especially in Punjab region, there are big farmers who own heavy
machinery and every year migrate to south for providing custom hiring services.

39
9. Oxen farm solutions.
Need of Start-Up and basic concept: oxen farm solutions aim to make farming a profitable and
respectful profession through mechanisation, and access to farm equipment at an affordable
price. Solve the labour crunch in the farming sector through large scale mechanisation. The
startup brings innovation and advanced technology to farmers at an efficient and pay per use
‘farming as a service’ (FAAS) model, similar to the Ola and Uber services.

Inception year: 2016

Head office: Pune, Maharashtra

Locations: five states, namely Punjab, Madhya Pradesh, Uttar Pradesh, Chhattisgarh, and
Odisha.

Founders:

Founder1: Vishwajeet Sinha

 Education: B. Tech., Chemical Engineering (IIT Kanpur), Chartered Financial Analyst

from CFA institute, USA.
 Experience: Senior advisor, deutsche gesellschaft für internationale zusammenarbeit
(giz) gmbh Founder, Athena Services(education), Corporate initiatives and planning
department, Marg Ltd (developing company’s CSR strategy and leading the PURA
(provision of urban amenities in rural areas) project). Associate Vice President, INI
Consulting Pvt Ltd, Heading the Agribusiness consulting division and was responsible
for company's agribusiness strategy,

Founder 2: Satyajit Wandhekar

 Education: Agri post graduate, MBA(Symbiosis)

 Experience: first hand farming experience in cereals, horticulture and floriculture
network in Indian Ag Industry, strong operational experience in ag supply chain
management, exports and modern retail (big bazaar, pyramid retail)

Team:

 Number of people employed:40+ (owler)

 Promoters: Hendra Mathur, SEAF Fund, Sudhir Kamatha, CEO Sunterra Energies.

40
Product/service details: the startup brings innovation and advanced technology to farmers at an
efficient and pay per use ‘farming as a service’ (FAAS) model, similar to the Ola and Uber
services. Through its easy to use interface in the form of a mobile-based application 'kombine’,
Oxen enables the farmer to place their requirements for crop cultivation. The machine owner
receives the information and rents their services to the farmer through an affordable and
transparent price mechanism. Oxen is using IOT to gather information from sensors in
machinery and generating valuable data on machinery performance. It uses satellite imagery
and big data analysis to analyze crop health, crop progress, and harvesting status. Lastly, it
uses mobile-enabled solutions to capture crop data to assist farmer in harvesting the right crop
suitable for that land.

Competitors: Em3, Farm Gold, Farmart, Ravgo,

Revenue: INR102.66Million($1.5m) (owler)

Achievements: Tie ups with PepsiCo, Grimme, Tata Trusts, Siddhivinayak Agri Processing Pvt.
Ltd., incubated with IIT Kanpur.

Growth: Have worked with 10,000 farmers over 15,000 acres and 8 states and rapidly
expanding.

Comments: Although the concept is same as others but the rate of expansion is faster, as it has
covered 10,000 farmers in 8 states in just 2 year.

41
10. Mahindra Trringo:
Need of Start-Up and basic concept: Custom hiring

Inception year:2016

Head office: Maharashtra

Locations: Rajasthan, Gujarat, MP, Maharashtra, Andhra Pradesh

Founders: Subsidiary of Mahindra & Mahindra Pvt. Ltd.

 CEO: Arvind Kumar

 Education: mechanical engineering from Punjab Engineering College.
 Experience: Senior Area Manager at Escorts Ltd., Senior Sales Manager at Samson&
Company Ltd., Sales head at Same Duetz Fahr India, Pvt. Ltd, Md & CEO, Lemken Agro
Equipment India Pvt. Ltd.
 Achievements: Udyog Ratan Award.

Number of people employed: 60+ (owler)

Product/service details: Trringo is a web and mobile-based platform that offers tractors and
farm equipment for rent. The customers can also approach through the Samadhan centres of
Mahindra & Mahindra Pvt. Ltd by filling a form or through a toll-free number.

Marketing: it is done through company centres as well as franchisee based model.

Traction: INR 150Million ($2.2m)

Achievements: won Sabre Awards 2017, winner ITC Digital Transformation Awards.

Growth: 1 lac+ farmers registered.

Comments: the biggest advantage for Trringo is that it has the name of Mahindra. Mahindra &
Mahindra is a well-known name in farming community and present in almost all the states in
India and farmers are least known to do experiments. The company also has the advantage of
access to customers through its Samriddhi Centres. The company is also expanding at a good
pace. Having a good name, it would be easy for company to get finance.

42
In farm machinery, the prominent start-ups are all working in FAAS concept. EM3 was the first
to introduce this concept and others came a little later. Most of these start-ups are working in
different locations. The concept is same, so the success depends on other factors like the
founders, associations, execution and expansion rate. Mahindra’s trringo has registered 1 lac+
farmers which is the fastest. Oxen farm solutions have shown rapid growth in 5 states, with a
coverage of 10,000 farmers in just 2 years, without any big investment.

43
11. Delmos Research Pvt. Ltd.
Need of Start-Up and basic concept: Adulteration in milk is a big problem in India. Delmos
focuses on testing of milk adulteration and wishes to create an ecosystem where anyone can test
milk adulteration using Delmos kit before consumption.

Inception year: 2017

Head office: Gurugram, Haryana

Founders:

Founder1: Babbar Singh

 Education: B Tech, Dairy Technology, NDRI Karnal

 Experience: Senior Officer and Section In-charge in Amul, Assistant Manager at Modern
Dairies ltd.

Founder 2: Manoj Kumar Maurya

 Education: B. Tech in Dairy Technology from NDRI Karnal

 Experience: he worked with various reputed brands in dairy industry for 6 years before
going for this venture.

Investors: Agri Udaan Business Accelerator.

Product/service details: Delstrips are advanced, easy and ready to use reagent strips for
detection of adulteration in milk.

Customers: 46 government,532 private,254 cooperatives dairy manufacturing units and 90 m

population.

Traction: > INR 0.5 m revenue in 2 months.

Achievements: selected among top 20 innovative start-ups in World Food India Start-Up awards
2017, at incubation with NDRI, Karnal.

Growth: have clients in 7 states.

44
12. Happy cow dairy
Need of Start-Up and basic concept: it aims to help farmers who suffer owing to erratic
demand and supply of milk, poor pricing policy, malpractices of middlemen and negligible
support.

Inception year: 2013

Head office: Maharashtra

Locations: 20 milk collection centres in Maharashtra’s Pune and Ahmednagar belts

Founders:
Founder1: Sharad Garodia,

Education: Sydenham College: Bachelor of Commerce, Economics, MBA from Institute of

Chartered Financial Analyst of India.

Experience: Former head of Britannia’s Dairy Division. Also worked in different dairies and e-
auction dairies in leading roles. Experience of textile industry too.

Team:

Chairman: Mahendra Mehta

Director: Gaurishankar Jhalani and Shresha Garodia.

Milk Procurement: Sachin Naikade, Raghevandra Kulkarni

Investors: Angel Investors (Mahendra Mehta and others)

Product/service details: the company has set up bulk milk collection centers which have
facilities such as milk testing, grading, chilling and storage.

Marketing:

Market size: the Indian milk economy is worth INR. 5 lakh crore

Market growth rate: growing at a CAGR of 15%,

Investments: INR 42 Million ($615,000)

45
13. Happy Hens Farm
Need of Start-Up and basic concept: factory farming has taken over family owned backyard
farms, inhumane& unethical farming practice, poor food quality. Happy hens farm claim to be
India’s first poultry farm with highest animal ethics and best environment.

Inception year:2012

Head office: Madurai

Locations: predominantly in south – Bangalore, Chennai, Pune, Mumbai, Hyderabad, Goa,

Trichy, Madurai & Karur. Recently launched in Delhi initiating to other cities in the West,
Kerala& others soon.

Founders:

Founder1: Ashok Kannan, co-founder.

Handles production. Has great experience & knowledge in natural farming, traditional medicines
with herbs, animal behavior especially poultry. 8yrs of experience

 Education: early schooling

 Experience: handles production. Has great experience & knowledge in natural farming,
traditional medicines with herbs, animal behavior especially poultry. 8yrs of experience

Founder 2: Manjunath M – Founder

 Education: graduation in business management

 Experience: handling – marketing & finance and textile designing. 8 yrs. of experience
in running a farm. He spent his early years among the hens, cows and sheep his
grandmother kept. As a teenager, he got involved in rescuing urban wildlife in Bangalore.
Manjunath manages the marketing, outreach and finance at happy hens.

Number of people employed: around 20

Investors: Native Angel Network

Product/service details: free range brown eggs rich in protein, omega 3 and carotenoid. Three
variants: grade aa, grade a and grade b. They are graded based on weight only.

46
Service: they provide training to interested marginal farmers, support them with chicks, feed &
buy back. Set the SOP for sustained quality management

Customers: every eggetarian

Revenue: > INR 25 million

Investments: by Native Angels.

Achievements: have partnered with leading organized retail brands like Natures Basket,
Bigbasket, Hypercity, Tata Trent, More, Metro Cash & Carry & soon with Walmart and other
corporate companies, hotels, hospitals.

Growth: they are spreading through the franchise model. They now sell 3,000 eggs across India
on a daily basis (your story) which indicates return of around INR 27 million/year

47
14. Oshun A2 Milk
Concept: mass options available for raw milk are only in A1 category which are supposed to
have health disadvantages.al so there are problems of milk adulteration. Producers are also
getting low price from mass aggregator. Oshun milk aims to solve these problems.

Inception year:2017

Head office: Mumbai

Locations: near Gurugram

Founders:

Founder1: Abinash Mohanty

 Education: Post-graduate in finance from the Faculty of Management Studies (FMS),

new Delhi and Electronics Engineering from National Institute of Technology, Rourkela
(NITR)
 Experience: Abinash brings with him ~ 6 years of combined industry & consulting
experience. He has a diverse profile with roles spanning across R&D, Management
consulting, global strategy, operations across Pharma, automobile, education & digital
media sector. He loves solving complex problems and working with people from diverse

Founder 2: Anupam Sharma

 Education: He is a post graduate (recipient of university gold medal) in finance from the
faculty of management studies (FMS), New Delhi and is computer engineer from Delhi
college of engineering, Delhi
 Experience: Anupam brings with him over 6 years of professional experience in variety
of leadership & strategy roles. In his latest role as EA to CEO of a multi-national cloud
technology company focusing on media sector he has done multiple hats spanning
company strategy and management, global sales and operations, acquisitions and
financial and developed an intrinsic understanding of digital, cloud media and technology

Co-founder: Rohny Shende

 Experience: ~ 9 years experience in designing technology solutions he has designed end

to end solutions for a local search giant right from e-commerce, data visualization, POS

48
 solutions to heavy data processing and automating systems. Currently working across
image processing and artificial intelligence. Loves to engage in hackathons and design
jams.
 Education: Computer engineer from College of Engineering and Technology, Pune

Product/service details:

Marketing: Market size: the Indian milk economy is worth INR 5 Trillion

Market growth rate: and is growing at a CAGR of 15%,

Achievements of Company:

 Supplying to top cafes (yoga house) and gourmet cheese manufacturers (spotted cheese)
in Mumbai.
 One of the 8 brands curated by Talwalkars gym, to partner in 2017
 Supplying to top ethnic retail outlets in Mumbai- farmers market store, Neelam Foodland
 Early discussions with kefir manufacturers – Moina’s kefir
 Fledgling presence in ayurvedic retail chains and nutritionists’ network.

