《AgFunder：2024印度農業食品科技投資報告（英文版）（34頁）.pdf》由會員分享，可在線閱讀，更多相關《AgFunder：2024印度農業食品科技投資報告（英文版）（34頁）.pdf（34頁珍藏版）》請在三個皮匠報告上搜索。

1、India AgriFoodTechInvestment Report 2024INDIA AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COM04Introduction05Key insights07AgFunder08Omnivore09Investment highlights14Investment by category Featuring startup spotlights-Altm,Intello Labs,Faunatech,Fasal26Investment by stage30Top investors32Category d

2、efinitions33Sources&methodologyContentsAbout us and our partnersAgFunder is one of the worlds most active foodtech and agtech VCs.Were rethinking venture capital for the 21st century.Born in Silicon Valley in 2013,we use technology,media and our global network to invest in and support transformation

3、al founders and technologies.With the worlds only truly global agrifoodtech investment portfolio,weve invested in more than 100 companies across six continents.AgFunderNews reports on the evolution of the global food and agriculture system.By going beyond the headlines,we analyze the people,companie

4、s and technologies aiming to improve human and planetary health.Publishing daily news,our team of award-winning journalists delivers deeper insight on the growing foodtech,agtech and climate tech industries.A multimedia publication,AgFunderNews is a division of AgFunder Inc,one of the worlds most ac

5、tive agrifoodtech venture capital firms.INDIA AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMOmnivore pioneered agritech investing in India and is the only impact investor in South Asia focused entirely on agriculture and food systems.The firm currently manages over$300 million across three funds a

6、nd invests in Indian startups developing breakthrough technologies for agriculture,food,climate,and the rural economy.For exclusive updates on Indias agrifood sector,subscribe here.INDIA AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMIndia agrifoodtech investing in 2023*Were unlikely to be telling

7、you anything new when we reveal that investment in Indian agrifood startups dropped significantly last year a 60%decline on 2022 levels,reaching just below$1 billion in 2023.Global agrifoodtech investment dropped 50%year-over-year due to fewer and smaller deals,but India differs because deal activit

8、y remained pretty flat at 129 deals,just four less than in 2022.The total was also not that much lower than the$1.3 billion raised in 2019,the pre-Covid levels before valuations went wild.The same cannot be said for global agrifoodtech,which at$16 billion in 2023 was 20%less than 2019($21 billion)an

9、d even 2018s total($20 billion.)So you could say 2023 was a reversion to the mean for Indian agrifood startups.A somewhat more worrying trend was that among the top investors,Omnivore is the only dedicated agrifood fund in the top investors list where it was joined by generalist and climate VCs.Whil

10、e its good news the generalists are still participating in the sector some categories have seen a mass exodus of mainstream funds in the wake of closures and significant down rounds in the global context the industry needs dedicated industry champions at all stages of investment,so hopefully more wi

11、ll close funds soon.In 2023 and into 2024,both AgFunder and Omnivore have found interesting deals at the intersection of food and agriculture but not always 100%focused on it;pushing the boundaries like this has led to investments in diet-related healthcare startups and fintech for rural economies a

12、t the funds,respectively.Capturing value from other segments should help boost fund returns but also speaks to the interconnectedness of the worlds food and agriculture industries with several others;with one-third of greenhouse gas emissions related to the sector,climate tech is another obvious exa

13、mple.So dig in to see the significant drop in median deal sizes,as investors show theyre willing to make bets but at very low ticket sizes,and the categories capturing most investment spoiler alert:Ag Marketplaces and eGrocery(still,but a lot less).As always,we love feedback.Happy reading!Louisa Bur

14、wood-Taylor,Mark Kahn and the AgFunder&Omnivore Teams.*This report uses Indias calendar year 2023 which is January 2023-December 2023.image credit:EcozenINDIA AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMKey insightsIn 2023,Indian agrifoodtech startups raised$940 million across 129 deals,down 60%

15、from 2022.The number of deals remained almost flat with 129 closing in 2023 compared to 133 deals in 2022,indicating smaller deal sizes given the steep decline in dollars raised.More early stage deals closed in 2023 than 2022 indicating continued interest by investors in the category but at much low

16、er valuations than in previous years.The median deal sizes dropped significantly year-on-year across stages and most dramatically at the late stages:50%at the early stages(Seed and Series A),39%at the growth stages(Series B and C)and 89%at Series D and later.All parts of the supply chain received su

