Events & News
Farm-tech firm CropIn gets funding from Denmark’s Sophia Investment
CropIn Technology Solutions Pvt. Ltd, a Bengaluru-based company that makes farm management software and apps, has raised $2 million (Rs 13.4 crore) from Denmark’s Sophia Investment ApS, a person people privy to the development.
The transaction valued the company at $12 million, the person said, asking not to be named.
Rural women are early adopters of technology
It was the vacuum in the under-served rural and semi-urban pockets that caught the attention of cost accountant, Rema Subramanian, 54 and Ritu Verma, 44, a scientist from Pennsylvania to team up and become India's first SEBI- registered angel fund founded by women.
It's 18 months since the inception of Ankur Capital and with 45 years of combined experience, the company, with a corpus of Rs 400 million, has funded five start-ups ranging between Rs 5 million and Rs 40 million.
Startups pave way for Farming 2.0
Smart phones and internet may not have penetrated much in rural Karnataka and India but that's not stopping a slew of startups in Bengaluru from offering next-gen farming tips, with the assistance of technology.
From offering expert advice to farmers on crop and sowing pattern to solutions on how to harvest and maximize their yield, startups seem to have an app for all. And what's more, the forecast for the apps seems to be quite promising.
CropIn, a five-year-old startup, has already started providing its applications for mostly Farmer Producer Organisations (FPO) and NGOs. Founded by Krishna Kumar and Kunal Prasad, CropIn also has big farming companies like Pepsico, McCain, Fieldfresh looking to it for solutions.
How a startup wants to transform Indian agriculture by using the cloud
In April 2013, a news update on farmers in different districts of Bengal throwing their produce of tomatoes on the road shocked viewers. These farmers were infuriated with the fact that wholesalers were offering them only 25 paise per kilo. If they sold at these prices, they would have incurred heavy losses as there was a massive mismatch between the production cost and the cost of selling. This is not a rare incident, as similar cases have been reported across the country for many years. Farmers have been even driven to take the adverse step of killing themselves due to poor crop yield. In the last 2 decades, over 3 lakh farmers have ended their lives. It is estimated that forty one farmers commit suicide every day. Figures released by the Ministry of Agriculture in July 2015, state that over 3300 farmers have committed suicide due to agricultural reasons in the last 3 years. Most suicides are committed as farmers are under intense pressure to pay back the mounting debt — especially when crops fail.
Helping farmers in identifying problems and improving produce
Even India’s population increases rapidly, the growth in food production is lagging behind.
Some entrepreneurs think technology holds the answer: Krishna Kumar, an engineer and an entrepreneur, has co-founded CropIn Technology Solutions along with Kunal Prasad to help increase farm productivity by making every farm and crop traceable and export-worthy.
Ankur Capital bets on real India, invests in three early-stage rural ventures
Impact investment fund, Ankur Capital, has invested in three early-stage ventures that focus on rural markets.
The Mumbai-based venture capital fund, which received approval from market regulator Sebi earlier this month, is backing CropIn, a cloud-based farm management systems company, home compost solutions provider Daily Dump and primary eye-care service provider ERC.
Ankur Capital invests in agri-tech company CropIn
Mumbai-based impact investor Ankur Capital has invested Rs 50 lakh ($81,0000) in convertible debt in Bangalore-based CropIn Technology Solutions Pvt Ltd, which provides a cloud-based platform to help farmers track their produce and consignment status, for 30 per cent stake, according to a report by The Economic Times.
CropIn Technology raises funding to bring big data to farms
Agriculture technology provider CropIn Technology Solutions has raised funding from US-based investment firm Invested Development.
The firm, which provides agriculture technology to farmers as well as large companies including PepsiCo and Mahindra & Mahindra, will use the money to scale up its technology, hire talent and also explore opportunities in markets such as Kenya, Philippines, Mexico and Indonesia.
CropIn: an innovation to address problems of Indian farmers
In 2009, software engineer Krishna Kumar, working at US conglomerate General Electric Co. (GE) India’s state-of-the-art Bangalore office, decided that he wanted to build and work on technology solutions that would address the problems faced by the bottom half of India’s 1.2 billion strong population.
After reading former GE chief executive Jack Welch’s book Straight From The Gut, where Welch describes the innovation cycles of various technology solutions that the company builds, Kumar realized that he would possibly be better off developing such innovations on his own, rather than at a large corporation.