Agritech startup Cropin has announced the successful raising of Rs 113 crore ($14 million) in funding, with participation from investors such as Goog
Agritech startup Cropin has announced the successful raising of Rs 113 crore ($14 million) in funding, with participation from investors such as Google and JSR Corporation, alongside existing backers. This funding comes at a time when the agritech sector is attracting significant investment due to growing confidence in its potential for expansion, driven by increased post-pandemic demand for high-quality food and supported by broader trends like climate change and food security concerns.
Cropin’s co-founder and CEO, Krishna Kumar, stated that a significant portion of the funds will be allocated to support the startup’s international expansion efforts, particularly in the United States and Europe. The company aims to deepen its presence in these markets and work closely with customers to drive growth.
Additionally, Cropin intends to enhance its investment in the Cropin AI (Artificial Intelligence) platform, building on a decade of advancements and accelerating innovation. Cropin AI Labs aims to bring predictive intelligence to agricultural land across the globe.
Krishna Kumar also mentioned that the company is prepared to raise between $50 million and $70 million, with a Series D funding round expected in mid-2023 after receiving immediate interest from two significant IT companies. However, further details about the Series D round were not disclosed.
Cropin, founded in 2010, has developed an industry cloud called Cropin Cloud dedicated to agriculture. This platform enables stakeholders in the agricultural ecosystem to utilize digitalization and predictive intelligence to make decisions that enhance sustainability, increase productivity, and manage risk.
The recently raised funds will also support the growth of Cropin Cloud, which was introduced in September 2022 and has already delivered predictive intelligence to over 200 million acres of farmland worldwide, according to the company.
Sudhir Sethi, founder and chairman of Chiratae Ventures India Advisors, expressed confidence in Cropin’s commitment to innovation and its potential to address global agricultural challenges through technology. Cropin’s revenue grew from Rs 18.8 crore to Rs 39.1 crore in FY22 (2021-2022), although the company reported a loss of Rs 43.2 crore in the same fiscal year due to increased employee benefit costs. Krishna Kumar also mentioned that the company has seen a 2x increase in revenue in FY23.
COMMENTS