17、bstantially less funding in 2023 than 2022,with Midstream startups faring the worst with an 80%decrease.eGrocery was still the most funded category,albeit with a 46%year-over-year drop to$420 million.Agribusiness Marketplaces&Fintech was the second best funded category,raising$162 million,a more pro

18、nounced 62%decline.Together,eGrocery and Ag Marketplaces&Fintech accounted for 62%of the capital raised in 2023.Many later-stage startups raised follow-on bridge capital in 2023,resulting in smaller deals at the late stage.This is in line with global agrifoodtech investment trends,where later-stage

19、startups have raised down rounds and overall valuations have been severely corrected.image credit:S4S INDIA AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMKey insightsTOTAL AGRIFOODTECH INVESTMENTS$940 millionTOTAL FARMTECH INVESTMENTS$192 millionBIGGEST DOWNSTREAM CATEGORYeGrocery$420 MILLION FUND

20、INGBIGGEST DOWNSTREAM DEALZepto$200 MILLION FUNDING BIGGEST UPSTREAM CATEGORYAgribusiness Marketplaces$162 MILLION FUNDING BIGGEST UPSTREAM DEALLeads Connect$60 MILLION FUNDING AgFunder invests in world-leading deep tech startups that tackle important themes such as automation,carbon markets,food as

21、 medicine,sustainability,green ammonia,and more.These investments include DeHaat,Aquaconnect,Singrow,Nium,Mycoworks,Atinary,KEY,Dataspan,Juicy Marbles,Umaro,Rarebird,and Brightseed.AgFunderNews is one of the keys to AgFunders success.Along with AgFunder Research,it has become the global epicenter fo

22、r agrifood technology intelligence with subscribers from top stakeholders across the landscape.Gaia,AgFunders proprietary data platform,gives the firm unique capabilities in sourcing early-stage deals,expertise,investors,competitors,and insights for its portfolio companies and LPs.Gaia analyzes mill

23、ions of startups around the clock,using a combination of bespoke machine learning,artificial intelligence,and tailored algorithms over public and proprietary data,specifically designed for early-stage VC.Gaia has sourced several promising portfolio companies and now assists with diligence on all dea

24、ls.AgFunder focuses on supporting the best entrepreneurs and companies,regardless of their geographical location.With roughly 50%of its companies based in the US,a track record of successful exits,and a global network,AgFunder has established itself as the go-to partner for investors seeking global

25、exposure to the agrifoodtech sector.AgFunder also has a base in Asia with the incorporation of a Singapore office in 2019,together with the launch of GROW Accelerator-Southeast Asias first specialist agrifoodtech accelerator program.Asia-Pacific investments make up around 20%of the total About usAgF

26、under is a pioneer in agrifoodtech.An investment and intelligence platform with a history of supporting entrepreneurs long before food and agriculture became a topic on investors agendas.Today,the firm has invested in over 100 companies across six continents and has an AUM of over$200 million.The in

27、telligence platform has a database of over 4 million startups and millions of readers from across the world each year.INDIA AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMINDIA AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMOmnivore pioneered agritech investing in India and is the only impact inve

28、stor in South Asia focused entirely on agriculture and food systems.The firm currently manages over$300 million across three funds and invests in Indian startups developing breakthrough technologies for agriculture,food,climate,and the rural economy.Over the past decade,Omnivore has become the prefe

29、rred investor for agritech startups in India,given its deep sectoral expertise and catalytic value addition.Every member of Omnivores investment team has prior experience in agribusiness,agricultural development,food processing,rural marketing,and/or agricultural technology.To date,Omnivore has back

30、ed over 40 startups and impacted the lives of more than 12 million farmers.Omnivore portfolio companies have shown great perseverance in solving legacy issues in Indian agriculture and paving the way for a more climate-resilient future.The latter is especially necessary given Indias high degree of v

31、ulnerability to climate change.With agriculture representing 25%of the Indian economy and impacting the lives of 130 million farmers and their families(approximately 600 million Indians),Omnivore portfolio companies will create massive social and environmental impact in the coming years.Omnivore has

32、 recently begun helping to catalyze the nascent agrifood life sciences ecosystem in India.In 2021,Omnivore launched a special initiative called OmniX Bio to accelerate early-stage agrifood life science startups.OmniX Bio is catalyzing venture capital towards Indian entrepreneurs working in the field

