Bengaluru-based Agritech BharatAgri has raised $6.5 million in a Series A round led by Omnivore, with participation from existing investors India Quotient and 021 Capital.
The startup, which is operated by LeanCrop Technology Solutions Pvt Ltd, aims to use the Series A funding to enlarge its subscriber base across Maharashtra and Madhya Pradesh, and accelerate the growth of its inputs markets, and improve existing technologies.
The company’s proprietary algorithm collects data on more than 30 critical parameters to provide customised advisory across multiple crops, including grains, pulses, fruits, and vegetables. It also plans to scale up aggressively during the 2021 rabi season and launch its Series B round in January 2022.
BharatAgri was founded in 2017 by Sai Gole and Siddharth Dialani, engineering graduates from the Indian Institute of Technology (IIT), Madras.
In the past 12 months, the start has seen a 20x increase in paid subscription sales at a 65 per cent renewal rate. It has more than 33,000 paid users and aims to increase its subscription base to 150,000 by March 2022.
The number of farmers on the platform is equally divided between those growing horticulture crops and those growing commodity crops. The farmers receive digital and fully automated service, at an affordable price, that provides timely targeted understanding and regular crop monitoring. On average, farmers pay about $ 8.00 (INR 600) per hectare for a six-month subscription.
Siddharth Dialani, Co-Founder and CEO of BharatAgri, said, “Even three years ago, it was unimaginable that rural Indians would be paying monthly subscription fees to Netflix and YouTube, which is normal today. BharatAgri has demonstrated that the same is possible with farmers, who see so much value in our advisory platform that they willingly pay subscription fees. In the next few months, we will be expanding our platform to provide other agricultural services, starting with direct-to-farmer Agri input supply.”
Mark Kahn, Managing Partner at Omnivore, said “BharatAgri is the only agritech startup in India to successfully monetise a purely digital product for farmers. Making agronomy services widely accessible at an affordable price can help make the dream of doubling farmer incomes a reality.”
Madhukar Sinha, General Partner at India Quotient, said, “BharatAgri is building a trust-based platform where farmers are engaging meaningfully with their services. We have observed in rural areas and specifically in agriculture that farmers like to fulfil all their needs from a single place, which is currently an inputs retailer. BharatAgri has the potential to replicate the same on a digital platform and tens of thousands of farmers have already adopted it,”.