49
Chapter 6: Government support to start-ups in food and
agriculture

1. Food processing sector:

Some of the initiatives taken by the Government of India to improve the food processing sector in
India are as follows:

 Government of India aims to boost growth in the food processing sector by leveraging
reforms such as 100 per cent Foreign direct investment (FDI) in marketing of food products
and various incentives at central and state government level along with a strong focus on
supply chain infrastructure.
 In Union Budget 2017-18, Government of India has set up a dairy processing infra fund
worth INR 80 billion (US$ 1.2 billion).
 Government of India has relaxed foreign direct investment (FDI) norms for the sector,
allowing up to 100 per cent FDI in food product e-commerce through automatic route.
 The Food Safety and Standards Authority of India (FSSAI) plans to invest around INR
4.82 Billion (US$ 72.3 million) to strengthen the food testing infrastructure in India, by
upgrading 59 existing food testing laboratories and setting up 62 new mobile testing labs
across the country.
 The Indian Council for Fertilizer and Nutrient Research (ICFNR) will adopt international
best practices for research in fertiliser sector, which will enable farmers to get good quality
fertilisers at affordable rates and thereby achieve food security for the common man.
 The Ministry of Food Processing Industries announced a scheme for Human Resource
Development (HRD) in the food processing sector. The HRD scheme is being implemented
through State Governments under the National Mission on Food Processing. The scheme
has the following four components:
o Creation of infrastructure facilities for degree/diploma courses in food processing
o Entrepreneurship Development Programme (EDP)
o Food Processing Training Centres (FPTC)
o Training at recognised institutions at State/National level

2. Agriculture:
Government initiatives such as Kisan Credit Card, National Mission on Agricultural
Mechanization (NMAM), and Tractor Subsidy Scheme have contributed to the growth of the
machinery market.
Easy availability and access to low cost credit is another reason for growth in the market.

50
Strong governmental regulations on the availability of finance for agricultural mechanization tools,
rural development.

 The Venture Capital Assistance Scheme:

Headed by: Small Farmers’ Agri-Business Consortium(SFAC)
The quantum of SFAC Venture Capital Assistance will depend on the project cost, location and
the promoter's status.

 Promoting Innovations in Individuals, Startups and MSMEs (PRISM):

Headed by: Council of Scientific & Industrial Research
Support grant is provided under categories such as PRISM Phase I, PRISM Phase II and PRISM
R& D Proposals.

 Growth Capital and Equity Assistance

Headed by: Small Industries Development Bank of India (SIDBI)
Sector-agnostic scheme.
MSMEs are helped to leverage equity / sub debt assistance from SIDBI for raising higher debt
funds.
 Startup assistance Scheme
Headed by: SIDBI Bank
The financial assistance provided is need-based, subject to a maximum of INR 20Million and
equity kicker.
 Dairy Entrepreneurship Development Scheme
Headed by: (NABARD)
The incentives differ with respect to the cost of the required equipment or establishment of the
facilities.
 Enhancement of Competitiveness in the Indian Capital Goods Sector
Headed by: Department of Heavy Industries(DHI)
One time grant up to 25% of the cost of the technology acquisition of each technology. Maximum
amount given shall not exceed INR 100 Million.
 Coir Udyami Yojana:
Headed by: Coir Board
The amount of bank credit will be 55% of the total project cost after deducting 40%margin
money(subsidy) and owner’s contribution of 5%from beneficiaries.
 Aspire - Scheme for promotion of innovation, entrepreneurship and agro-industry:
Headed by: Steering Committee, Ministry of MSME. Based on nature of existence of the
incubator.

51
  Credit Guarantee:
Headed by: Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE)
Both term loans and/or working capital facility up to INR 10Million per borrowing unit are
being provided.
 Raw Material Assistance:
Headed by: National Small Industries Corporation (NSIC)
MSMEs will be helped to avail economics of purchases like bulk purchase, cash discount, etc.
Also, all the procedures, documentation and issue of letter of credit in case of imports will be taken
care of.
 National Awards (Individual MSEs)
Headed by: Office of the Development Commissioner (MSME). Sector-agnostic
The Selected National awardee is facilitated with a cash prize of INR 100K, INR 75K,
INR 50 K in order of ranking.
 Atal Tinkering Laboratories
Headed by: Atal Innovation Mission
AIM will provide grant-in-aid that includes a one-time establishment cost of INR 1Million and
operational expenses of INR 1Million for a maximum period of five years to each ATL
 Scale-up Support to Establishing Incubation Centres.
Headed by: NITI Aayog
Grant-in-aid support of INR 100 Million will be provided in two annual installments of INR 50
Million each.
 Pradhan Mantri Mudra Yojana (PMMY)
Headed by: Micro Units Development and Refinance Agency Ltd.(MUDRA)
MUDRA offers incentives through these interventions:
>Shishu: covering loans upto INR 50,000/-
> Kishor: covering loans above INR 50,000/- and upto INR 500K
> Tarun: covering loans above INR 500K and upto INR 1Million
 Stand Up India
Headed by Small Industries Development Bank of India (SIDBI)
Sector-agnostic
Composite loan between INR 1Million and INR 10Million to cover 75% of the project cost can be
taken up, inclusive of term loan and working capital.
 SIDBI Make in India Soft Loan Fund for Micro Small and Medium Enterprises
(SMILE)
Headed by: Small Industries Development Bank of India (SIDBI)
Sector-agnostic. The loan amount granted is based on category entrepreneur lies in. (General,
women, SC/ST/PWD).

52
CHAPTER 7: Food & Agriculture focused Investors

The following finance institutions are actively involved in funding food and agriculture start-
ups:
 Ankur Capital: It has financed start-ups like Agricx Labs, CropIn Technologies, Big
Haat, Suma Agro, TESSOL, Healthsutra, Camel Organics.

 Omnivore Partners: Belongs to Godrej group.

 FVCCL: Future Venture Capital Company Limited.

 Epsilon Venture Partners:

 Oikocredit – Maanaveeya Development & Finance Ltd.

 Sequioa Capital.

 Global Innovation Fund

 IDG venture

 Info Edge

 Infuse Ventures

 Indian Angel Network

53
Chapter 8: Report of visit to Start-Ups

Visited 8 start-ups, 3 incubators, 2 mentors in Hyderabad and Bangalore.

The main component of the visit was interaction with the founder and co-founder. While in
incubators there was also a visual experience of their work.

Start-ups:

1. Inner Being Wellness

2. Gen Agritech
3. Saro Naturals
4. Agricx Labs
5. Stellapps
6. Jivabhumi
7. Growyield Tech Solutions
8. Barrix

Incubators:

1. aIDEA NAARM
2. TBI-ICRISAT
3. NSRCEL

Mentors:

1. Mr. Uday Bhate

2. Mr. Nagaraja Prakasham

54
1. Inner being wellness:
Concept: Healthy and chemical free, millet based food.
Need: It is needed as diseases and health problems due to unhealthy food are increasing.

Co-founders:
Mr. C.S. Jadhav
 Experience: 25 years experience in advertising, public relations, product management,
sales and distribution.
 Education: MBA & Diploma in Communication & Journalism, MA, Public and Personnel
Management.
 Achievements:
 Emerging India Awards from CNBC India
 Top 3 finalists of Infodev global top 50 competition by World Bank at Helsinki
Finland
 Best sustainable green award by Yes Bank
 Advisory member for Land Tenure for sustainable models at Food and Agriculture
Organization (FAO) Italy, Finalist at the Africa forum for clean energy Financing,
Johannesburg, South Africa
 Recognition and media coverage, from CNBC, Discovery channel, Et now, New
Ventures World Resource Centre (WRI), USA, The Aspen Institute of
Development Entrepreneurs, (ANDE) USA, on sustainable innovation concepts.

Sandesh Pandhare
 Background: over 25 years of experience in the global financial and investment industry. He
has managed a global portfolio of companies with several billion dollars of capital invested
across diverse industry verticals, including healthcare and wellness sector.
 Education: He is a CFA charter holder and holds a Master's degree in Management Studies
from JBIMS, Mumbai University and a Bachelor's degree in Engineering from COEP, Pune
University.
 Achievement: Based in Dubai since 2001, featured amongst the Top 100 Powerful Indians in
the Gulf.

Directors:
 Adhiraj Sarin
 Pradeep Dhoble (investing partner at Springforth)
 Ira Malik (Strategy & Brand Consultant),
Scale of operations: currently working in Hyderabad and Mumbai. Have plans to extend
operations to Bangalore, Mumbai and Delhi.

55
Tie–ups and Investments: Tie up with PJTS, NAARM and IIMR. MOU with Rajasthan
government too.
Marketing:
1. Influencer marketing:
Since the product are based on millets, organically produced, chemical free, health enhancers, they
are tapping dieticians. At present, more than 50 hospitals in Hyderabad keep their product and also
recommend it to patients. They are also approaching chefs to use their products in their diet recipes.
All the big restaurants like Hayat, Taj, etc. keep their products.
2. Modern trends:
The young generation and the people will not understand if they are given in the form of millet.
They will accept the product in form which is in trend. UPMA is one of the most popular breakfast
they presented it in the form of Puma as JOWAR UPMA. Young generation will not accept it if we
say millet is healthy but will accept in the form of very popular flakes. So, they presented Jowar
flakes, Ragi flakes, Jowar vermicelli, noodles, pasta, etc. A total of 27 products have been launched
till now and they are also getting a good response. The company emerged from 0 value to a
INR30Million company.
They are also planning to supply it to major IT companies like Google and Microsoft. These
companies are followed by billions of people and their trends are also followed by them.
Investments:
Seed capital: aIDEA NAARM, 1 Dec,2017

Frontline strategies-private equity $300k in December 2017

The company has people with over 25 years of national and international experience and strong
tie – ups for technical expertise. The company is targeting, the health-conscious people of the fast-
moving metro cities. The sector is continuously increasing its size and so the market for their
product is also increasing. The product can be easily spotted in any food retail line of the cities in
operation. The company has outsourced manufacturing, which reduces their fixed expenses and
production costs.