33、s of agricultural biotechnology,novel farming systems,bioenergy and biomaterials,and innovative foods,including alternative protein.OmniX Bio also provides mentorship from global agrifood life sciences leaders,institutional partnerships,and business development support to access domestic and export

34、sales channels.omnivore.vcPartner OmnivoreOmnivore is a venture capital firm,based in India,which funds entrepreneurs building the future of agriculture and food systems.Omnivore portfolio companies drive agricultural prosperity and transform food systems across India,making farming more profitable,

35、resilient,sustainable,and climate-proof.image credit:AgnetINDIA AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMInvestment highlightsINDIA AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COM6 years of agrifoodtech in India43210Total funding billions$USD201820222023202120202019201820222023202120202019$2

36、.4 BILLION$1.3 BILLION$940 MILLION$2.1 BILLION$3.6 BILLION$2.4 BILLION250200150100500Total number of deals124 DEALS143 DEALS129 DEALS190 DEALS230 DEALS133 DEALSDealsFunding$USDFunding to Indian startups agrifoodtech startups over time reflects many of the broader trends seen in global agrifoodtech i

37、nvestment,including a 30%decrease between the record-breaking 2021 and 2022,and 2023s more than 60%decline on 2022.Deal numbers were nearly flat from 2022 to 2023,highlighting smaller deal sizes overall.Deal count was helped by a slight YoY growth in the number of early stage deals in 2023 compared

38、to 2022,indicating continued interest by investors in the category.Funding by supply chain$USDINDIA AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMInvestments by supply chain 2018-2023($USD)43210Total funding billions$USD201820192021202220232020$88 MILLION$2.3 BILLION$35 MILLION$238 MILLION$981 MIL

39、LION$74 MILLION$159 MILLION$1.8 BILLION$137 MILLION$506 MILLION$2.7 BILLION$409 MILLION$232 MILLION$1.7 BILLION$542 MILLION$45 MILLION$684 MILLION$211 MILLION$2.5 BILLION$1.3 BILLION$2.1 BILLION$3.6 BILLION$2.4 BILLION$940 MILLIONThanks to sectors like eGrocery,which continues to rake in multi-milli

40、on-dollar rounds,the downstream category still commands the bulk of Indian agrifoodtech investment.All categories in the value chain saw declines,with Midstream experiencing the sharpest decrease(80%)compared to upstream(60%)and downstream(58%).Upstream Midstream DownstreamINDIA AGRIFOODTECH INVESTM

41、ENT REPORT 2024|AGFUNDER.COMInvestments by supply chain 2018-2023250200150100500Number of deals201820192021202220232020Deals by supply chain14 DEALS62 DEALS57 DEALS9 DEALS59 DEALS61 DEALS33 DEALS114 DEALS83 DEALS32 DEALS97 DEALS61 DEALS26 DEALS83 DEALS34 DEALS15 DEALS80 DEALS29 DEALS124 TOTAL143 TOT

42、AL190 TOTAL230 TOTAL133 TOTAL129 TOTALThe drop between 2021 and 2022 aside,the number of upstream deals has increased every year since 2018;upstream startups were the only part of the value chain to grow in 2023,inching up 9%to put it back on par with 2020 levels.In 2023,the number of upstream deals

43、 surpassed the number of downstream deals for the first time,signaling a shift in investor interest also seen on the global stage.Upstream Midstream Downstream1.51.20.90.60.30Total funding billions$USD201820182022202220232023202120212020202020192019$0.2 BILLION$0.3 BILLION$0.4 BILLION$1.3 BILLION$0.

44、2 BILLION$1.1 BILLIONFunding$USDINDIA AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMFarmtech investments2018-2023($USD)1501209060300Total number of deals83 DEALS96 DEALS102 DEALS137 DEALS51 DEALS86 DEALSDealsFunding to farmtech technologies aimed at improving food production and outcomes on the fa

45、rm plunged more than 80%in 2023,year-over-year,putting it back on par with 2018 levels.The bulk of that funding went to Agribusiness Marketplaces&Fintech($162 million)as more startups aim to provide better products and services to the countrys 150 million-strong smallholder farmer population.INDIA A

46、GRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMInvestment by categoryINDIA AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMInvestments by category 2023($USD)Upstream Midstream DownstreamIn 2023,Indian agrifoodtech startups raised$940 million across 129 deals.As in 2022,eGrocery and Agribusiness Mark

