SUMMARY
The app will provide farmers with artificial intelligence and machine learning-driven customised and hyperlocal crop advisories
With this app, farmers will get access to good quality inputs and market linkages as well as allied services such as pre-approved loans
The app is launched in seven Indian states and will soon be rolled out in other states as well
Indian conglomerate ITC Ltd has launched a full stack agritech app ITCMAARS (Meta Market for Advanced Agricultural Rural Services) to strengthen its agri business vertical.
The app will offer farmers with artificial intelligence and machine learning-driven customised and hyperlocal crop advisories. With this app, farmers will get access to good quality inputs and market linkages as well as allied services such as pre-approved loans.
The app will also offer advanced technologies including real-time soil testing, quality assaying and precision farming at the doorstep of farmers.
In ITC’s 111th annual general meeting, Sanjiv Puri, chairman and managing director of ITC, said, “ITCMAARS has the potential to become a considerable segment of ITC’s agribusiness besides strengthening its agri-sourcing expertise over time. This defining initiative will make a substantial contribution to the national priorities of multiplying farmers’ income and enhancing livelihood opportunities.”
ITCMAARS is launched in seven Indian states and will soon be rolled out in other states as well. It is currently being used by over 40K farmers that are further grouped in more than 200 farmer producer organisations (FPOs).
Highlighting the role of ITCMAARS in agriculture sector, Puri added, “Going forward, the strategic focus on value-added crops, ITCMAARS and climate smart agriculture will drive new vectors to sustain growth and profitability in this area of national priority.”
In 2020, India registered more than 1000 agritech startups working in the space. According to an Inc42 report, the country’s agritech market was pegged at 24.1 Bn in 2020 and raised a total of $467 Mn via funding rounds between 2014 and H1 2020.
In the past few months, a slew of fundraising activities have occurred in the agritech space. In June, WayCool secured $40 Mn from global alternative investment company 57 Stars.
In May, Fyllo bagged $2 Mn from Triveni Trusts, Ninjacart, Venture Catalysts, StarAgri, Kia Ora Ventures, Singularity Ventures, Mastermind Capital, IAN and a bunch of angel investors.
In the same month, India’s agritech sector, which is inclusive of diarytech segment, saw Country Delight raising $108 Mn to enter into new categories and expand its geographical footprint in India.
Investors such as Venturi Partners, Temasek, SWC Global and Trifecta Capital, among others participated in the round.