Other players can enter this segment but they will not get the first mover advantage. The threat
still persists in case of big player. If they focus on this segment, then they will get the advantage
of their well-established brand. If Inner being somehow overcomes this barrier, it can become a
renowned name in the field of neutraceuticals and wellness sector in India & Abroad.

56
2. Gen Agritech

Sector: Sustainable Inputs.

Need: the harmful effects of chemicals and pesticides are becoming more and more visible on the
human health.eco-friendly solutions through research oriented products for enhancing the yields
and quality of the output and are the need of the hour.
Founder: Dr P.N. Rao
Experience: Have a big farm (around 20 acres) with precision farming, drip irrigation, and organic
input application.
Education: done PhD from biotechnology background.
Achievements:
Incubated by a-IDEA.
Accelerated by a-IDEA.
Co-founder: Dr P. S. Lakshmi
Role: Operational Manager.
Since It is a partnership firm, it is not having investor.
Team: 40 people out of which 12 are at Hyderabad and rest work in the field for marketing.
Products: They have a category of products which include:
1. Bio repellents
2. Speciality products
3. Plant growth promoters
4. Fertilizers
5. Crop protectants.
Competitor analysis: there is no organized player in bio repellents sector. There are others who
make organic products but there is no authenticity of their products. There are eco-friendly
repellents but they work on solar energy. Installing solar energy system can cost upto 20000-
30000.Whereas these products come at much lesser price.
Cost of production: they manufacture the product at their own farm, but the technology is not
complicated. It is indigenous and inputs are also procured locally so the cost of production doesn’t
go higher.
Returns (recurring/non-recurring) : The returns will be recurring as the nature of product is like
this. Marketing: the product is launched in Telangana, Maharashtra, Andhra Pradesh, Bihar and
Gujarat. The distribution channels are retail outlet of Coromandel, ITC and also through internet
platform like Indiamart and web site.

57
Barriers to entry: There are legal and policy barriers in this sector. There is no registration policy
for wildlife repellents in the law. This barrier can become the advantage for the company in long
run.
Connections: the company is well connected with NAARM, Coromandel and ITC.
The products developed are quite good and caters to the need of the farmers, and the company is
progressing at a steady rate and many investors would be waiting to provide them with funds. The
main focus of the company should be to increase the distribution among the farmers all across the
country because farmers are still unaware that organic wildlife repellents are available.

58
3. Saro Naturals:

Sector: Dairy farming, A2 Milk.

Need of the product: need is generated out of hype created by some researchers that A1 milk is
not safe for health. This hype has no valid proof but people belief in that demand for a2 milk is
increasing.
Founder and cofounder: Mr. Srikanth Mannem.
Background: Airforce, Engineering
Education: IIM Ahmedabad.
Co-founder: Ms. Sangeeta Kar.
Background: Teaching
Reason for entering this sector: Agricultural roots.

Team: Team for Saro Naturals is quite small. Only 3 people are there. Founder, cofounder and
one partner for managing the farm.

Business model: b-c business model. They rely on direct distribution of milk at doorstep to the
customer.
But moreover, the aim of the start-up is also to make a model farm which can be easily adopted
by FPO’S so that in later stages they will connect with them and scale up their operations.

Challenge: The big players like Amul have entered the space but it is a positive point for them
because they will help in market creation. For unorganised players the big challenge is to chill the
milk to 4 degrees in 4 hours They have been able to achieve that.

 Financing: Generally, the investors are not interested to invest in a dairy farm. If they are
there then also they only provide debt funding only in which the terms and conditions are
not favorable for the owner.
 Time: A dairy business starts giving return only after 2-3 year. Until then it is just a
sustainable one.
 High license fee: There is a requirement of FSSAI license to keep the product in retail
stores. And again, taking a license is quite expensive.

Consumer groups: The product is more focused on infants, old aged people, and the health-
conscious people.
Traction: it is getting traction from local areas

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The idea of A2 milk is not only good from health aspect but also a national issue as indigenous
breeds produce A2 milk. All the people who want to consume indigenous products can become
the potential buyer Currently they are having 80 customers only but they have plans to expand the
customers to around 160.

Growth: it was established in 2015. The nature of dairy industry is that it requires some time to
realize returns. In 3 years, the growth was a little slow but it can grow with time if efforts in
marketing and scaling are done. There is strong need to add more people to the team especially in
marketing because the founder and co-founders don’t have marketing experience.
Apart from these three breeds of Gujarat will not perform that good in this area, so local breeds
should be used for milk production.

60
4. Agricx labs:
Need of the idea: there are several cases in India especially in a particular region where farmers
having same produce gets different prices dealing with the same trader/buyer. The main reason for
this is a perception of quality which the buyer makes up in the mind. To solve this problem this is
a very innovative solution.

Founder: Mr. Ritesh Dhoot

Experience:

 25 years of experience in the industry.

 Was director of engineering at CISCO.
 Also co-founded-Bookhospitals.com

Founder: Mr. Saurabh Kumar(CEO)

Strong professional background (Grass Roots Plc, Tajonline.com & Alkem) PI, Ecommerce

Came to agricultural sector: curious to solve problems. For knowing the problems, they worked
with an FPO at Belgaum. They started with the brokerage work of potato there. We realised that
working with farmers and selling their goods is operation intensive. The farmers with same quality
may get different prices. So, the real problem was the perception. Perception difference related to
quality of produce. So, this idea came to their mind that whether they can change that perception of
people by use of technology.

Concept start-up, how it works: The price of photo depends on the grade and the grades depends
on shape, size, and defects. The defects may include rotting, greens, bruising. They have developed
a model which can give information about the grade of potato just by taking picture of the produce
from the software.

Sampling model: Sample size is of 50 kg if total produce is 10 tonnes. it is spread in a cloth evenly
and a picture is taken and again one another picture is taken when that produce is flipped. These
pictures come to the software which analyses it and tells the real grade of potato.

Marketing plan: They are selling software to enterprises who want to buy it like the one which
deal in French fries and potato chips and whereas they provide software +services to cold storage.
There are some companies which procure potatoes in bulk and require specific characteristics for
that like for making French fries, santana variety is used. Similarly, a particular grade of potato is
61
needed in this business and need such technology to grade bulk of potato. They are also providing
our technology to McCain which is the largest procurer of potato in India.

Revenue Generation: it is service but it gives recurring revenues. In case when they sell technology
to enterprises, they take from them an annual subscription charge but in case when they also provide
services, they charge them for every report they generate.

Connections and achievements:

 accelerated by CIIE, IIM Ahmedabad.

 selected for the Agri Udaan programme by Government of India.
 Featured in Agfunder and Agtech enablers in India.

Competitors: In India, this concept is very new. Only one start-up firm INTELLO LABS is
working on this concept. Globally, in US, a new company Ag Shift is also working on the same
concept. Apart from these two there are no other competitor.

Investments: Seed funding: By CIIE & Ankur Capital, Sum: INR 34.2Million ($500k.)

Comments: Agricx labs is solving one of the major problems of the farmer Although the team does
not belong to agricultural background but they have seen the reality and difficulty in operations
while working with farmers at grassroots level.

The technology is still in development stage and once developed can be used in all other crops.
There is huge potential for using this technology in India. Also, there is only one major competitor.
It is largely because the development of such technology takes time but in long term this becomes
advantage.

62
5. Stellapps:
Founded in 2011 as an app and software company and became India’s first company to take
power of technology to dairy sector.

Sector: IOT

Founders: Ranjith Mukundan, Venkatesh Seshasayee

Last Funding: INR958.23Million ($14M) from Gates Foundation, 31 May, 2018

Number of Employees: 101-250

5 ex-Wipro people with 15+year of experience thought that they should do something out of the
league. They did a lot of churning of ideas and ultimately came to healthcare and agriculture
sector because they really needed contribution and also the technical expertise of the co-founders
could be applied there

These people chose dairy sector because India has the largest dairy industry in the world but it is
highly unorganised. Farmers are unaware and not having knowledge about advance technologies
and they were not given attention.

Ranjith Mukundan (Co-founder, CEO & Managing Director)

 B.E., Electronics & Communication, Bangalore University

 MS, Telecom & Software Engineering, Illinois Institute of Technology, Chicago

 Previously telecom Applications Global Practice Head, Wipro responsible for Business
Development, Delivery/Execution, Technology/Consulting.

 Leading team of 250 people as part of the Wipro Telecom Application Practice

 17 years of industry experience, including tech consulting with NOMURA

 Member of Wipro Research Board (CEO nominated)

 Led Wipro Centre of Excellence (CoE) to Chairman’s (Azim Premji) Award for two
consecutive years

Ravishankar Shiroor (Co-founder, Director & Business Development Head)

63
  M. Tech, Telecommunications, IIT- Madras

 20+ years of industry experience (embedded software, telecoms)

 Member of Wipro Center of Excellence (COE) team for many years

 Global pre-sales & consulting head, Apps Practice, Wipro

 Service layer strategy advisor – AT&T, Telstra

 Technology strategy advisor to Nortel, Ericsson, Alcatel-Lucent

 Product management of next generation solutions – IPTV, mobile IP multimedia services

Praveen Nale (Co-founder, Director & Chief Technology Officer)

 M. Tech, Computer Science, IIT- Madras

 15+ years of industry experience (Hardware, Embedded Software, Telecoms)

 Member of Wipro Center of Excellence (CoE) Team for many years

 Chief Architect – Enterprise VAS & Hardware design

 Wipro, Nortel, Airtel (Service on Demand), Thomson

 Exposure to all facets of industry including pre-sales, consulting, R&D

 Unusual combination of hands-on exposure to both hardware and software

Ramakrishna Adukuri (Co-founder, Member of Technical Staff & Head of Software

Solutions)

 M. Tech, Computer Science & Information Technology, IIT-Kharagpur

 15+ year of industry experience (Telecoms, Enterprise Architecture)

 Member of Wipro Center of Excellence (CoE) Team for many years

 Chief Architect – Unified Comms & Cloud

 Wipro, Cisco, Avaya, Ericsson, Nortel

64
Venkatesh Seshasayee (Co-founder, Member of Technical Staff & Head of Domain
Solutions)

 B.E., Computer Science, Bangalore University

 15+ years of industry experience

 Member of Wipro Center of Excellence (CoE) Team for many years

 Chief Architect – Aircel & Uninor Service Delivery Platform (SDP)

Wipro, Nortel, Aircel, Uninor, Bloomberg, Ericsson

Jinesh Shah(Director)

 Founding Partner at Omnivore Capital

 Earlier with Nexus Ventures as CFO & Vice President

 A finance professional having an entrepreneurial attitude

Customers: Stellapps today has over 200 customers, including many large tier one customers and
several small customers, across the dairy industry pan India. The Start-Up has also expanded
outside India having sold its solutions to a Dutch company for deployments in Kenya and sales in
Nepal (through one of its channel partners in North India). Key clients include Hatsun, Tirumala,
Heritage, Haldiram, Prabhat Dairy, Akshayakalpa, KMF, MILMA, AAVIN, Smart Dairy
(Netherlands) and Shri Laligurams (Nepal).

