Agritech sector’s hopes for Budget 2024; A green manufacturing process

The focus on emerging technologies like AI, ML, and IoT is set to be sharper in the upcoming Budget, according to Genji Jairam, Managing Director of Farminno Tech, an Andhra Pradesh-based agritech startup.

Agritech sector’s hopes for Budget 2024; A green manufacturing process

Tuesday January 30, 2024,

5 min Read

Bharat is now at the centre of the global AI landscape.

And, at YourStory, we are keeping a close eye on how the tech is shaping up and changing the way business is done. 

Join us at the inaugural edition of YourStory’s flagship AI event, Bharat AI Conclave, on March 15 in Bengaluru, where 300 participants—from visionary founders and developers to engineers, investors, CXOs, and policy decision-makers—will share, collaborate, and shape India's AI narrative. 

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Moving on, the Delhi High Court ordered messaging platforms WhatsApp and Telegram to suspend accounts engaged in fraudulent activities using the names of Peak XV and Sequoia Capital.

The development comes after Peak XV and Sequoia Capital filed lawsuits before the Court earlier this month against unknown persons who were scamming people.

In other news, Zurich-based impact-focused investor responAbility Investments will invest $25 million in EV ride-hailing startup BluSmart to help it expand its charging infrastructure across India. 

Lastly, the board of Think and Learn Pvt Ltd, the parent company of BYJU'S, launched a rights issue to raise $200 million, extended to all equity shareholders. The rights issue is reportedly expected to take place with a post-money valuation of $225 million or 99% lower compared to BYJU’S previous funding round, which valued it at $22 billion. 

ICYMI: A power nap can fix life’s many struggles. 

In today’s newsletter, we will talk about 

  • Agritech sector’s hopes for Budget 2024
  • Helping firms reach sustainability goals
  • Free medical services for migrant workers

Here’s your trivia for today:  Volcano boarding, or volcano surfing, involves riding down the slopes of a volcano on a thin plywood or metal board. In which country did the adventure activity originate?


Union Budget

Agritech sector’s hopes for Budget 2024

agritech budget 2024

‘Green growth’ was one of the seven priorities enlisted in Budget 2023. Among other things, the government focused on financial support for various agricultural verticals, including fisheries and animal husbandry.

This year, agritech industry stakeholders hope the Budget will include investment and technology-focused measures for startups.

Wish list:

  • The focus on emerging technologies like AI, ML, and IoT is set to be sharper in the upcoming Budget, according to Genji Jairam, Managing Director of Farminno Tech, an Andhra Pradesh-based agritech startup.
  • Jairam adds that the Budget should also encourage subsidy-based machines for farmers and promote smart AI/ML-based polyhouse and greenhouse farming.
  • A clear regulatory framework to encourage innovation, while ensuring data privacy and security, is crucial for the sector’s growth, says Sandiip Bhammer, Founder and Co-Managing Partner of Green Frontier Capital. 


<Funding Alert>

Startup: BluSmart

Amount: $25M

Round: Undisclosed

Startup: MoveInSync 

Amount: $15M

Round: Series C

 

Startup: ClearTrust

Amount: $1.9M

Round: Pre-Series A


Startup

Helping manufacturing cos reduce carbon emissions

Dr Soudip Roy Chowdhury, Eugenie.ai

Dr Soudip Roy Chowdhury, Founder and Chief Executive Officer​ of Eugenie.ai.

Founded in 2018, California- and Mumbai-based Eugenie AI enables major asset-heavy manufacturers to minimise Scope I emissions, helping them fulfill their net-zero objectives. Scope I emissions refer to direct GHG (greenhouse gas) emissions produced by a company, including those from its owned or controlled sources.

Key takeaways:

  • As one of the world’s largest greenhouse gas emitters, India sees its largest emissions from the power sector at 37%, trailed by the agricultural sector at 21%, manufacturing at 17%, and the transportation sector at 9%, according to an IMF’s A Framework for Climate Change Mitigation in India paper.
  • Leveraging AI-driven digital twins—virtual replicas enhanced by AI—Eugenie facilitates real-time or near real-time tracking of machine performance and emissions data. 
  • The startup has raised a total investment of $4.4 million from Fractal AI via SAFE, an investment instrument allowing early-stage investors to fund startups in exchange for future equity at predefined milestones.


Inspiration

Free food, medical services for migrant workers

Veerji da dera

Founded by Tirlochan Singh in 1989, Veerji da Dera offers basic medical assistance and free food to migrant workers and homeless individuals in various parts of Delhi.

The organisation offers basic medical assistance in footpath clinics where doctors treat 350 to 400 people daily. Additionally, it distributes free food through langars.

Service:

  • After Singh’s passing, his sons—Brigadier Premjit Singh Panesar and Kamaljeet Singh—took over the organisation’s management to continue their father's legacy.
  • Veerji da Dera sets up the five footpath clinics from 7 AM to 8.30 AM every day in Delhi’s Chandni Chowk, ISBT, Tilak Nagar, Lodhi Garden, and Jangpura areas.
  • Kamaljeet mentions that the volunteer team—consisting of over 350 individuals—help daily wage workers wherever required in Delhi.


News & updates

  • Debt crisis: Chinese property giant Evergrande has been ordered to liquidate by a Hong Kong court. Judge Linda Chan said "Enough is enough" after the troubled developer repeatedly failed to come up with a plan to restructure its debts.
  • Revenue surge: Microsoft is expected to report a 15.8% jump in quarterly revenue, its best growth in nearly two years, as rising adoption of its products infused with generative AI fuels demand for its cloud services. Its quarterly results are expected on Thursday.
  • A no-go: Amazon and robot vacuum maker iRobot would end their plans to merge in the face of opposition from EU antitrust regulators. iRobot announced a significant restructuring plan to reduce costs, adding it would cut about 31% of its workforce or 350 jobs. The company also said Colin Angle has stepped down as its CEO.


Volcano boarding, or volcano surfing, involves riding down the slopes of a volcano on a thin plywood or metal board. In which country did the adventure activity originate?

Answer: Nicaragua. 

The origins of the extreme adventure activity can be traced back to 2004 when Australian adventurer Darryn Webb skidded down the slope of the 2,388-foot-tall Cerro Negro volcano outside the city of León. 


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