47、etplaces were the most active categories,taking over 60%of all dollar funding.Ag Marketplaces&FintechInnovative FoodBioenergy&BiomaterialsFarm Management Software,Sensing&IoTNovel Farming SystemsAg BiotechnologyFarm Robotics,Mechanization&EquipmentMidstream TechnologiesMiscellaneouseGroceryOnline Re

48、staurants&Meal MarketplacesIn-store Retail&Restaurant TechHome&CookingCloud Retail Infrastructure$162m$19m$14m$18m$10m$4m$3m$4m$1m$420m$119m$77m$65m$3mINDIA AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMInvestments by category 2023($USD)Upstream Midstream DownstreamCategory$USD Agribusiness Market

49、places&Fintech$162m Innnovative Food$19m Bioenergy&Biomaterials$14m Farm Management Software&Sensing$18m Novel Farming Systems$10m Ag Biotechnology$4m Farm Robotics,Mechanization+Equipment$3m Midstream Technologies$4m Miscellaneous$1m eGrocery$420m Online Restaurants&Meal Marketplaces$119m In-Store

50、Retail Tech$77m Home and Cooking$65m Cloud Retail Infrastructure$3m Categories by funding$USD)Investment by deal count22%(28)7%(9)2%(3)12%(15)21%(27)5%(7)6%(8)1%(2)7%(9)2%(3)2%(3)7%(9)3%(4)1%(2)Food delivery marketplaces,including eGrocery and restaurant delivery services like Swiggy,continue to dom

51、inate,accounting for 57%of the funding pie.Surprisingly deal numbers in these categories increased in 2023 vs 2022,but at much smaller deal sizes than previously.INDIA AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMChanges in deal count YoYChanges1086420-2-4Ag Biotechnology Farm Robotics,Mechanizat

52、ion&Equipment Innovative Food Novel Farming Systems Agribusiness Marketplaces&Fintech Farm Management Software&Sensing Investments by category YoY change in deal count+2 DEALS+8 DEALS+1 DEALS+2 DEALSBioenergy&Biomaterials -3 DEALS-3 DEALS-1 DEALSIn terms of deal count,most categories either remained

53、 flat or closed fewer deals in 2023 versus 2022.Exceptions were eGrocery,Innovative Food,and a few minor increases for some upstream categories.A slight jump in deals for Bioenergy&Biomaterials is especially noteworthy and reflects the global trend of growing investor interest in this category,which

54、 includes Omnivore portfolio companies AltM and Fibmold.Cloud&Retail Infrastructure In-Store Retail&Restaurant Tech Online Restaurants&Meal Marketplaces eGrocery Home&Cooking Technology +1 DEALS+8 DEALS+8 DEALS0 DEALS-1 DEALSMiscellaneous Midstream Technologies -3 DEALS-2 DEALS Upstream Midstream Do

55、wnstreamINDIA AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMInvestments by category YoY change median deal sizes4035302520151050Agbiotechnology Farm Management Software&Sensing Innovative Food Agribusiness Marketplace&Fintech Midstream Technologies Novel Farming Systems Farm Robotics,Mechanization

56、&Equipment eGrocery Upstream Midstream DownstreamMedian deal size(2022 vs 2023)$39 MILLION$19 MILLION$5 MILLION$2.4 MILLION$3.2 MILLION$2 MILLION$12 MILLION$21 MILLIONTotal funding millions$USDMedian deal size declined sharply across all categories from 2022 to 2023.While eGrocery was still the most

57、-funded category in 2023,it also saw one of the biggest drops as deal size plummeted 99%.Upstream,deal sizes in the once-promising Ag Biotech category fell 96%.$300 THOUSAND$1.2 MILLION$3 MILLION$900 THOUSAND$600 THOUSAND$100 THOUSAND$1.1 MILLION$700 THOUSANDINDIA AGRIFOODTECH INVESTMENT REPORT 2024

58、|AGFUNDER.COMStartup spotlight AltMBIOENERGY&BIOMATERIALSAltM is an alternative materials company that turns agricultural residues like straw husks,shells and stalks into industrial-grade biomaterials to help major industries reduce their carbon footprint across supply chains.What agrifood challenge

59、s are you trying to solve and how?Using post-harvest crop residue as our primary raw material,altM creates high-value biochemicals and biomaterials.This approach unlocks an additional income stream for farmers by monetizing crop residues that would otherwise be burnt or underutilized.altM contribute

