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While overall inflation has been under control, food inflation is growing at 7%, indicating a mismatch of supply and demand. The inflation translates into an additional `70,000 crore opportunity.The propensity for consumption is also going up. Droughts are an opportunity to develop various seeds.
Agriculture in India is a $370 billion sector, but there is little application of technology and interested political persons to improve productivity and lift millions out of poverty.
Ranjith Mukundan quit his job at Wipro in 2011 after 15 years. Farming wasn’t on his mind. Bengaluru-born Mukundan and his four co-founders were exploring the Internet of Things space.
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Investment in micro cold storage facility that works on solar power and can be installed even in small farms.
In a country where more than half of the population still survives on agriculture, fruit and vegetables worth $2 billion are wasted because of lack of supply chain management and cold storage facilities.”The big cold storage products of the west are not affordable for many Indians.
Despite the need for technological intervention, there’s not much funding coming to startups in this sector.Funding for Indian agriculture startups declined to $56 million in 2015 from $123 million. In 2015, also a drought year, just 20 agriculture-related startups raised money , but $6 billion was invested overall in tech startups that year. Agriculture startups attracted less than 1% of the total.
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Kahn says, He has investments in 11 agriculture startups, including Skymet, which analyses weather patterns and predicts risk in agriculture for every season. Bengaluru-based Flybird Agri Innovations places sensors in the soil to detect moisture content and control irrigation.
Kahn was earlier head of business strategy and mergers and acquisitions at Godrej Agrovet . He found that most agritechnology startups struggle to raise funding. He convinced Godrej to anchor a fund to support more firms and thus Omnivores was founded in 2011 with a corpus of Rs 260 crore.