Comments: Stellapps has disrupted the market in dairy automation. Solutions in bits and pieces
were available but complete solutions are provided by stellapps. This company has a team of
experts in technical and management background having a lot of experience. They took 4
complete years in technology development which emerged to be a disruptive innovation. The
company is already in scaling stage. The sector in which it operates is highly unorganized and that
too the largest in the world so there are very high chances that the company will turn out to be big
one in few year

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6. Jivabhumi Agritech Pvt. Ltd.
Sector: Supply chain and farm fresh retail.
Incorporated: Feb 2016
Concept: The company connects the farmers to buyers as well as provide safe food with the help
of Blockchain Technology. Customer can trace back the producer of the product by using
traceability service.
Founder: Anil Nadig
 Experience: worked with Infosys as electronic engineer for 18-20 years, Member of NGO
Garden city farmer.
 Reason for entering this sector: Was passionate about agriculture from the early life.
Became more conscious of food when his son was born.

Co-founder: Srivatsa

 Experience: worked in consulting firm, Edu tech Start-Up and in IOT firm in software
developmental roles.
 Education: IIM Bangalore

People in team:15

Marketing: B-B and B-C, promotion is done in NGO’S and Events.

Head office: Bangalore

Location: Karnataka

Scaling plans: to Hyderabad and Mumbai.

Customer presence:
 household consumer: only in Bangalore
 Institutional consumers: all across India.
Comments: Jivabhumi operating in organic space in India. In India, the organic food sector is
going to expand at a 25% CAGR so this Start-Up has a large scope for expansion. The role of this
start-ups is also important because there are very less organic Start-Up dealer. The Traceability
concept is unique and if operated well can benefit farming as well as consumer community. Both
the founders very passionate about this project.

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7. GrowYield:
AgTech IoT Solution for Aquaculture farmers for Real-time Monitoring & Risk Prediction

An advanced tracking and suggestion providing tool has been prepared for shrimps farming and
fisheries. The device will check the oxygen level, pH and temperature. In fisheries industry, this
fluctuation of temp, and pH can lead to huge losses therefore this device could be very beneficial
for them

Founded: 2017

Incubation: earlier it was accelerated with the accelerator program of aIDEA. At current, it is
attached with NSRCEL for incubation.

Product details: the product is a device and a mobile based application. The device will be
installed in the water and it will measure the Dissolved oxygen, Temperature and pH and send
updates every 5 minutes to the farmers

Founder:

Sudeesh Thatha:

 Education: IIM Bangalore.

 Innovative & Entrepreneur leader with 19+ years of experience in building multi location
technology organizations in delivering cloud, mobile and IoT solutions for Industrial Safety,
Healthcare, Security and Aquaculture businesses. He also worked with Honeywell in
different roles. Got the idea of the Start-Up while making a project on shrimp farming.

Progress: Currently doing their pilot project in which 12 systems have been installed till now for
4 weeks. If customers like the product, he can make a purchase.

Comments: The shrimp farming is done in either freshwater or brackish water. If the control of
factors is done properly, there could be thick profits to the farmer This innovation is rare and
would help the farmers a lot. The Start-Up is in developmental stage and is looking for finances to
expand their business.

As the technology was designed and it require special skills to do it, it would not be that easy to
copy the product.

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8. Barrix
Sector: Sustainable Inputs
Founded: 2012
Concept: Pheromone Based Pest Control Traps. These pheromones are gaseous hormones that
attracts pests. Once the pest comes, it gets trapped. They are also making plant-based organic
products that protect crops from fungi and bacteria.

Founder: Lokesh Makkam, 37.

 Education: MBA in pharmaceuticals management,
 Experience: Makam worked for companies such as Ranbaxy, Dabur and Himalaya before
cofounding the firm with personal savings of INR 23 lakh, along with Mayil Vaganan in
2011.

Co-founder: Vaganan, 40.

 Experience: worked at pharma majors like Cadila Pharmaceuticals and Ranbaxy, before
changing his focus to agriculture.

Incubated: with CIIE, IIM Ahmedabad

Team:150
Head R&D: Dr Kannan

 Worked with Colgate Palmolive earlier,

 Formulated 18 molecules and 14 products. Under his leadership company got 13 patents.

Investments: Got undisclosed investment from Omnivore partner.

Growth: Besides expansion in domestic markets, it is now also planning to tap foreign markets
like the US and Europe. It expects to achieve revenue of INR 200 crore in next five years as per
Economic Times. Currently working in 11 cities in 11 states. Also, export to Sri Lanka,

Comments: The biggest advantage of company is that all the departments are under one roof
which reduce their costs. Also, they do not procure anything from foreign. everything is procured
indigenously. Inspite of facing a lot of barriers, the company has emerged well as expanding its
product line. The R&D is the strength of the company. If company gets good funding, it can
better scale to other states. The farmers who used these products are very happy so they can help
in increasing the demand of product.
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Chapter 9: Incubators &Accelerators in Food &Agriculture

LIST OF
INCUBATORS:

A-IDEA,NAARM

IIMR(NIELAN)

VILLGRO

ICRISAT
IIT KHARAGPUR

IIT KHARAGPUR

IKP Accelerators
A-IDEA
CIIE ICRISAT
CIIE, IIM AHMEDABAD IKP
a-IDEA IIMR
NDRI(SIDNET)

IIHR

TNAU

IARI

IRMA

IIM KOLKATA

69
Visit to incubators:

1. a-Idea (Association for innovation development for entrepreneurship in

Agriculture)
Founded:2015

Umbrella organization: NAARM

Core team:

 Director NAARM: Dr Ch. Srinivasa Rao

 CEO: Dr K Srinivas
 COO: Vijay Nadiminti
 Vice President: Dr S.K. Soam

Programmes:

 Sensitization
 Ideation
 Acceleration
 Incubation

Sensitization: Sensitization workshops are one day motivational programs to sensitize the
students in Agriculture universities and other colleges to make them realize the importance of
entrepreneurship.

Ideation: Ideation event is a more organized and structured event to identify creative ideas on
agriculture from the students. This event is held once in a year at a national level. We have
launched ideation event in agriculture with the name of the event as “Krishi Kalp”.

Acceleration: Pan-India competition which is help yearly once.

Duration: 4 months.

Incubation: ongoing program to support early stage agriculture startups. Incubation period is
usually for one and half year and subject to extension in special cases, post which the startups
are graduated and they set up their business out of the incubator premises suiting its market
requirements.

70
FACILITIES &SERVICES:

Capacity building:

 Infrastructure, office, on-farm testing.

 Linkages for technology & upscaling.
 Mentoring, guidance & support for start-ups.
Business plan formulation:

 Business plan formulation.

 Product promotion & branding.
 Business analytics.
Technology Portfolio Management:

 Intellectual property portfolio.

 Product life cycle analytics.
 Licensing & Validation of technology.
Regulatory services:

 Protocols for company registration & related issues.

 Advisory services on agro bio-diversity, environmental& other compliances.
Facilities:

1. Incubation space for start-ups viz. office space, farm facilities, database, research
expertise etc.
2. One stop window for organizing workshops, conferences, seminars etc. with state-of-art
infrastructure including variety of conference halls, seminar halls, auditorium etc.
equipped with video-conferencing facilities
3. Well-equipped laboratories for videography production, organizational behavior (OB),
Audio-Visual, Communication and GIS analytics
4. Library and Documentation Centre with access to more than 3000 Journals from EBSCO,
CSIRO, Springer, Open J-Gate, CERA
5. Knowledge Resource Centre with back up of experienced faculty in intellectual property
and business analytics
6. Software for Patent search, Statistical tools, Agri-databases and digital books.

71
 Bio-Incubator

Focus areas:

1. Bio fertilizer
2. Bio Fortification of Seedlings.
3. Biopesticides.
4. Plan tissue culture.
5. Seed development through molecular markers
6. Organic Manures.
7. Soil and Water testing.

Facilities and services:

1. Incubation Facilities At A-IDEA, NAARM.

2. Laboratory Facilities At ABF
 Laboratory space for Microbiology, Molecular biology, Marker-assisted breeding,
Transgenic & Plant Tissue culture labs
 Access to equipment such as PCR, Real Time PCR, HPLC, Fermenter, Flame
photometer, Spectrophotometer, Cooling Incubator, Orbital shakers, Gel
documentation system, Centrifuge, Digital colony counter, Epifluorescence
microscope, Electroporation unit, gene hybridizer, Glass/Greenhouse/ Shade net
houses etc.
Incubates:18+4

Accelerated:10+7

Invested:5

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2. ICRISAT ABI
ICRISAT’s ABI Agri Business Incubator was the first agri focused incubator India. It was
founded in 2003 under ICRISAT. It manages corpus fund independently and rest part is managed
by ICRISAT. Initial corpus fund was INR 25Million.It is a part of Agri Innovation
Platform(AIP)

There are basically three divisions of Agri innovation platform:

 ABI Program (agri business incubation)

 INP program (innovation and partnership program)
 NPK program (nutri –plus knowledge program)

Core team of AIP

 Dr Kiran Sharma: CEO, AIP

 Aravazhi Selvaraj: COO, INP
 Dr Saikat Datta Mazumdar: COO, NPK Program
 Jonathan Philroy: Manager of ABI program.

Total sectors in which it works:

 Food Processing
 Digital Agriculture
 Biotechnology
 Agri Mechanization
 General Agribusiness.
ABI not only supports start-ups but it also supports Agri business firms which are not start-ups
in certain cases.

Time period of incubation: 3 years/extendable (initially it was 5 years)

Average no. of applications received per year for incubation: 40-50
Average no. of applications selected per year for incubation: 10-12
Seed fund size: INR2.5 Million.

73
The major criteria for selecting start-ups is:

Those start-ups which are having their vision in alignment of the vision of ICRISAT are the one
which are entertained for further filtering. The Start-Up should be clearly helping the farmer in
one way or the other.

Apart from that the filtered start-ups are further sorted. There are pitch presentations where
different parameters are judged like:

 Leadership quality of founder and co- founder.

 Team
 Idea
 Marketing
 Barriers to entry (replicability etc.)
 Also, the type of start-ups entertained earlier are not entertained so easily.
 Investors interest is also taken into consideration
Why start-ups approach ABI:

 Brand name
 Funds
 Mentoring
 Work space and R&D
 Network
The main facilities provided to incubates while incubation is:

 Working space
 R&D Facility in farms of ICRISAT (3200 acres)
 Food processing labs
 Pilot testing facility.
 Investors
 SEED FUNDS were also available but only from 2007-2012.
 Technology licensing in food products. (non-exclusive)
They are also working with FPO’S in 6 states. FPO’S help in quick validation of idea.

ICRISAT supports the start-ups in different stages like ideation, prototype and validation.