60、s to the ecosystem by improving farmer sustenance and livelihoods.How have you weathered the current venture capital downturn?altM prioritizes innovation,supply chain,and scalability in its quest to advance high-value biochemicals research and manufacturing.With this philosophy,we have stitched toge

61、ther our value chain that is well-positioned to achieve sustainable and scalable business metrics.This has helped us in attracting the right technical talent and investors despite the current capital downturn.What does 2024 have in store for you?With our R&D facility fully commissioned and staffed t

62、hrough last year,2024 will be about incrementally installing production capacity,maturing our product pipelines,and executing commercial trials with our customers.Well additionally establish our IP portfolio and expand the team within all our primary workstreams R&D,supply chain,engineering,ops,and

63、sales.What has your experience fundraising been like in the current climate?With the right technical talent and business vision,altM was able to attract the right VC capital and strategic investor base to realize its mission of accelerating the worlds transition to sustainable materials.altM raised

64、a$3.5 million round in 2023,led by Omnivore.altm.bioBalwaan$2mSEEDINDIA AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMAgribusiness Marketplaces&FintechTop deals($USD)The second most-funded category in 2023,Agribusiness Marketplaces&Fintech continues to grow in importance as the industry works to i

65、mprove access to inputs,credit,and other agronomy services to the countrys many smallholder farmers.LeadsConnect,a full-stack provider to the farm value chain,and B2B fruits marketplace Vegrow led the category with growth-stage rounds.Vegrow$46mSERIES C010203070408LeadsConnect$60mSERIES BCaptain Fre

66、sh$20mSERIES CHectar$2.1mSEEDDGV$6mSERIES AUnnati$3.5mSERIES A0708Growcoms$3.5mSERIES AINDIA AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMMidstream TechnologiesTop deals($USD)Ergos$10mSERIES B010302Waycool$31mSERIES DSupplyNote$2.25mSERIES AFunding to this category declined for the second year in

67、 a row.WayCool,which led the category in 2022 with a$117 million Series D,topped the list again in 2023,but with a substantially smaller$31 million bridge round raise.Midstream startups saw the steepest decline from 2022 overall(80%),with many raising bridge rounds led by internal investors.INDIA AG

68、RIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMStartup spotlight Intello LabsMIDSTREAM TECHNOLOGIESIntello Labs pioneers AI-driven AgriTech solutions,transforming agricultural supply chain management.Our patented technology optimizes sorting,grading,and quality control processes,reducing wastage and

69、maximizing profitability.With a focus on sustainability and innovation,were reshaping the future of agriculture globally.What agrifood challenges are you trying to solve and how?Inefficiencies and inconsistencies in sorting,grading,and quality control processes plague the agricultural produce sector

70、.Traditional methods reliant on manual labor often result in human error,subjective assessments,and substantial wastage.Intello Labs uses artificial intelligence and machine learning algorithms to automate and streamline sorting and grading procedures.Our patented technology facilitates high-speed i

71、mage processing and defect identification,enabling precise categorization of agricultural products based on quality parameters.Sophisticated algorithms can detect imperfections,blemishes,and other quality issues with unparalleled accuracy.How have you weathered the current venture capital downturn?O

72、ur company recognizes the need to adapt swiftly to the evolving market conditions and pivot to a ROI model while maintaining a steadfast focus on our long-term vision and objectives.We have implemented rigorous cost management measures to optimize our spending and preserve capital efficiency.We have

73、 also increased efforts to drive revenue growth and adjusted our business according to the needs of our customers.For example,mangoes are a huge market for us,there is a huge market for mangoes,so we have developed technology for that fruit for the approaching season.What does 2024 have in store for

74、 you?In 2024,the primary initiative involves launching zero-touch packing solutions,from sorting and grading commodities to offering automated touch-less packaging solutions as a value-added service to existing customers.We aim to establish Intello Labs as a one-stop solution for the entire post-har

75、vest technology value chain.Strategic partnerships and targeted marketing efforts will fuel a global market expansion,accelerating adoption of AI-driven solutions and reshaping the future of agriculture.image credit:Intello LabsINDIA AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMStartup spotlight

76、FaunatechFARM MANAGEMENT SOFTWARE,SENSING&IOTFauna is a novel,smartphone-based diagnostics platform for the early detection of critical diseases,the screening of milk and food quality at the farm gate,and reducing antibiotic usage in livestock farming.The system measures somatic cell count,antibioti

