Tech-driven companies are overseeing a revolution in the agriculture sector in India. Adarsh delves deeper into this story…
As of 2022, 58% of India’s workforce was directly or indirectly dependent on agriculture for their livelihood. According to the Government of India’s Ministry of Agriculture and Farmers’ Welfare, 148 million Indians were employed in the agriculture sector in the last financial year.
Considering over half the working population is involved in this sector in a country as vast as India, it is also quite detrimental to everyone involved that this is an industry that incurs a lot of losses and wastage every year. Which is why the role played by agritech companies through cutting edge technology and innovative solutions is imperative to revolutionise the agricultural landscape in India.
Addressing Harvest Losses
One of the major challenges that had to be dealt with is the major post-harvest losses that farmers incur every year. By integrating Artificial Intelligence into post-harvest supply chain and output linkages, agritech companies are tackling the problem.
Here are some ways they are addressing it:
1. Predicting Crop Yield: AI can consider factors like weather data, soil conditions and crop types to aggregate and analyse vast quantities of data related to crop yields. This data can be used to develop predictive models that provide real time information to farmers and help them make informed decisions about plant timing, crop quantities and care.
2. Detecting Pests & Diseases: Advanced computer vision models can recognize specific patterns or symptoms associated with different pests or diseases. Such information can help farmers take preventive and controlling measures to avoid any kind of damage.
3. Precision Farming: By analysing data based on soil moisture levels, weather conditions and plant health, AI can help farmers to optimise resource usage, including water, fertilisers and pesticides. This can help in precise irrigation schedules, targeted nutrient application and pest control strategies.
4. Harvest Optimization: AI can also predict farm yields which can help farmers optimise their harvest by effectively planning labour, storage and transportation resources.
5. Risk Management: By tying up with leading financial institutions, agritech companies can use AI to recommend custom-made crop insurance policies to farmers to protect them from financial losses in case of crop failure.
An Ecosystem of Solutions
Building an ecosystem is the best way to approach the issues faced by the agriculture sector in India and this can be achieved by harnessing the advantages of the private sector. This is why the Government of India came up with an initiative called India Digital Ecosystem of Agriculture (IDEA).
This initiative uses open digital technologies while putting the farmer at the centre of the system.
Here’s how IDEA works:
1. It provides AI-supported information regarding crop selection, sowing timelines and best practices to ensure maximum yield.
2. It plans an improved supply chain based on historic as well as real-time data.
3. It promotes precision farming by providing farmers with the right information at the right time.
4. It also increases farmer incomes by guiding them with sales strategies.
The Rise of Agritech Companies
Lockdown measures during Covid-19 saw the rise of Agritech companies. They were important not only to sustain business but also to promote growth. It is during lockdown that farmers transitioned to online trading and thanks to these private companies, they were able to explore new geographies and connect with procurers for additional revenue.
Flipkart and Walmart-backed Ninjacart and Patna-based Dehaat are the leading companies in the Indian Agritech sector but there’s another one called WayCool that might be about to overtake them. It is currently in talks with multiple investors to raise funding around $50 million to $70 million. If it crosses the $1 billion valuation threshold which looks very likely in the near future, WayCool will become India’s first Agritech unicorn.
Founded by Karthik Jayaraman and Sanjay Dasari, Waycool buys fresh produce, including dairy products, from farmers and sells them to retailers and restaurants. Apart from that, it also runs private label brands and handles distribution for FMCG companies. The company reportedly works with over 150,000 farmers and 100,000 clients.
The company’s integrated supply chain solutions and data analytics have helped streamline operations and minimise wastage, leading to improved efficiency and profitability. With this potential funding, Waycool Foods intends to further expand its operations across India and strengthen its market presence.
The aforementioned funding will be utilised to enhance its technological infrastructure, improve logistics capabilities and increase its sourcing network. These strategic investments will enable the company to scale its operations and cater to a larger customer base, while also empowering farmers and reducing post-harvest losses.
Waycool Foods’ potential unicorn status showcases the value of innovative solutions in promoting sustainable agriculture, improving farmer livelihoods and ensuring food security in a populous country like India.
The Final Word
Considering how tech is playing such an integral part in agriculture in India, a sector that contributes vastly to employment as well as sustenance will finally get the importance and attention it deserves. And this will significantly impact the growth, impact and profitability in this space.
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