SUMMARY
The startup partners with agri-input companies, BFSIs, retailers and other buyers to offer agricultural services to farmers through their uStore platform
uStore serves more than 3 lakh farmers through its 20,000-strong network
India’s addressable agritech market potential is projected to reach $24.1 Bn by 2025 and Indian startups have only tapped into only $204 Mn
Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
Agri-fintech startup Unnati Agri has raised INR 60 Cr in a Series A funding round led by Incofin Investment Management, NabVantures, and Orios. The startup provides banking services, agronomy services and agricultural input and output management services for farmers.
Founded in 2017 by Ashok Prasad and Amit Sinha, Unnati Agri provides AI and data-driven end-to-end agricultural management services to farmers including farm diagnostics, farming lifecycle management, supply chain management for partners etc. According to the startup, it has grown 15x over the last 12 months.
It serves more than 3 lakh farmers through its network of more than 20,000 ‘uStores’. Through uStore, farmers can sell produce, avail credit facilities, manage inventory, purchase inputs, receive GST invoices etc. Unnati has a network of fulfilment, agri-input and farm output partners who interact with the farmers on the platform to extend these services.
The startup will utilise the freshly raised capital to strengthen its AI and machine learning tech offering for farmers and to expand the uStore network, creating 5 Mn ‘farmpreneurs’ by enabling them with relevant digital tools to power their farming business.
“Unnati has been committed to enhancing the lives of farmers as well as our retail partners through technology solutions. We will continue to work towards our ultimate goal, which is to bring all farmers across the country onto a single digital platform which nurtures ‘farmpreneurs’ enabling them to double their farm income,” said CEO and co-founder Ashok Prasad.
According to ICAR-Central Institute of Post Harvest Engineering & Technology (CIPHET), Indian farmers face INR 1 lakh Cr worth of food losses every year — 6% of cereals, 8% in pulse, 10% in oilseeds and 15% in fruits and vegetables. These losses happen between farm to retail and can be reduced by proper post-harvest management of agricultural produce.
According to Inc42 Plus, India’s addressable agritech market potential is projected to reach $24.1 Bn by 2025 and Indian startups have only tapped into only $204 Mn, or 1% in 2020 so far. Last month, B2B agritech startup FarMart had raised $10 Mn in a Series A funding round led by Matrix Partners India.
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.