77、c residue in milk,histamine,E.coli,and sulfur,among other important biomarkers,in meat,fish,poultry,and grains.What agrifood challenges are you trying to solve and how?Perishable foods like milk,fish,meat,and grains suffer from a high risk of contamination and safety issues.But the industry also lac

78、ks widespread access to quality diagnostics,high costs,and insufficient infrastructure hinder disease management,particularly in developing countries.We are addressing one of the biggest problems in the dairy sector,a disease called Mastitis.It is an udder infection in milch cattle that reduces milk

79、 productivity and eventually becomes chronic leading to complete loss of production.How have you weathered the current venture capital downturn?Despite the venture capital downturn,we diversified funding through grants and partnerships.We managed our expenses frugally,prioritizing vital investments

80、along with strengthening investor relations with transparent communication.We upheld focus on our value proposition,emphasizing the benefits of our smartphone-based diagnostics platform for agrifood challenges.We have focused on optimizing our business model,improving profitability,and demonstrating

81、 clear paths to value creation.What does 2024 have in store for you?In 2024,we are poised for significant advancements and expansions in our operations.We plan to embark on a commercial expansion in both the Indian and international markets,tapping into new regions to reach a broader customer base a

82、nd solidify our presence globally.Additionally,we are committed to enhancing our product offerings by adding new biomarkers for fish,meat,poultry,and grains.Moreover,with the funding environment showing signs of improvement this year,were optimistic about closing our next round of funding soon.What

83、has your experience fundraising been like in the current climate?In the current climate,fundraising has been marked by cautious investors prioritizing revenue traction,market potential,and management team experience.Demonstrating these factors has been crucial in securing support,as investors seek p

84、romising ventures with clear paths to growth and impact.Despite challenges,theres a positive shift in the funding landscape,with opportunities for ventures aligned with investor priorities.image credit:FaunatechINDIA AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMeGrocery Top deals($USD)Zepto$200mS

85、ERIES E010203Fresh2Home Foods$104mSERIES DDunzo$75mSERIES FFor urban households in India,eGrocery remains something of a staple service among apps,which explains the categorys dominance even amidst overall declines.Funding to eGrocery dropped 45%year-over-year,but deal count increased by nine.Zepto

86、and Fresh2Home both returned to the top rounds in 2023,both with larger deals than they raised in 2022.INDIA AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMStartup spotlight FasalFARM MANAGEMENT SOFTWARE,SENSING&IOTFounded in 2018,Fasal is a precision horticulture pioneer that leverages crop scienc

87、es and IoT to provide farm-level,crop-specific and crop-stage-specific intelligence enabling resource optimization(water,pesticides,etc)and higher farm productivity while procuring high-quality,traceable produce for an end to end optimized value chain play.What agrifood challenges are you trying to

88、solve and how?The world population is growing faster than our food production capacities.Thus,farming practices need to be optimized to increase production and decrease food losses.This is only possible via technological interventions.Fasal is spearheading the advent of its precision technology in t

89、he horticulture industry and tackling the following challenges:irrigation management,pests and disease management,crop quality control,and ultimately,increased yields.Irrigation Management(reduced irrigation water consumption by 82.8 billion litres)Pest and Disease Management(pesticide reduction by

90、127,426 kg)Quality Unevenness(increased quality by up to 30%)Low Yield(increased their yields by up to 30%)How have you weathered the current venture capital downturn?Despite the venture capital downturn,Fasal has strategically leveraged our Series-A funding to reinforce our position as a trailblaze

91、r in precision agriculture.By focusing on innovation and sustainable practices,weve weathered the challenges and continued to attract investor interest.What does 2024 have in store for you?In 2024,Fasal is expanding Fasal Fresh,our B2B brand,to provide premium,traceable produce to city folks.Concurr

92、ently,were unlocking new downstream offerings in agri inputs,data products,etc as extensions to our IoT technology,aiming to redefine global benchmarks in the IoT sector.What has your experience fundraising been like in the current climate?Fundraising in the current climate has been both challenging

93、 and rewarding.Our successful Series-A funding round reflects investor confidence in our mission and potential.We remain dedicated to advancing our vision,forging strong partnerships,and driving innovation in sustainable agriculture.fasal.coINDIA AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMInves

94、tment by stageINDIA AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMInvestments by stage2018-2023($USD)Early(Pre-Seed to Series A)Growth(Series B to C)Late(Series D+)43210Total funding billions$USD201820192021202220232020$279 MILLION$2.1 BILLION$104 MILLION$374 MILLION$776 MILLION$143 MILLION$404 MI

