Agriculture Grand Challenge
A unique opportunity for Agri-tech startups with a commercially viable solution to solve for innovative challenges in the sector. Ministry of Agriculture, Govt. of India is looking for new concepts & innovations in 12 different areas. The objective is to support the technology base by funding the best fundamental concepts while helping talented and creative innovations to pursue promising avenues at the frontier of the technology. It will provide startups with access to priority infrastructure, and make Agriculture an attractive sector for the country's best brains.
Themes for the challenge
- Over 58 percent of the rural households depend on agriculture as their principal means of livelihood.
- The Indian food and grocery market is the world's sixth largest, with retail contributing 70 percent of the sales.
- The Indian food processing industry accounts for 32 percent of the county's total food market, one of the largest industries in India and is ranked fifth in terms of production, consumption, export and expected growth.
- The online food delivery industry grew at 150 percent year-on-year with an estimated Gross Merchandise Value (GMV) of ₹ 300 milllion in 2016
- The Indian gourmet food market is currently valued at ₹ 1.3 billion and is growing at a Compound Annual Growth Rate (CAGR) of 20 percent. India's organic food market is expected to increase by three times by 2020
- According to report by Grant Thorton, there are 11% startups in the agri. Products sector.
- According to Agfunder's AgTech Investing Report for 2016, 53 Indian Agritech startups raised ₹ 313 Mn in funding. As per the report, Indian continues to be one of the top six active geographies as far as deals in agritech were concerned