【AgFunder】2024年印度农业食品科技投资报告_34页_7mb

India AgriFoodTech Investment Report 2024 Summary

Introduction

This report provides an overview of the investment landscape in India's agrifoodtech sector in 2023, highlighting key trends, investment highlights, and insights into specific startups.

Key Insights

• Total Investment: Indian agrifoodtech startups raised $940 million across 129 deals in 2023, a 60% decline from 2022.
• Deal Sizes: Median deal sizes dropped significantly across all stages, with the most dramatic decline seen in late-stage deals (89%).
• Supply Chain Funding: All categories in the supply chain saw declines, with Midstream experiencing the steepest drop (80%).
• Top Categories: eGrocery and Agribusiness Marketplaces & Fintech accounted for 62% of the total investment.
• eGrocery: Still the most funded category with $420 million in 2023, despite a 46% YoY drop.
• Agribusiness Marketplaces & Fintech: Second most funded category with $162 million, a 62% decline from 2022.
• Downstream: eGrocery was the biggest downstream category, with Zepto raising $200 million in a Series E round.
• Upstream: Agribusiness Marketplaces was the biggest upstream category with $162 million in funding.
• Late Stage Deals: Many late-stage startups raised follow-on bridge capital, indicating a correction in valuations and a focus on sustainability.

Investment by Category

• eGrocery: $420 million (57% of total funding), with Zepto ($200 million) and Fresh2Home Foods ($104 million) leading.
• Agribusiness Marketplaces & Fintech: $162 million.
• Innovative Food: $19 million.
• Bioenergy & Biomaterials: $14 million.
• Farm Management Software & Sensing: $18 million.
• Novel Farming Systems: $10 million.
• Ag Biotechnology: $4 million.
• Farm Robotics, Mechanization + Equipment: $3 million.
• Midstream Technologies: $4 million.
• Miscellaneous: $1 million.
• Cloud Retail Infrastructure: $3 million.

Investment by Stage

• Early Stage: Seed and Series A deals saw a 50% drop in median deal sizes.
• Growth Stage: Series B and C deals saw a 39% drop in median deal sizes.
• Late Stage: Series D and later deals saw an 89% drop in median deal sizes.
• Deal Count: The number of deals remained almost flat, with a slight increase in early stage deals.

Key Players

• AgFunder: One of the world's most active agrifoodtech VCs, with over $200 million AUM and investments in over 100 companies across six continents.
• Omnivore: The only impact investor in South Asia focused entirely on agriculture and food systems, managing over $300 million across three funds.

Startup Spotlights

AltM

• Category: Bioenergy & Biomaterials
• Focus: Converts agricultural residues into industrial-grade biomaterials.
• 2023 Funding: $3.5 million (Series A), led by Omnivore.
• 2024 Plans: Expand production capacity, mature product pipelines, and execute commercial trials.

Intello Labs

• Category: Midstream Technologies
• Focus: AI-driven AgriTech solutions for sorting, grading, and quality control.
• 2023 Funding: $46 million (Series C) and $20 million (Series C).
• 2024 Plans: Launch zero-touch packing solutions and expand globally.

Faunatech

• Category: Farm Management Software, Sensing & IoT
• Focus: Smartphone-based diagnostics platform for early detection of diseases and quality screening.
• 2023 Funding: $3.5 million (Series A).
• 2024 Plans: Commercial expansion in India and international markets, adding new biomarkers.

Fasal

• Category: Farm Management Software, Sensing & IoT
• Focus: Precision horticulture solutions using crop sciences and IoT.
• 2023 Funding: $3.5 million (Series A).
• 2024 Plans: Expand Fasal Fresh to provide premium, traceable produce and unlock new downstream offerings.

Top Investors

• Omnivore: The only dedicated agrifood fund in the top investors list.
• Generalist and Climate VCs: Also participated in the sector, though there was a mass exodus of mainstream funds in the global context.

Conclusion

The Indian agrifoodtech sector experienced a significant drop in investment in 2023, but certain categories like eGrocery and Agribusiness Marketplaces & Fintech still saw substantial funding. Despite the downturn, dedicated investors like Omnivore and AgFunder continue to support the sector, focusing on innovation, scalability, and sustainability. The future looks promising with startups aiming to expand their operations and offerings in 2024.