95、LLION$1.5 BILLION$193 MILLION$346 MILLION$497 MILLION$97 MILLIONFunding by stage$USD$2.4 BILLION$1.3 BILLION$2.1 BILLION$3.6 BILLION$2.4 BILLION$940 MILLIONFunding declined at every stage,with the greatest drop at the late stages(Series D+)-70%.Growth stage deals(Series B and C)saw the smallest decl

96、ine in dollar funding(36%),while early stage deals became smaller in size,raising 58%less in dollar terms over a few more deals.$591 MILLION$2.5 BILLION$427 MILLION$541 MILLION$1.7 BILLION$229 MILLIONINDIA AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMInvestments by stage2018-2022($USD)25020015010

97、0500Number of deals by stage124 TOTAL143 TOTAL190 TOTAL230 TOTAL133 TOTAL129 TOTAL Early(Pre-Seed to Series A)Growth(Series B to C)Late(Series D+)201820192021202220232020Deals by stage21 GROWTH9 LATE103 EARLY15 GROWTH10 LATE104 EARLY30 GROWTH13 LATE187 EARLY19 GROWTH11 LATE160 EARLY27 GROWTH11 LATE1

98、05 EARLY25 GROWTH10 LATE89 EARLYThe number of early-stage deals rose slightly from 2022 to 2023,bringing deal numbers for this stage back to 2019 levels.The resurgence in early-stage funding could indicate that the sector is bouncing back.The number of late-stage deals remains relatively flat,albeit

99、 with much small deals;the median deal size for the late stages was down 89%.INDIA AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMInvestments by stage2023($USD)Largest deal raisesMedian deal sizes$940 million raised in India in 2023129 deals across the region in 2023$16 billion raised globally in 2

100、023STAGECOMPANIES FUNDEDRAISESFasal$12mFibmold$10mAqua Exchange$6mDGV$6mLoyal Hospitality$65mKitchens-At$65mLeads Connect$60mVegrow$46mCurefoods$37mZepto$200mFreshToHome Foods$104mDunzo$75m300250200150100500Media deal sizes millions$USD2020$2 MILLION2021$3.8 MILLION20222023 Early(Pre-Seed to Series

101、A)Growth(Series B to C)Late(Series D+)$0.8 MILLION$0.4 MILLION$93 MILLION$258 MILLION$269 MILLION$31 MILLION$22 MILLION$26 MILLION$16 MILLION$21 MILLIONINDIA AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMTop investors by deal countRANKINVESTORN0.DEALSCOMPANIES FUNDED01Omnivore9AltM,Fibmold,Finhaat

102、02India Accelerator4Native Milk,Surobhi Agro,Farmology03Mumbai Angels4Rukart,Falca,SugarWatchers04NABVENTURES3Krishitantra,Satyukt05Innoven Capital3AgroStar,Rebel Foods,Licious063one4 Capital2Fasal,ScimplifyOmnivore is the only dedicated agrifood fund in this list,joined by generalist and climate VC

103、s.While its good news generalists still participating in the sector some categories have seen a mass exodus of mainstream funds in the wake of closures and significant down rounds in the global context the industry needs champions at all stages of investment.INDIA AGRIFOODTECH INVESTMENT REPORT 2024

104、|AGFUNDER.COMAppendixMidstream TechnologiesFood safety&traceability tech,logistics&transport,processing techMiscellaneousAll other agrifood-related techIn-Store Retail&Restaurant TechShelf-stacking robots,3D food printers,payment systems,food waste monitoring IoTeGroceryOnline stores+marketplaces fo

105、r sale and delivery of processed and unprocessed ag products to consumerHome&Cooking TechSmart kitchen appliances,nutrition technologies,food testing devices&home grow kitsOnline Restaurants and Meal MarketplacesOnline tech platforms delivering prepared food and meal kits from a wide range of vendor

106、sCloud Retail InfrastructureOn-demand enabling tech,ghost kitchens,last-mile delivery robots&servicesINDIA AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMAgrifoodtech category defintionsAg Biotechnology On-farm inputs for crop&animal ag including genetics,microbiome,breeding,animal healthAgribusine

107、ss Marketplaces&FintechCommodities trading platforms,online input procurement,equipment leasing,farmer fintechBioenergy&BiomaterialsNon-food extraction&processing,feedstock technology,cannabis pharmaceuticalsFarm Management Software,Sensing&IoTAg data capturing devices,decision support software,big