Incubated start-ups till date:92

74
Graduated start-ups: 60

When ICRISAT started ABI, there was a four -year project in which 22 incubates were incubated
and there were 330 technology transfers.

Virtual incubation: There are some start-ups which don’t like to work within the space
provided by incubator. They are physically located somewhere where they have their own space
and work from there only. These types of start-ups are provided with virtual incubation only.

The different charges for services are as follows:

 Consulting charges
 Business fees
 Fund facilitation fees
About ICRISAT

Being the international crop research institute for semi-arid and tropics, there are some visions
and framework in which it has to work. ICRISAT basically works on dryland crops such as
millets. The start-ups working on millets are preferred when they approach ABI because they can
be better mentored by the scientists who are already working on these crops.

ICRISAT has an area of 3200 acres which includes farmland too. It works in collaboration with
AFRICA. They also run PG and Master’s courses.

Being an international body, there are certain obligations. Things going on there can’t be opened
up because of the brand name.

75
3. NSRCEL (N S Raghavan Centre for Entrepreneurial Learning)
NSRCEL was founded at the prestigious business school IIM Bangalore to help create such
a climate so that talented young men and women of India can transform their
entrepreneurial aspirations to reality. NSRCEL do not provide prototyping support but
provides networks which help in that.

Founded: 2002 (Sector agnostic incubator)

Supported by: Michael and Susan Dell Foundation

Team:

 K Kumar:( Professor, IIMB) - Chairperson - Academic Programmes, Advisory Committee

 Rajiv Sawhney: Chief Operating Officer
 Suresh Bhagavatula: (Associate Professor, IIMB) - Chairperson - Ecosystem Development,
Advisory Committee

Status:
 incubatees 125+
 entrepreneurs engaged 40,000+
 jobs created 5400+

Programs at NSRCEL

 Mentoring
 Pre-incubation Launchpad
 incubation
 Student run ventures
 Women Start-Up programs

Food and agri start-ups supported and incubated:

 Jivabhumi
 Black baza coffee
 Bubble net
 Seedr, your garden expert
 Grow yield
 Happy hen farm
 Alma nourisher
76
Chapter 10: Parameters that can be used to assess a start-up

Although forecasting the success of a start-up is a difficult task but some of the parameters can be
used to determine the success of a start-up.
Need of the start-up: is it really needed or not. Is it solving some problem or some technology
experts have developed something and just want to market it through a start-up.

Team: Founders and co-founders: they should have following qualities:

1. Passion
2. Experience
3. Good educational background
4. Connections with media, investors and technical experts

 Balance — different type of skills are needed which should be well seen in the team. In the
initial stages one person can play many roles if he/she is competent but there must be
assignment of each role properly.

 Experience-experience of the sector in which the start-up is or experience of another start-up.

 Network — connection between the different team members

 Dedication and Passion—team must be fully devoted to one project. The project for them
should not be a part time job.

Market Opportunity:

 Size — what is the number of potential customer

 Growth — Is the market you are in growing or shrinking? How fast is it growing?
 Competitors — the big players and the initiator.
 Product Quality — How well-built is the current product? How will the product evolve?
 Replicability: IP Rights, barriers to entry.

Traction:
 Sales — there should be some visible sales of the product and it should be increasing.
 Recurring/non-recurring returns-Recurring returns are better than service based returns.
 Growth — The growth rate is important.

77
Chapter 11: Conclusion and Recommendations

 Organic Farming sector and ICT/IOT sectors are the hottest sectors in Food &Agriculture as
evident by their market growth rate of 25% and 20% respectively.
 The emerging hotspots for start-up in Food and Agriculture space are Bengaluru, Maharashtra,
Delhi, Hyderabad and UP.
 People from IT, Engineering & Technology, Finance are coming to Food & Agriculture sector
to trade off the benefits of a growing ecosystem.
 For most of the start-ups Finance is the most important need for which they approach
Incubators and Accelerator
 The most beneficial feature of incubators emerged to be its Networking facility.
 The participation of women in leading roles is very less but the number is growing fast.
 The start-ups which have founders who got educated in foreign countries are more preferred
by the investors for funding.
 Most of the young founder who come up with a new start-up are from IITs and IIM’s.
 The other category of founders in Food and agriculture based start-ups is of serial
entrepreneurs. These people could not stay in an organization for long period of time and keep
on changing their roles.
 There are some founders who are actively involved in two or more start-ups at the same time.
These can be interpreted in two ways:
 One start-up may be a back-up for another start-up. In such cases, founders may lose points
when evaluated by VC’s.
 The start-ups or activities are supporting each other. For, e.g., The founder of Gen Aggrotech
owns large farms where he grows different crops. Along with this activity he has a start-up of
organic products which are used for plant protection from wildlife and pests. In this case these
activities can support each other.

78
 References
 http://www.ciie.co
 https://medium.com/think-with-startupflux/top-tools-for-investors-to-find-startups-
73e33d7fd159
 http://villgro.org/portfolio-all/
 https://inc42.com/startup-101/top-startup-incubators-india/
 https://www.dealstreetasia.com/countries/india/-
 https://www.cbinsights.com/research/agriculture-tech-top-investors/
 https://www.marsdd.com/mars-library/business-valuation-how-investors-determine-the-
value-of-your-business/
 https://www.boell.de/sites/default/files/fdi-study.pdf
 Your Story
 Crunch Base
 Owler
 Economic Times
 Web sites of start-ups
 Websites of Incubators
 LinkedIn

79
 Annexures

Annexure 1-Questionnaire for Start-ups

(A) About Start-Up & Founding Team

1. Name of Start-Up……………………………………………………

2. Founded in year………………………………………………….

3. Nature of entity:

a. Proprietorship c. LLP (Limited Liability Partnership)

b. Partnership d. Private Limited Company

4. Location……………………………………………………

5. Sector:

a. Sustainable inputs h. Urban/Vertical Farming

b. Precision/smart agriculture i. Agri-Biotech
c. Innovative food technology j. Post-Harvest Technology
d. Supply chain technology k. Farm Fresh Retail
e. fisheries l. Farm Mechanization
f. soil, water and weather technology m. Animal Husbandry.
g. ICT/IOT in Agriculture

6. Nature of offering

a. Product b. Service

8. Technology based (Y/ N) ……………………………………………………

8.If Yes, Source of Technology……………………………………………………………

(details)

80
 a. Owned b. Licensed (Exclusive/ Non-Exclusive)
9.Total no. of employment generated till now:

a. 1-5 c. 15-20
b. 5-15 d. >20

10.Fund raising status

a. Bootstrapped b. Seed fund

c. Equity Investment d. Debt

(II) About Start-Up Team

Name Contact Mail ID Expertise Education Prior

Background experience
with a
Start-Up

Founder

Co-
Founder

(B). About Product/Market

1. Details of the Product /

Service?.............................................................................................................

81
2.Stage of product

a. Idea d. Minimum Viable Product (MVP)

b. Prototype e. Product launched.
c. Working prototype

3.Traction /sales generated (Y/ N)-……………………………

4. Turnover:

a. <50 lacs c. 100-200 lacs

b. 50-100 lacs d. >200 lacs

5.Customer Segments

a. Farmer/ FPO c. Government

b. Corporate d. Any other
6.Target market:

a. Niche b. Domestic
c. National d. International
7.Channel of distribution:

a. B-B c. B-G
b. B-C d. Virtual / e channels

8.Market size of sector (in CR. INR): …

9. Challenges in product:

a. Low entry barriers for product.

b. Early stage of the market.
c. In conducive government policies.
d. High competition.
e. Customer acceptance
82
 f. Others (if any)

(C) About Ecosystem

1. How do you see the Agri Start-Up ecosystem growing due to Start-Up India initiative?

a. Improving
b. Declining
c. Same as before
2. Have you been associated with any incubator/accelerator?

a. Yes
b. No
3.If yes, what support you avail from incubator/accelerator?

a. Mentoring
b. Networking
c. Funding
d. Any other
4. Are there enough investment opportunities at early stage?
Y/N………………………………………………………….

5.Do you get access to R&D labs and tool rooms for product development

a. Yes
b. No
6.How do you access mentorship support

a. Through personal network

b. Through networking events
c. Through incubators
d. Any other
7.Do you see any synergies of your start-ups with the agribusiness companies? Y/
N………………….

83
8.Do you have access to talent pool for your Start-Up? (Yes/No)
……………………………………………….

(D) Scaling

1. What is most important factor for scale-up of your Start-Up? (Rank on Priority 1-4, 1- Low,
4=High)
a. Finance ( )
b. Market ( )
c. Team ( )
d. Any other ( )

2. Scaling up plans for your start-ups in next 5 years?

a. Turnover…………………………….
b. Employment…………………………
c. Geography (no. of cities) ……………………………….

3. What are the key risks in scaling up of your Start-Up?

a. Product acceptance c. Policy

b. High competition d. Any other.

4. what is key motivation factor/ Driving force for scaling up of your start-ups?
a. Profit.
b. Capturing Market share
c. Grabbing new opportunities.
d. Any Other………………………….

84
5. In which area would you like to focus more while scaling up:
a. Business Model
b. Customer Segment
c. Traction
d. Fund Raising
e. Manpower
f. Technological advancements/ Competition
g. Other(specify)

6. What are the measures taken to reduce the effect of risk?

a. Lean Business Model/ Asset Light model
b. Product Diversification
c. Upgrading the technologies.
d. Fund Raising and scale up
e. Any Other

85
 Annexure 2- Photographs of visits:

ICRISAT ABI Ritesh Dhoot (agricx labs)

Nagaraja Prakasham NSRCEL

NSRCEL

86
 Mr. Sudeesh on the left (Founder growyield)
Monitoring device for shrimp ponds (Grow Yield)

INNER BEINGWELLNESS PRODUCTS

87
Annexure 3- list of start-ups in food sector as per
startupindiahub.gov till February 2018

STARTUP NAME STAGE LOCATION STATE

Khan Fardeen Scaling Delhi Delhi

Nutriplanet foods private limited Early Bengaluru Karnataka
traction
Pfs research pvt ltd Ideation Hyderabad Telangana
Infine tea house Validation Visakhapatnam Andhra
Pradesh
Mano agro-food research forum Ideation Tirunelveli Tamil Nadu
Exotic flavours and fragrances Validation Delhi Delhi
Just eat it Ideation Kendujhar Odisha
Namhah Validation Guwahati Assam
Golgappa.tk Validation Sambalpur Odisha
Trasatec Validation Chennai Tamil Nadu
Daksh farm Early Palakkad Kerala
traction
Gaurav Varma Ideation Lucknow Uttar
Pradesh
S 4 foods Validation Aurangabad Maharashtra
Farm flavours Validation Delhi Delhi
Falhari Early Delhi Delhi
traction
Cognate foods Validation Nashik Maharashtra
Vinchurkar m s agro private Validation Warud Maharashtra
limited
Sr cafe Validation Agartala Tripura
Thirio Validation Gurgaon Haryana
Fruoat pvt ltd Ideation Hyderabad Telangana
Jocose Early Gurgaon Haryana
traction
Thinking forks consulting pvt ltd Early Bengaluru Karnataka
traction
Vijai p singh Ideation Delhi Delhi
Essence serving nature Ideation Jaipur Rajasthan

