“Over the next four quarters, we will strongly double down on geographical expansion of our categories. We will ramp up the new and increase the penetration in existing supply,” said Shashank Singh, cofounder at Poshn, an agri-fintech. “These factors clubbed with our scalable tech platform coupled and a unique category launch playbook will enable us to achieve the set target for the next year.”
India is an agrarian country with the agriculture sector accounting for about 58% of the population and 14% of the GDP.Experts said there is a sizable market opportunity for tech-led transformation in a traditionally inefficient sector which has multiple intermediaries, lack of credit, supply chain linkage gaps. “We are making wholesale trade efficient, effective and seamless by digitizing and aggregating the wholesale supply who are SMEs,” added Singh.
Founded in 2020 by Singh and Bhuvnesh Gupta, the Delhi-based firm has raised $3.8 million in its seed funding round led by Prime Venture Partners along with Zephyr Peacock last year.
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According to a recent report by Bain & Company, agritech saw one of the highest funding years in 2022 as total investments crossed $500 million led by few large players demonstrating scalability.Agritech is likely to see mixed momentum—while a few scale players with funding have emerged, business models need to be refined and ability to demonstrate adoption by agritech value chain at scale remains to be tested. And the launch of agritech focused funds in India may further enable innovation at early stages.