Pune-based Agritech enterprise resource planning (ERP) platform, FarmERP, has raised an undisclosed amount in its Series A round from Singapore-based strategic investor Technogen.
With this funding, FarmERP plans to build artificial intelligence (AI)-based climate resilience intelligence to help customers to mitigate climate risks in agriculture and achieve sustainability.
The company believes that by developing the climate resilience tech it will be able to expand to newer regions and provide a solution to one of the most common problems faced by stakeholders in the agriculture sector. Moreover, FarmERP also plans to help refine farming and agricultural operations through its expertise in AI, machine learning, computer vision, and blockchain technologies.
“Now we focus on climate-resilient agriculture. Predictable and intelligent agriculture is the future and we are committed to empower our clients across the globe to take on new challenges in this competitive landscape,’ said Sanjay Borkar, CEO and cofounder of FarmERP.
Founded in 2006 by Sanjay Borkar and Santosh Shinde, FarmERP is an ERP platform that provides information technology (IT) solutions to agriculture companies and startups, governments, crop insurance companies, non-governmental organisations, and farmer-producer companies and research and design (R&D) institutions. FarmERP’s platform has been deployed in over 25 countries.
‘‘We have been super successful in helping agribusinesses to harness the power of smart agriculture to achieve higher efficiency, higher yields, higher profitability, and complete traceability since the last 18 years,’ Borkar added.
As per a report by DataLabs by Inc42, Indian agritech startups raised $66.6 Mn (INR 463 Cr) in 2018, compared to $46.1 Mn (INR 320 Cr) raised in 2017. Some of the companies in the agritech sector include Ninjacart, Vegfru, Lemon Leaf, DayBox, Crofarm, WayCool, Freshokartz, CropIn, Bijak, Fasal and Kamatan Farm tech.
Recently, Gurugram-based B2B agritech platform Bijak raised $2.5 Mn seed funding from investment firms Omnivore and Omidyar Network India, and Sequoia Capital India’s accelerator programme Surge.
New Delhi-based Kamatan Farm Tech raised $4 Mn (INR 30 Cr) from Chennai-based Samunnati Agro Solutions to improve its logistics and supply chain.
In November, Netherland development finance company, FMO Entrepreneurial Development Bank, also announced its plans to invest $5.2 Mn (INR 37.31 Cr) in Chennai-based WayCool Foods And Products for Infrastructure development.