88
Sheetal Ideation Bengaluru Karnataka
Gyro Validation Hyderabad Telangana
Sri om sai sugar allied products Ideation Belagavi Karnataka
(pvt)ltd
Satya sai Eswari Kesiraju Validation Rajahmundry Andhra
Pradesh
Unison agrico Ideation Delhi Delhi
Tastymeal Ideation Amravati Maharashtra
Being marathi masale Ideation Mumbai Maharashtra
Eat grubs Ideation Baramula Jammu And
Kashmir
Nature essential foods pvt ltd Validation Mumbai Maharashtra
Taaza roti Validation Bengaluru Karnataka
Asmitas Ideation Sangli Maharashtra
Flavobowl foodtech india pvt ltd Validation Chandigarh Chandigarh
Delora foods pvt ltd Validation Rampur Uttar
Pradesh
Yontus life sciences pvt ltd Early Guntur Andhra
traction Pradesh
Nomads neutraceuticals pvt. Ltd. Validation Delhi Delhi
Boundary foods and beverages pvt. Early Hyderabad Telangana
Ltd. traction
Shivam saini Ideation Lucknow Uttar
Pradesh
Organicthali Early Hyderabad Telangana
traction
Our main concept for all indian Ideation Solapur Maharashtra
women will become financially
independent.
Anmol dudh dairy Ideation Ladwa Haryana
Goodness dairy Ideation Pune Maharashtra
Wifichai Validation Ahmedabad Gujarat
Annapurna tiffin service Ideation Allahabad Uttar
Pradesh
Eshan dwivedi Ideation Raipur Chhattisgarh
Test food Ideation Nagpur Maharashtra
Sri Meenakshi Farms Ideation Madurai Tamil Nadu
Doks Validation Nashik Maharashtra
Adams ale fresh industries Ideation Suratgarh Rajasthan
Extovate venture Validation Bengaluru Karnataka
Oryca india Validation Kolkata West Bengal

89
Qooz Ideation Lucknow Uttar
Pradesh
Rp food & beverages Validation Pollachi Tamil Nadu
Foodishub Validation Patna Bihar
Fungised solutions pvt ltd Validation Bengaluru Karnataka
Gapco Ideation Udhagamandalam Tamil Nadu
Foodbox Ideation Delhi Delhi
Www.chickni.in Early Kolkata West Bengal
traction
Milleting Validation Hubli-Dharwad Karnataka
Deepesh gehlot Ideation Indore Madhya
Pradesh
Orderwala Early Visakhapatnam Andhra
traction Pradesh
Confiance beverages Ideation Ambala Haryana
Hofo Validation Kanpur Uttar
Pradesh
Hofo Validation Kanpur Uttar
Pradesh
Gattibu food tech pvt ltd Early Kolkata West Bengal
traction
Bluepine foods pvt. Ltd Early Delhi Delhi
traction
Fabbox.in Early Mumbai Maharashtra
traction
Hofo Validation Kanpur Uttar
Pradesh
Hofo Validation Kanpur Uttar
Pradesh
It's mommade Ideation Gurgaon Haryana
Patiala lassi bar Validation Roorkee Uttarakhand
Diabe'tease' Ideation Bengaluru Karnataka
Twf flours Validation Noida Uttar
Pradesh
Sarangi food products Scaling Puri Odisha
Wake n order Ideation Gwalior Madhya
Pradesh
Vra team ventures pvt ltd Early Bengaluru Karnataka
traction
Heyjar fine and dine private Ideation Patna Bihar
limited
Decentrik technologies private Early Delhi Delhi
limited traction

90
Novolutions food & beverage pvt Validation Bhubaneswar Odisha
ltd
Vegetfresh Validation Lucknow Uttar
Pradesh
P Krishan Kumar Agrifresh Private Ideation Shimla Himachal
Limited Pradesh
Dibz Early Gurgaon Haryana
traction
Nutriparadise Early Bengaluru Karnataka
traction
Hembros foods Validation Faridabad Haryana
Sharearm agro & food industries Ideation Jamui Bihar
Unique brewery Ideation Gurgaon Haryana
Sofood pvt. Ltd. Early Mumbai Maharashtra
traction
Vrushank shah Ideation Ahmedabad Gujarat
Cofoz Validation Ahmedabad Gujarat
Dvr industries Validation Visakhapatnam Andhra
Pradesh
Agritas india private limited Early Bahadurgarh Haryana
traction
Avani beverages and agro products Ideation Pune Maharashtra
Chayoga Early Delhi Delhi
traction
Suvinatural natural products pvt ltd Scaling Vijayapura Karnataka
Amit Goyal Early Delhi Delhi
traction
Millet bowl food products pvt. Ltd Early Hyderabad Telangana
traction
Sarabjeet Rattan Early Delhi Delhi
traction
Chatpatta Indya Validation Delhi Delhi
Rhythm milk Validation Lucknow Uttar
Pradesh
Eshrwal Ideation Jodhpur Rajasthan
Egk foods Early Mumbai Maharashtra
traction
Being chef Scaling Gurgaon Haryana
4pm bar Early Mysore Karnataka
traction
Mohd Shahnawaz Khan Validation Delhi Delhi
Messdoof Ideation Raipur Chhattisgarh
Freshco farm products Validation Ahmedabad Gujarat

91
Jv foodworks pvt. Ltd. Early Delhi Delhi
traction
Tech resto Ideation Jaipur Rajasthan
Endgate technologies private Early Delhi Delhi
limited traction
Somu foods & grains Ideation Bengaluru Karnataka
Origin superfoods Validation Delhi Delhi
Momore Early Kolkata West Bengal
traction
Midnight foodies Ideation Patna Bihar
Frutus private limited Ideation Hyderabad Telangana
Divya multigrains Scaling Bhubaneswar Odisha
Beantree foods Early Delhi Delhi
traction
Ayusla Validation Guwahati Assam
First bitepickles and foods Validation Meerut Uttar
Pradesh
Wines on click Ideation Hyderabad Telangana
Bevwell private ltd Early Hardwar Uttarakhand
traction
Aryaf agro foods Ideation Ratnagiri Maharashtra
Chaiwala Ideation Chennai Tamil Nadu
Ekan infocook llp Early Noida Uttar
traction Pradesh
Bep Validation Udhampur Jammu And
Kashmir
Theo organics pvt. Ltd. Early Mumbai Maharashtra
traction
The flavour company Validation Gurgaon Haryana
Krishna umarji Ideation Bengaluru Karnataka
Ibizza food speciality pvt ltd Early Gurgaon Haryana
traction
Adcount technologies private Scaling Delhi Delhi
limited
Momenus food service private Validation Bengaluru Karnataka
limited
Miniatures india Ideation Delhi Delhi
The homtaurants Ideation Thane Maharashtra
Food triangle Ideation Delhi Delhi
Real pazhamudhir nilayam Ideation Chennai Tamil Nadu
Resturant Ideation Ahmedabad Gujarat
Kwiqpick services india private Validation Bengaluru Karnataka
limited

92
Freakeat foods pvt ltd Ideation Sonipat Haryana
Udgati foods private limited Validation New Delhi Delhi
Mahuya om Choudhury Ideation Kolkata West Bengal
Emenucard Early Nagpur Maharashtra
traction
Tea shop Ideation Jaipur Rajasthan
Dhairyash foods llp Early Ahmedabad Gujarat
traction
Waiterbabu web services pvt ltd Validation Delhi Delhi
Hello meal Early Delhi Delhi
traction
Bachelor recipe Validation Ahmedabad Gujarat
Pi nutrition Early Ahmedabad Gujarat
traction
Rajneesh kumar singh Early Dehradun Uttarakhand
traction
Sabor dairy private limited Validation Delhi Delhi
Godhead beverage private limited Validation Jodhpur Rajasthan
Insideout technologies private Early Delhi Delhi
limited traction
Ormeal foods private limited Early Hyderabad Telangana
traction
Frazals infotech pvt ltd Early Gurgaon Haryana
traction

93
Annexure 4- List of start-ups in agriculture sector
as per start-upindiahub.gov (till Feb 2018)

Startup name STAGE LOCATION STATE

100Farms.com Ideation Delhi Delhi

Lifysignals Technology Ideation Bengaluru Karnataka
Sonu bura Ideation Bhiwani Haryana
Jagman brar Ideation Sadulshahar Rajasthan
Veganza Early Bengaluru Karnataka
Traction
Criyagen Agri and Biotech Pvt Ltd Validation Bengaluru Karnataka
Art of Agriculture Foundation Ideation Bengaluru Karnataka
Manoj rawat Ideation Mumbai
Maharashtra
Shop4Organic Ideation Bengaluru Karnataka
Swadha Ideation Chennai Tamil Nadu
Aamhi shetkari agritech pvt ltd Early Ahmednagar
Traction Maharashtra
Poulmart Early Panchkula Haryana
Traction
Niruthi Validation Hyderabad Telangana
Suchet agro llp Scaling Pune
Maharashtra
Xgro Technologies Private Limited Ideation Delhi Delhi
Triton foodworks Early Delhi Delhi
Traction
Bio-organic technology Ideation Nagpur
Maharashtra
Sustainable sugarcane initiative Early Hyderabad Telangana
Traction
All india agro Ideation Bengaluru Karnataka
Aditi mitra Scaling Pune
Maharashtra
Agmarks.com Validation Guntur Andhra
Pradesh
Farmland Pvt. Ltd. Ideation Vijayapura Karnataka
Cashpe Agri Retail Pvt. Ltd. Early Pune
Traction Maharashtra

94
Go-BASE (Guntur Organic and Bio- Ideation Guntur Andhra
Agriculture Sangams and Enterprises) Pradesh
Uprudence Agro Early Nagpur
Traction Maharashtra
Linpack Technologies private limited Ideation Hyderabad Telangana
We grow Validation Ajmer Rajasthan
Nava design & innovation private limited Ideation Kochi Kerala
Debrisminingtreasures(opc) pvt. ltd Validation Vijayawada Andhra
Pradesh
Soil agritech pvt. Ltd. Validation Bengaluru Karnataka
Ayush Singh Validation Kolkata West
Bengal
Smart farming Ideation Ahmedabad Gujarat
Biofact research pvt ltd Ideation Visakhapatnam Andhra
Pradesh
Smurf space pvt. Ltd. Validation Bengaluru Karnataka
Tejaswini M Ideation Bengaluru Karnataka
Gautam Dhokhani Ideation Mumbai
Maharashtra
Farmeruncle Scaling Delhi Delhi

