Digital agriculture in LMICs - 23 Jan #77
Nigeria to introduce farmer registry and G2P card; New raises in India by KisanKonnect, WayCool and Arya.ag; DeHaat acquires AgriCentral
16/01/24
Varah announces carbon removal deal with Google benefiting smallholder farmers
As reported by AgFunder, Indian climatetech Varaha has announced the world’s largest carbon dioxide removal (CDR) offtake agreement for industrial biochar, selling 100,000 credits to Google. Biochar is a carbon-rich material produced by heating organic matter (biomass). The deal highlights the potential of engaging smallholder farmers in large-scale carbon removal projects. Founded in 2022, Varaha designs and manages nature-based carbon initiatives across Asia and Africa, focusing on areas such as agroforestry, regenerative farming, and biochar initiatives. To date, the company has run 14 carbon removal projects spanning over 1 million acres.
Using remote sensors, machine learning, and its mobile app, Varaha validates carbon credits through Puro.Earth, a global marketplace and standard for verified carbon removal credits. One of the projects that will be generating credits for Google is in Gujarat, India, where Varaha will generate biochar from the biomass of prosopis juliflora, an invasive plant species known to reduce biodiversity. Almost a year ago, in February 2024, Varaha secured USD 8.7 million in a Series A funding round led by RTP Global.
16/01/25
Nigeria announces farmer registry and G2P Card to enhance agri services
The Federal Ministry of Agriculture and Food Security (FMAFS), in partnership with the National Identity Management Commission (NIMC), has launched a National Identity Number (NIN)-enabled farmer registry and Government-to-Person (G2P) card programme. These initiatives aim to enhance transparency, efficiency, and inclusivity in delivering agricultural services to farmers, and support food security.
The plan is to integrate farmers' NIN-linked biometric data into the farmer registry, and to capture detailed information such as farm size and crop or livestock types. Connecting this NIN-backed registry to the G2P card will then allow for targeted and secure aid distribution to farmers and other beneficiaries under FMAFS programs. Through the card, farmers will be able to access services like credit and loans, input distribution, farmland mapping and extension services.
20/01/25
KisanKonnect bags $4.5M to expand agri e-commerce in India
Indian agritech Kisankonnect, a direct-to-consumer agri e-commerce linking fresh produce farmers to markets, has raised USD 4.5 million in a Series A funding round led by VC firm Mistry Ventures. Times Group’s Brand Capital, actress Shilpa Shetty, VC-Grid, Vishwang Desai, and other family offices also participated in the round. The fresh funding will go toward upgarding KisanKonnect's technology infrastructure, expand operations, strengthen its footprint in urban markets, and implement AI-driven solutions in farm sourcing and supply chain management to enhance efficiency.
A year ago, the agritech bagged USD 3.75 million in a pre-Series A funding round spearheaded by Green Frontier Capital (GFC), a fund dedicated to climate technology. Founded on 2020, KisanKonnect connects a network of more than 5,000 farmers offering fresh fruits and vegetables with businesses, retailers, and consumers in the areas of Mumbai and Pune.
21/05/22
Indonesia’s eFishery accused of inflating revenue by $600M
New details are emerging about the allegations against the founders and top executives of Indonesia’s aquatech eFishery. According to financial news website DealStreet Asia, which claims to have had access to information from a forensic audit of the Indonesian startup, the alleged fraud started in 2018. The fraud entails dual financial reporting (maintaining two sets of accounts), setting up of nominee companies, and fabricating transactions over several years. The aquatech is accused of inflating revenue figures by almost USD 600 million (75 per cent of the reported figures) in the nine months through September last year. The aquatech is also suspected to have manipulated the number of fish feeders that it operates, with real figures being at 25,000 as opposed to the reported 400,000. The company’s CEO Gibran Huzaifah and Co-Founder Chrisna Aditya were suspended in December following an investigation into alleged irregularities.
Founded in 2013, eFishery has become the first agritech unicorn in Indonesia and the only aquatech unicorn globally. The company initially developed an Internet of Things (IoT) based smart pond management system. The aquatech has over time expanded to an end-to-end solution enabling fish farmers to access markets and financial services. Last year, the company completed a USD 200 million Series D round reaching a valuation of USD 1.4 billion. Last year, the aquatech also said that it was targeting 1+ million aquaculture ponds in Indonesia by 2025, and has initiated international expansion starting from India.
22/01/25
DeHaat takes over AgriCentral to expand India operations
Indian agritech DeHaat has acquired AgriCentral, a farm advisory platform owned by agribusiness company Olam Agri. Founded in 2012, DeHaat is India’s largest digital agri-food marketplace. It operates through a “phygital” model, supported by its network of DeHaat Centers and Farmer Producer Organisations (FPOs).
Source: AgriCentral
Launched in 2018, AgriCentral uses satellite imagery, machine learning, and Big Data to provide services like crop care diagnostics, market price tracking, and personalised crop calendars to over 10 million smallholder farmers. With the acquisition, DeHaat is expanding its farmer network now working with +12 million farmers across India. As of August last year, the agritech was working with +2.7 million farmers. DeHaat also plans to integrate AgriCentral’s digital tools to enhance its offerings, such as precision advisory cattle advisory, mechanisation services, and insurance.
23/01/25
Arya.ag gets $30M debt funding to build digital ag ecosystem
Indian agritech Arya.ag, a B2B market linkage platform for the grain value chain, has secured USD 30 million debt financing from HSBC bank and GuarantCo, a financial institution under financial services company Private Infrastructure Development Group (PIDG), focused on promoting private sector infrastructure investment in developing countries. Through its market linkage platform, Arya.ag connects farmers and farmer producing organisations (FPOs) directly to buyers across India. In addition, the platform embeds financial services, such as farmer loans against their stored commodity in the platform. The fresh funds will enhance warehouse receipt financing, bridging payment gaps for farmers and ensuring better returns. Arya.ag’s tech-driven model integrates storage and financing, enabling loans within 30 minutes. The agritech was founded in 2013. Just in July this year, the startup secured USD 29.2 million in a round was led by existing investors.
Earlier this month:
10/01/25
WayCool gets $4.4M of additional finances
WayCool has raised USD 4.4 million by financing platform Trifecta Capital, with participation from Alteria Capital and Stride Ventures. With this funding, the company has raised about USD 32 million in debt over four months. The company, which has been struggling to achieve profitability, has been going through several staff cuts, the last in July last year when it laid off 200 staff. Established in 2015, WayCool is one of the largest digital marketplace for fresh produce in India by operating revenue with DeHaat and Ninjacart. It works in staples such as rice, pulses, wheat, flour, and dairy. It has to date raised USD 342 million over 23 rounds, according to Tracxn. WayCool, which is refocusing its business on FMCG by launching its own consumer brand (initially of speciality rice). The startup has been for some time in talks to raise USD 50-70 million, which would bring it to an evaluation of USD 900 million, on the cusp of achieving unicorn status.