Happy Makar Sankranti!

Whether you like gud gajak, revadi, makki di roti and sarson ka saag, sakkarai pongal, til pitha or phirni, Lohri and Makar Sankranti provide an excuse to indulge in a vast variety of delicious comfort foods to mark the end of gloomy winter days and the start of a new farming season. 

At YourStory, we’ve been closely tracking agritech companies that have brought innovation and a new energy to India’s farming ecosystem. 

Greensat Innovation labs, one of YourStory’s Tech50 2021 startups, uses satellite imagery and AI (artificial intelligence)/ ML (machine learning) to assess farmlands and provide AI-driven insights to farmers about the state of their farmlands. Then, there are startups such as Veg Route and Samhitha Crop Care Clinics that are trying to streamline operations in different stages of farming. 

Despite the COVID-19 pandemic and slowdown of the economy, the wider agrofoodtech sector saw a 97% year-on-year jump in total funding, from $1.05 billion in FY2019-20 to $ 2.1 billion in FY2020-21. Seed investments into the sector grew nearly three-fold on an annual basis as entrepreneurs launched newer solutions to tackle challenges in the sector, as per the India Agrifood Startups Investment Report for FY2020-21. 

One of the biggest winners of this funding boom has been DeHaat, a technology-enabled platform offering end-to-end agricultural services to farmers in India, which netted $115 million in Series D funding led by Belgium-based investment firm Sofina and Lightrock India. Late last year, YourStory took a deeper look at DeHaat’s product roadmap, here. 

The year 2022 has begun on a high note for the agritech sector. Last week, Agrostar said it has raised $70 million in Series D funding led by Evolvence, global asset manager Schroders Capital, Hero Enterprise, and UK’s development finance institution CDC.

The Interview

Looking for tested strategies to improve your product-market fit? Watch this insightful interview on #TheSoonicornSpotlight’s episode 'Cracking the Product-Market Fit Holy Grail' featuring Shreyans Daga, CTO, MyGate. 

Editor’s Pick: App Friday

Bhasha Sangam was launched in October 2021 by Multibashi, a Bengaluru-based edtech firm, and the Government of India. It offers to teach 22 Indian languages, including Assamese, Kashmiri, Hindi, Dogri, Maithili, and Manipuri. In this week’s App Friday, YourStory dissects the pros and cons of the app. Read more.

Startup Spotlight

Why Ola’s Pranay Jivrajka decided to start in the men’s sexual wellness space

Building startups isn’t new to Pranay Jivrajka. As one of the founding members of India’s mobility giant, Ola, Pranay has seen the highs and lows of a startup journey for over a decade. 

“My decade at Ola taught me a lot, and it was a fantastic journey. But when I moved out of Ola in March 2021, I wanted to start up again,” says Pranay, in an exclusive conversation with YourStory. 

Pranay has now announced the launch of Allo Health, a men’s sexual wellness healthcare platform. The startup has been in stealth for close to a year. Read more.

News & Updates

• Edtech startup Lead, previously LEAD School, has raised Series E funding of $100 million at a valuation of $1.1 billion. The first edtech unicorn of 2022 is also the first school edtech player to enter the coveted club.

• Vellvette Lifestyle Pvt Ltd., which runs SUGAR Cosmetics, has acquired a majority stake in natural hair and skincare brand ENN Beauty. ENN Beauty’s founder Nandeeta Manchandaa will continue to be the CEO, as the brand targets crossing Rs 100 crore in annualised sales in the next two years

• Flipkart, India’s leading ecommerce marketplace, has acquired Yaantra, a recommerce company, for an undisclosed value. The latest acquisition gives Flipkart a strong foothold in the affordable electronic devices market, especially in the smartphone category.

• Middle East-based composite insurer Qatar Insurance Company (QIC) and a group of buyers, including family offices, have reportedly bought Rs 230 crore of secondary shares from IPO-bound hospitality company Oyo. The transaction values the company at nearly $9.6 billion, indicated sources who confirmed the news.

Before you go, stay inspired with… 

“By 2025, India will have more than one lakh startups creating a value of $1 trillion, with 200 unicorns creating 3.5 million jobs.”

— TV Mohandas Pai, Aarin Capital

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