Agridisha Validation Ahmednagar

Maharashtra
Poornima Savargaonkar Early Gurgaon Haryana
Traction
Organica Biotech pvt. Ltd Early Mumbai
Traction Maharashtra

Coastal aquaculture research institute Validation Chennai Tamil Nadu

private limited
F2h Ideation Madurai Tamil Nadu
Dlog Validation Vadodara Gujarat
Coolcrop Validation Vadodara Gujarat
Prakritifresh Early Jalpaiguri West
Traction Bengal
Sansaavi bioresearch pvt ltd Ideation Bengaluru Karnataka
D.o.s.t. Validation Delhi Delhi
Be organic Validation Chandigarh Chandigarh
I support farming Early Chennai Tamil Nadu
Traction
Instabring services private limited Early Kanpur Uttar
Traction Pradesh

95
Growermandi Validation Chennai Tamil Nadu
Greenbay biotech international pvt ltd Early Kolkata West
Traction Bengal
Sankranti agritech Ideation Delhi Delhi
Superzop Early Mumbai
Traction Maharashtra
Hamari kheti Ideation Motihari Bihar
Bee basket Early Pune
Traction Maharashtra
Trithi robotics Early Bengaluru Karnataka
Traction
Namrata hemp companu Ideation Bengaluru Karnataka
Trade for sure Early Mumbai
Traction Maharashtra
Fvg e-mandi marketing india pvt ltd Validation Delhi Delhi
Parshuram bio agrotech private limited Early Ludhiana Punjab
Traction
Kanakadhara agricultural innovations pvt. Validation Bengaluru Karnataka
Ltd.
Cultyvate Validation Bengaluru Karnataka
Rangamalai organic farms (opc) private Early Bengaluru Karnataka
limited Traction
Livecrop solutions private limited Validation Bengaluru Karnataka
Janani foods pvt ltd Scaling Hyderabad Telangana
Agromedix-agriculture app Validation Jaipur Rajasthan
Centyle biotech private limited Validation Rudrapur
Uttarakhand
Destaglobal Early Mumbai
Traction Maharashtra
Agroin Technology Solutions Validation Mumbai
Maharashtra
As agri systems private limited Early Bengaluru Karnataka
Traction
Navadvipa naturals agro private limited Ideation Delhi Delhi
Lifesonic innavations private limited Ideation Raiganj West
Bengal
Oizom Ideation Ahmedabad Gujarat
Dtronics Technology Private limited Ideation Kolkata West
Bengal
Agriennovations Ideation Delhi Delhi
Farmart Early Delhi Delhi
Traction

96
Jayalaxmi agrotech pvt ltd Early Bengaluru Karnataka
Traction
Consultech Validation Mumbai
Maharashtra
Crop domain Validation Bengaluru Karnataka
Greenup india Validation Bhopal Madhya
Pradesh
Farmila ventures pvt ltd Early Bhopal Madhya
Traction Pradesh
Grainbrain Ideation Lucknow Uttar
Pradesh
Oxy3 Validation Jaipur Rajasthan
Neomandi Validation Bengaluru Karnataka
Sigo Validation Lucknow Uttar
Pradesh
Dehatkimandi Online Service Private Early Gurgaon Haryana
Limited Traction
Hindsight international llp Ideation Valsad Gujarat
Chidananda Puri Ideation Delhi Delhi
Mnd farmringg pvt ltd Early Hyderabad Telangana
Traction
Shubham Ideation Delhi Delhi
Nandi krushi Ideation Visakhapatnam Andhra
Pradesh
Anvay agrotech Validation Delhi Delhi
Agri business proposals Validation Chennai Tamil Nadu
Digital flora Validation Chennai Tamil Nadu
Relife Ideation Hyderabad Telangana
Vaishali Biradar Ideation Mumbai
Maharashtra
Agribolo Early Mumbai
Traction Maharashtra
Sickle innovations private limited Early Ahmedabad Gujarat
Traction
Rra farming solutions private limited Validation Ramgarh Jharkhand
Hire my farmer Validation Bengaluru Karnataka
Vasumitra life energies pvt ltd Scaling Pune
Maharashtra
Delmos Research private limited Early Gurgaon Haryana
Traction
Dasx Farmtech Private Limited Early Delhi Delhi
Traction

97
New leaf dynamic technologies (p) ltd Early Delhi Delhi
Traction
Harabaag Validation Mumbai
Maharashtra
Dehaat Early Gurgaon Haryana
Traction
Virtual agri services pvt ltd Validation Hyderabad Telangana
Pragati Farmers Group for Farm Ideation Bengaluru Karnataka
Mechanization (Regd.)
Fertis india private limited Validation Hyderabad Telangana
Agricxlab Validation Mumbai
Maharashtra
Avtar- Transforming Waste into Validation Lucknow Uttar
Resources Pradesh
Dairy farm Ideation Jaipur Rajasthan
Vasudhaika software pvt ltd Early Hyderabad Telangana
Traction
Myroots Rural Business Centres Private Validation Mumbai
Limited Maharashtra
Navjot singh sahota Ideation Delhi Delhi
Globozor.com Early Mumbai
Traction Maharashtra
Onganic Foods Pvt Ltd Scaling Kolkata West
Bengal
Margosa biogrow india private limited Scaling Vadodara Gujarat
Deepak reddy Ideation Pune
Maharashtra
Faith infotech Ideation Kerala
Thiruvananthapura
m
Kheti badi Early Mumbai
Traction Maharashtra
I-Kisaan Agro Solutions Private Limited Validation Indore Madhya
Pradesh
Madina Vegetable & Jewelry Ideation Kolkata West
Bengal
Pepal Ideation Delhi Delhi
Inilva Ideation Guntur Andhra
Pradesh
Varinder Ideation Rajpura Punjab
Acknotech Software Solutions Pvt Ltd Early Vijayawada Andhra
Traction Pradesh
Kranti Ideation Bengaluru Karnataka

98
Agribaba Ideation Pune
Maharashtra
Prayag Policy Research and Innovation Ideation Noida Uttar
Institute LLP Pradesh
Kisanhub Early Pune
Traction Maharashtra
Ergos Scaling Samastipur Bihar
Fasal Salah Early Delhi Delhi
Traction
Swakrushi agritech Early Bengaluru Karnataka
Traction
Agnicarts Validation Bengaluru Karnataka
Mitti Ideation Mumbai
Maharashtra
Myagriguru Ideation Mumbai
Maharashtra
Greennectar Agritech Ideation Manmad
Maharashtra
Yash Dobariya Ideation Rajkot Gujarat
Ulavan producer company limited Validation Erode Tamil Nadu
Gc&p india pvt. Ltd Ideation Mumbai
Maharashtra
Pratheeksha farm Ideation Thrissur Kerala
Robic rufarm Ideation Hyderabad Telangana
Ecoware Early Delhi Delhi
Traction
Ulavar Validation Chennai Tamil Nadu
Farmsurge Validation Mangaluru Karnataka
Isense Innovations Validation Bengaluru Karnataka
Morya vegetables Early Mumbai
Traction Maharashtra
Aasa labs Validation Bengaluru Karnataka
Neoterra farming technologies pvt ltd Early Bengaluru Karnataka
Traction
Kisanx Early Delhi Delhi
Traction
Sushila biofertilizer company pvt. Ideation Varanasi Uttar
Limited Pradesh
Vigour agritech solutions pvt ltd Early Pune
Traction Maharashtra
Cultyvate Validation Bengaluru Karnataka
Nalamum arokiyamum Validation Chennai Tamil Nadu

99
Vishalya fresh & farms llp Early Bhopal Madhya
Traction Pradesh
Myfreshbag Validation Mohali Punjab
Priyanka Ideation Delhi Delhi
Kisangates Agroinformatics pvt ltd Validation Hyderabad Telangana
Jai kisan Validation Mumbai
Maharashtra
Achyutha Enterprises Ideation Tumkur Karnataka
Agriq Ideation Chennai Tamil Nadu
Skymet Scaling Delhi Delhi
Eggoz Ideation Patna Bihar
Empyrean forests pvt. Ltd. Validation Siliguri West
Bengal
Gramophone Early Indore Madhya
Traction Pradesh
Crop renew Ideation Chennai Tamil Nadu
Shri samarth laxmi agro services llp Ideation Pune
Maharashtra
Greenday - kisan ki dukan Early Delhi Delhi
Traction
Cropin Scaling Bengaluru Karnataka
Nia agrocommodity marketplace private Early Gurgaon Haryana
limited Traction
Naresh chintala Ideation Hyderabad Telangana
Suma agro india p ltd Scaling Chennai Tamil Nadu
Bighaat.com Early Bengaluru Karnataka
Traction
Crop domain private limited Ideation Bengaluru Karnataka
Mahendra kumar Ideation Allahabad Uttar
Pradesh
Odaku online services private limited Early Chennai Tamil Nadu
Traction
Panchal sandip Ideation Delhi Delhi
Xtrovert global opc pvt ltd Early Mumbai
Traction Maharashtra
Future zen consultants Ideation Hyderabad Telangana
F2C india Ideation Vadodara Gujarat
Krishibox Early Ahmedabad Gujarat
Traction
Mycrop Technologies Private Limited Early Ahmedabad Gujarat
Traction

100
Carbon loops Early Chennai Tamil Nadu
Traction
Eatnat Ideation Pune
Maharashtra
Go village Validation Visakhapatnam Andhra
Pradesh
Rasponic technology pvt ltd Scaling Mumbai
Maharashtra
Sri yuva biotech Validation Hyderabad Telangana
Foilnutrition Validation Lucknow Uttar
Pradesh
Mandigate.Com Early Delhi Delhi
Traction
Thecropmart Validation Pune
Maharashtra
Finspace Ideation Kolkata West
Bengal
Solarete Ideation Agra Uttar
Pradesh
Kalvari feeds private limited Validation Kendrapara Odisha
Ovata planttree service private limited Early Patna Bihar
Traction
Glo tech organics private limited Early Tiruchirappalli Tamil Nadu
Traction
Papas dairy farmland llp. Ideation Barmer Rajasthan
Vaksana organics Ideation Hyderabad Telangana
Happy farmer labs Validation Belagavi Karnataka
Yomarkets Validation Pipariya Madhya
Pradesh
Samvi hi fresh opc pvt ltd Scaling Bhubaneswar Odisha
Pest identifier(deplagas) Ideation Chennai Tamil Nadu
Sri harsha gajavalli Validation Guntur Andhra
Pradesh
Greenco equipments llp Early Sangli
Traction Maharashtra
Chirag Patel Ideation Bharuch Gujarat
Inhof technologies Early Bhubaneswar Odisha
Traction
Rajneesh kumar sharma Ideation Delhi Delhi
Maxi Cityline retail llp Validation Nagpur
Maharashtra
Farmfresh Validation Mumbai
Maharashtra

