CropIn Technologies, the Bengaluru-based agricultural technology startup has raised INR 57 crores ($8 million) from Chiratae Ventures in series B round of funding. The Bill and Melinda Gates Foundation Strategic Investment Fund also participated in the funding round.
With the current fundraise the CropIn has grabbed a total of $12 million in external funds. The startup operates SmarFarm, a customizable mobile app for farm management across agricultural businesses. It helps field agents with business-to-business-to-farmer plot-level farm management technology.
CropIn will use the funds to scale its platform and improve the technology. The firm is looking to develop its machine learning based SmartRisk platform for plot-level crop detection and yield prediction. The firm will use the gathered data to enhance traceability and monitoring for its clients as SaaS offerings.
“To feed 9.7 billion people across the world by 2050 means that the agriculture efficiency must increase by 35 per cent to 75 per cent. India’s mix of farming practices and small landholdings provide a massive data set to inform our models. Also, as a SaaS company, geography has never been a limiting factor for expanding our customer base,” said Krishna.
Karan Mohla, Executive Director, Chiratae Ventures India Advisors, said, “We fundamentally believe in the founders’ vision of creating a global agritech leader while partnering with multiple stakeholders including agri-businesses, farming companies, financial lending and insurance companies. The sheer impact of CropIn for their global customers across 29 countries based on the unique data sets captured by the platform is staggering. The potential to transform agriculture leveraging technology and machine learning has never been greater.”
The firm started its operations in 2017 and has attracted over 180 customers in its portfolio including banks, government bodies, development agencies and global agribusinesses. The market is expected to touch $4.5 billion by 2020. CropIn is currently active in 29 countries across Asia, Latin America, Africa and in selected European markets.