AgriTech in India has evolved from being a promising startup segment to experiencing significant fluctuations in recent years. The period of 2021 and 2022 saw a surge in investor interest and government support, propelling the sector forward. However, as funding decreased in subsequent years, key players like Ninjacart, DeHaat, and WayCool faced challenges in their expansion efforts, amidst widespread layoffs and business closures. Yet, there has been a revival of selective funding, highlighted by Arya.ag’s raised $80 million and AgroStar’s $30 million, alongside strategic mergers such as Unnati and Gramophone aiming for sustainable growth and scale.
Interestingly, farm-to-fork companies like Otipy, Fraazo, and Deep Rooted struggled despite significant funding. They found it difficult to establish sustainable business frameworks and often failed to secure further investments, leading to closures. The traditional approach was insufficient for sustaining startups in this competitive environment. Conversely, Nutrifresh Farms capitalised on genuine innovation and focused models, prioritising aligned production over consumer-driven expansion. Utilizing hydroponic techniques for pesticide-free fruits and vegetables, Nutrifresh primarily operates on a B2B basis. This strategic approach has allowed it to carve a niche in a less crowded market while still commanding premium prices. The company serves major clients, including Zepto, Swiggy Instamart, Blinkit, McDonald’s, and Spar, along with offering customised salad subscriptions. Remarkably, Nutrifresh has achieved approximately Rs 150 crore in revenue with limited external funding while maintaining profitability since its inception.
Data compiled by Startup Superb indicates that around 160 agritech startups in India have collectively secured more than $2 billion between January 2020 and 2025. This sum comes from 253 funding instances, with growth-stage startups attracting $1.63 billion across 62 deals, whereas early-stage ventures garnered over $531 million from 191 deals. Despite an impressive total startup funding of around $114 billion since January 2020, agritech startups have only represented about 2% of the total venture capital inflows, suggesting considerable growth potential in the sector. The rapid advancements in AI and agricultural technologies enhance efficiency, traceability, and productivity across the value chain, indicating a robust opportunity for agritech to garner more investor interest in the future.
Highlights
Year-on-Year Funding in Agritech
The years 2021 and 2022 marked a significant upswing for the Indian startup landscape, with venture capital investments rising sharply across various sectors. Agritech experienced its peak growth during this time, with funding nearly quadrupling in 2021, reaching over $630 million compared to $155 million in 2020. This upward trend persisted into 2022, where funding rose an additional 25%, culminating at $802 million, marking the highest level the sector has achieved thus far.
However, following this peak in 2022, investor enthusiasm for agritech began to wane. In 2023, funding sharply fell by 78%, dropping to $178 million. A slight recovery occurred in 2024, with funding improving by nearly 30%, but this was short-lived as investments dipped again by approximately 30% in 2025, resulting in $160 million. Yet, towards late 2025 and early 2026, signs of renewed progress are surfacing. AgroStar secured $30 million, while Arya.ag garnered a significant $80 million earlier this year. Additionally, B2B food supply startup FarMart is in discussions to raise up to $40 million. The merger of Unnati and Gramophone is also anticipated to yield substantial funding. These positive developments signal a renewed confidence among investors, potentially positioning 2026 as a pivotal year for the agritech sector.
Top Funded Agritech Startups
Several well-funded startups are dominating the agritech domain, with Walmart-backed Ninjacart leading the way, having raised over $370 million to date. Its most recent funding round occurred in May 2022, securing $9 million at a valuation of $815 million. Close competitors WayCool and DeHaat have raised $307 million and $270 million, respectively, both reportedly valued at around $700 million. Newly funded entrants like Arya.ag and AgroStar are also notable, having raised $254 million and $150 million, respectively.
Despite India’s extensive presence of over 110 unicorns across various sectors, the agritech industry has yet to produce a unicorn, despite hosting many highly funded startups. The full report is available for download here.
Active Agritech Investors and Government Initiatives
Since 2020, the agritech startup ecosystem has attracted significant interest from venture capital firms, private equity entities, angel networks, accelerators, and corporations. Omnivore is one of the most active investors, supporting notable agritech startups including Arya.ag, Stellapps, BharatAgri, and Fasal.
Other significant investors include NABVENTURES, Avaana Capital, Accel, Ankur Capital, Z47 (formerly Matrix Partners), Flipkart, Indian Angel Network (IAN), Inflection Point Ventures (IPV), Northern Arc, Stride Ventures, and Alteria Capital, among numerous institutional and angel investors.
Government initiatives have also been instrumental in bolstering the agritech ecosystem. For instance, the AgriSURE fund was launched last year with a $90 million backing aimed at investing in agritech ventures. The government has introduced programmes to promote early-stage agritech innovation, such as the Innovation and Agri-Entrepreneurship Development Programme under RKVY RAFTAAR and the Agri Udaan accelerator, which provide funding, mentorship, and incubation assistance to help startups scale.
Top Revenue Generators and Their Profitability
Among the leading agritech startups, DeHaat reported the highest revenue in FY25, achieving gross revenue of Rs 3,010 crore, followed by Samunnati with Rs 2,434 crore. B2B food supply startup FarMart and Flipkart-backed Ninjacart also showed strong revenue figures, recording Rs 1,961 crore and Rs 1,634 crore, respectively. Nonetheless, Ninjacart’s operational scale saw a 19% year-on-year decline. In contrast, climate-tech initiative Ecozen exhibited impressive growth, achieving a 2.5X year-on-year increase to Rs 1,150 crore in FY25.
Despite their large scale, many agritech companies are still reporting losses. Nevertheless, a few have demonstrated robust profitability. Arya.ag generated a profit of Rs 34 crore, while Nutrifresh Farms recorded a profit of Rs 14 crore on Rs 145 crore in revenue. Notably, this company has maintained profitability since its inception, raising only Rs 163.5 crore ($20 million) from SBI Venture Capital Fund – NEEV Fund and others.
Unlike many high-revenue agritech peers that depend on frequent capital infusions, Nutrifresh’s streamlined farming and food processing model—which includes cultivation, processing, and B2B distribution—allows for better cost control. As of FY25, the company operates over 53 acres of fully operational farms with an additional 170 acres under development and employs contract farming to contribute around 25-30% of its output. This structure offers a clear pathway for sustainable future growth as it enhances operational flexibility to position farms closer to target markets.
Capital Efficiency
In terms of capital efficiency, measured as revenue generated per unit of capital invested, Poshn from New Delhi emerged as a frontrunner. The firm reported Rs 923 crore in gross revenue for FY25 while raising only around Rs 66 crore in funding, establishing a capital efficiency ratio of 14.07. Following closely is FarMart with a capital efficiency ratio of 4, capturing gross revenues of Rs 1,961 crore. Other firms such as AquaExchange and Unnati Agri recorded healthy ratios of 2.96 and 2.3, respectively. Agritech startups like Samunnati, Sid’s Farm, DeHaat, and Ergos also reported favourable capital efficiency ratios.
Nutrifresh also showcased strong capital discipline among companies profiting from operational revenues rather than GMV, with a ratio standing at 0.89. It is noteworthy that Nutrifresh’s project funded through capital from SBI is set for completion by April 2026, with anticipated improvements in capital efficiency for FY27. Moreover, the company’s capital efficiency benefits from multiple annual crop cycles and integrated post-harvest processing that enhances infrastructure utilisation and output monetisation.
The full report is available for download here.