101
Vdrone Validation Bengaluru Karnataka
Naveen singh Early Mumbai
Traction Maharashtra
Konam foundation Validation Hyderabad Telangana
Agronation Validation Delhi Delhi
Farmers fresh zone pvt. Ltd. Early Kochi Kerala
Traction
Vraksh agrotech pvt ltd Validation Moradabad Uttar
Pradesh
Farmer friend Validation Anand Gujarat
Sense it out Validation Pune
Maharashtra
Avanijal agri automation private limited Early Delhi Delhi
Traction
Farmss Validation Mumbai
Maharashtra
Krimanshi technologies private limited Early Jodhpur Rajasthan
Traction
Vishwa Mohan Ideation Hyderabad Telangana
Sriven India Ideation Hyderabad Telangana
Agasti farmers’ producer company Ideation Ahmednagar
limited Maharashtra
Krishimitro.com Ideation Siliguri West
Bengal
Merakisan pvt ltd Early Pune
Traction Maharashtra
Akshay kawale Ideation Akola
Maharashtra
Aditya Dave Validation Ahmedabad Gujarat
Keedagro Validation Delhi Delhi
Farmkart online services pvt. Ltd. Validation Indore Madhya
Pradesh
Farmkart online services pvt. Ltd. Validation Indore Madhya
Pradesh
Jass Ventures pvt ltd Validation Kochi Kerala
Dsand animal nutrition private limited Validation Indore Madhya
Pradesh
Vishvaksenah agro & dairy private Ideation Muzaffarpur Bihar
limited
Agriana Ideation Pune
Maharashtra
Green tech solutions Ideation Chennai Tamil Nadu

102
Sowjanya healthcare solutions Validation Vijayawada Andhra
Pradesh
Agriplex india Validation Bengaluru Karnataka
Wolkus technology solutions pvt. Ltd. Early Bengaluru Karnataka
Traction
Smart field Ideation Nagpur
Maharashtra
Go naturo agro foods pvt ltd Early Jaipur Rajasthan
Traction
Surbhi kutir udyog foundation Validation Mumbai
Maharashtra
Arohan foods pvt ltd Ideation Guwahati Assam
Kishori associates Ideation Hyderabad Telangana
Theevanam additives & nutraceuts pvt. Validation Chennai Tamil Nadu
Ltd.
Khethworks Validation Pune
Maharashtra
Indhiyo instruments private limited Early Bengaluru Karnataka
Traction
Pbv Ideation Gurgaon Haryana
X-bionic Ideation Bhubaneswar Odisha
Marketyard agrisolutions private limited Early Pune
Traction Maharashtra
Klonec automation systems pvt ltd Ideation Udupi Karnataka
Ebuy products pvt ltd Validation Bengaluru Karnataka
Taankbrothers Ventures Pvt. Ltd. Early Delhi Delhi
Traction
Flybird Farm Innovations Pvt Ltd Early Hubli-Dharwad Karnataka
Traction
Exabit Systems Private Limited Early Bengaluru Karnataka
Traction
Manuring it! Early Aligarh Uttar
Traction Pradesh
Pals agri econnect private limited Ideation Hyderabad Telangana
Shetimitra Ideation Umarkhed
Maharashtra
Krishiyog Validation Hyderabad Telangana
Auriga innovative labs private limited Validation Ambikapur
Chhattisgarh
Yt Early Delhi Delhi
Traction
Innovative machineries Validation Noida Uttar
Pradesh

103
Sensartics pvt ltd Validation Nashik
Maharashtra
Ohaiva agronomics llp Validation Kolkata West
Bengal
Anish V M Ideation Kottayam Kerala
Ecoponic Validation Kolkata West
Bengal
Kisanmandi online agri market private Ideation Pinjore Haryana
limited
Agrimitra :: Cultivation : Market : Validation Belagavi Karnataka
Tourism
Kempmann bioorganics llp Validation Bengaluru Karnataka
August backyard chicken private limited Scaling Mysore Karnataka
Liz sieck Validation Delhi Delhi
Miklens Bio pvt. Ltd. Scaling Mumbai
Maharashtra
Meetfresh Ideation Ghaziabad Uttar
Pradesh
Freshokartz Early Jaipur Rajasthan
Traction
Khet se pet Ideation Ahmedabad Gujarat
Ekanath Gajare Early Gurgaon Haryana
Traction
Ricwal internet services pvt ltd Early Hyderabad Telangana
Traction
Emergent dreamworks Infra Developers Ideation Hyderabad Telangana
Pvt Ltd
Aranyak Ecoharvest Early Bhubaneswar Odisha
Traction
Fieldsman Agrochem Pvt ltd Validation Navsari Gujarat
Palfa Ideation Hyderabad Telangana
Bharatrohan Airborne Innovations Private Early Delhi Delhi
Limited Traction
Marketgalee Validation Hyderabad Telangana
Digital flora Ideation Chennai Tamil Nadu
Bestrom engineers Ideation Ahmednagar
Maharashtra
M/s Naturaleza Ideation Kolkata West
Bengal
Farmtable Early Pune
Traction Maharashtra
Panchakrushi agrotech Ideation Ahmednagar
Maharashtra

104
Souparnika Ideation Kottayam Kerala
Krishihub Early Bengaluru Karnataka
Traction
Gram unnati Early Delhi Delhi
Traction
Krishi maitri Ideation Delhi Delhi
Greenfield eco solutions pvt. Ltd. Early Jodhpur Rajasthan
Traction
Ananya seeds private limited Scaling New Delhi Delhi
Organo fresh Ideation Patna Bihar
Namastekisan Early Hyderabad Telangana
Traction
Farmer's choice Validation Lucknow Uttar
Pradesh
Bhumi prayogshala Scaling Amravati
Maharashtra
Krishisagar comex llp Validation Dhule
Maharashtra
Bosorganics pvt ltd Early Kochi Kerala
Traction
Hiq GREEN AGROWORLD PRIVATE Ideation Delhi Delhi
LIMITED
Kushi kare agro solutions , lyofuture pvt Early Thodupuzha Kerala
ltd Traction
Rahul singh Validation Delhi Delhi
Vizortex Research and development Validation Ghaziabad Uttar
private limited Pradesh
Agronxt Sevices Private Limited Early Mohali Punjab
Traction
Agriscan Ideation Pune
Maharashtra
Blue caravan commodities pvt.ltd Validation Delhi Delhi
Prabhat international llp Ideation Surat Gujarat
Imjor tech pvt ltd Ideation Hyderabad Telangana
Leowin solutions pvt. Ltd. Early Mangaluru Karnataka
Traction
Gowardhan krushi ayurved private Ideation Parbhani
limited Maharashtra
S4s technologies Validation Mumbai
Maharashtra
Aapah innovations private limited Early Hyderabad Telangana
Traction

105
Suyoga software solutions pvt ltd Early Bengaluru Karnataka
Traction
Agribit Ideation Ahmedabad Gujarat
Horizon biofarma LLC Ideation Delhi Delhi
Leanagri (leancrop Technology Solutions Validation Indore Madhya
Pvt. Ltd.) Pradesh
Siddhant jadhav Validation Nashik
Maharashtra
Grow Well Organic and Eco Products Early Jaipur Rajasthan
Pvt. Ltd. Traction
Vinglob greentech india private limited Scaling Ahmedabad Gujarat
Umesh yeole Validation Mumbai
Maharashtra
Sabadra bioplants Ideation Mumbai
Maharashtra
M2 hydrofarms llp Early Ahmedabad Gujarat
Traction
Drones tech lab Early Kolkata West
Traction Bengal
Vertical farming technologies private Validation Bengaluru Karnataka
limited
Nebulaa innovations private limited Validation Hyderabad Telangana
Sai sustainable agro Early Mumbai
Traction Maharashtra
Krishiyog Validation Hyderabad Telangana
Ceres organics pvt ltd Early Mumbai
Traction Maharashtra
Amvicube Early Bengaluru Karnataka
Traction
Sattve Early Bengaluru Karnataka
Traction
Eagris Ideation Delhi Delhi
Ravindra dekate Early Bhilai Nagar
Traction Chhattisgarh
Vanproz agrovet llp Early Bengaluru Karnataka
Traction
Urban kisan Early Jaipur Rajasthan
Traction
Kamal kisan Early Bengaluru Karnataka
Traction
Farme Ideation Delhi Delhi
Flyingfish.urbanfarms Validation Pune
Maharashtra

106
Xtreme Ideation Nellore Andhra
Pradesh
Napanta Early Hyderabad Telangana
Traction
Ramprakash Yadav Ideation Lucknow Uttar
Pradesh
Aquasense private limited Early Delhi Delhi
Traction
Harvestgrid Validation Pune
Maharashtra
Advance Agriculture system Validation Ahmedabad Gujarat
Green essence extraction pvt ltd Early Bhubaneswar Odisha
Traction
Vezamart.com Early Noida Uttar
Traction Pradesh
Toro Ideation Ahmedabad Gujarat
Fresh farms Ideation Tinsukia Assam
The bishops Ideation Vadodara Gujarat
Sowjanya basangari Ideation Hyderabad Telangana
Agrosiaa Validation Pune
Maharashtra
Micron agrotech Validation Purna
Maharashtra
Agricafe business pvt. Ltd. Early Rudrapur
Traction Uttarakhand
Krishihal uniagro farming llp Early Delhi Delhi
Traction
Agricart online services pvt ltd Scaling Bengaluru Karnataka
Agpulse private limited Early Delhi Delhi
Traction
Narv consultants (p) ltd. Scaling Panchkula Haryana
Apnagodam Early Jaipur Rajasthan
Traction
St. Jude herbals pvt. Ltd. Early Kasaragod Kerala
Traction
Innovagro foods LLP Early Bengaluru Karnataka
Traction
Innocenter Agritech private limited Early Bengaluru Karnataka
Traction
Vise innovative solution enterprise Early Surat Gujarat
private limited Traction
Paalak.in Early Delhi Delhi
Traction

107
 Jeev anksh eco products private limited Scaling Guwahati Assam
Greenovate agrotech pvt ltd Early Akola
Traction Maharashtra
Bioprime agrisolutions pvt ltd Early Pune
Traction Maharashtra
Enzys Govindji Biolabs Pvt ltd Validation New Delhi Delhi
Nikhil Dixit Validation Pachora
Maharashtra
Kombe Validation Bengaluru Karnataka
Dairy farm Ideation Anantapur Andhra
Pradesh
Kisansuvidha.com Validation Jabalpur Madhya
Pradesh
Palash agro & forestry pvt. Ltd. Validation Gumia Jharkhand
Pocket farms Validation Pune
Maharashtra
Dainikbazar Ideation Kanpur Uttar
Pradesh
Javik vasudha Validation Dehradun
Uttarakhand
Anuj Kumar Srivastava Validation Jamshedpur Jharkhand

108

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