108、data analyticsFarm Robotics,Mechanization&EquipmentOn-farm machinery,automation,drone manufacturers,grow equipmentNovel Farming SystemsIndoor farms,aquaculture,insect&algae productionInnovative FoodCultured meat,novel ingredients,plant-based proteins Upstream Midstream/Both DownstreamINDIA AGRIFOODT

109、ECH INVESTMENT REPORT 2024|AGFUNDER.COMDATA POWERED BYSources&methodologyData Sources&CurationUtilizing new advanced machine-learning algorithms and artificial intelligence to help identify and categorize agrifoodtech startups,our knowledge base has grown to more than 30,000companies,with new startu

110、ps and historical data being added each day.The raw data for our reports comes from Crunchbase,which gathers publicly-available information such as press releases and US Securities and Exchange Commission filings,as well as crowdsourcing directly from the industry.AgFunder contributes data from its

111、own collection methods,including private communications with investors and companies.We also collect data from partners across the globe to ensure we have the most comprehensive,accurate and curated dataset and knowledge base of agrifoodtech companies and investments.The raw data is painstakingly cu

112、rated by the AgFunder team,along with their data partners,to ensure they are relevant,accurate,up-to-date,and categorized according to AgFunders proprietary tagging system.We update and improve our dataset continuously throughout the year,meaning total figures from previous years reports will shift

113、as our dataset becomes more complete.In 2022,we tightened our definitions of what constitutes an agrifoodtech venture to ensure that the emphasis on food and agriculture is core to the business.Thats had a recalibrating effect on this years investment figures as well as some past data.Examples inclu

114、de logistics,drones,cloud and any other tech services that may have started in agrifood but have since added other sectors or pivoted away from agrifood.Weve maintained historical rounds that were raised on an agrifood focus,where we could.While we are happy to share our findings,we reserve all righ

115、ts with respect to AgFunder research and this report and we require it to be fully and accurately cited when any of the data,charts,or commentary are used.Undisclosed FinancingsOf the 129financings in this reports curated dataset,20were undisclosed and could not be determined through research or dir

116、ect sources.We exclude undisclosed financings when computing averages and median values.In some cases,were able to confidentially obtain financing figures directly from investors on the condition theyre only included in aggregate.Multiple FinancingsIn some cases,Crunchbase displays multiple financin

117、gs for the same company in the same year.This can be because a company closes subsequent rounds in the same year,but it can also be the result of several closes of the same round.We keep them separate unless they are announced as one single round.CategorizationAgFunders categorization system is desi

118、gned to capture broad themes across the complex agrifoodtech value chain.The agrifood sector has a wide supply chain spanning inputs and industrials,farming,logistics,wholesale distribution,processing,retail distribution,and the consumer.In many cases,technologies such as marketplaces connect differ

119、ent links in the supply chain and so in this report weve chosen to focus on high-level themes.To assist with the categorization and to avoid subjectivity,AgFunder first employs over 150 machine learning and artificial intelligence models to suggest category placement and to help tag the company acco

120、rding to the technology and its place in the supply chain.Finally,the AgFunder team manually reviews the suggestions for each company,often with significant research and debate among our team.Starting with our 2023 Global Agrifoodtech Investment Report,we combined Agribusiness Marketplaces and Finte

121、ch into one category as there is often overlap between the two.We maintained any fintech tools for retailers or restaurants within the Retail Tech category.Given the reduction in funding to food delivery services,in this report weve combined Online Restaurants&Meal Kits with Restaurant Marketplaces

122、as very similar business models.Weve also taken taken a stricter stance on cannabis and CBD-related startups;there needs to be clear proprietary technology involved.We will not include pure consumer packaged goods or pure production,as we wouldnt include pure production in any other crop.If we belie

123、ve the growing facilities are particularly high tech or utilize proprietary technology,we will still include it in our Novel Farming Systems category.The same goes for processed products;if the extraction technique is particularly innovative,well include it as a Biomaterials or Midstream Tech startu

124、p.Large vertically-integrated cannabis companies are also excluded.Special AcknowledgementTim Li and the rest of the Crunchbase team for their support and assistance,and to the Omnivore team for supplying local data and working closely with us on ensuring the accuracy of our research.agfunder agfunder agfunder AgFunderVCSubscribe to our must-read food/ag newsletter and alerts about our funds at