Omnivore Adds Precision Agriculture Startup AgNext To Its Agritech Startup Portfolio

Impact venture fund, Omnivore, has invested an undisclosed amount in Chandigarh-based agritech startup AgNext through its second fund Omnivore partners India Fund 2. The deal also saw participation from Singapore-based high-net-worth individual Samir Kumar as well as a few angel investors from Singapore and India.
AgNext co-founder Taranjeet Singh Bhamra confirmed the development in a recent conversation with Inc42. “We aim to utilise the recent Series A round of funding for expanding our product in the data analytics in agriculture space by creating a combination of both hardware and software. We further aim to open two international offices in Singapore and Canada in the next six months from now and will further emphasise on strengthening our R&D base at IIT Kharagpur and Kolkata,” he added.
AgNext currently has its offices at IIT Kharagpur, Kolkata, NCR and Bengaluru. Subhadeep Sanyal, Principal at Omnivore, will join AgNext’s board.
Jinesh Shah, Founding Partner at Omnivore, also noted, “AgNext’s comprehensive technology solutions will help multiple stakeholders in the AgriFood domain – including growers, supply chain participants, and food processing companies – to improve the transparency, quality, and overall profitability of their operations.”
AgNext: An Agritech Startup Focussed On Precision Agriculture
Chandigarh-based AgNext was cofounded by IIT Kharagpur alumni Taranjeet, Mrigank Sharad and Deepak Jaiswal in 2016. All the founders are agriculture graduates and have spent considerable time with agri-focussed companies globally.
AgNext is a digital agriculture company providing a platform for analytics-as-a-service using agriculture imagery and IoT devices. It is currently focussed on horticulture, floriculture and plantation crops. The startup collects spatial, temporal and spectral data to provide sensing solutions across the agriculture and food value chain. The firm has developed an integrated digital platform through which growers and food processors can improve their productivity, quality and profitability.
“We are majorly focussed on precision agriculture. Agriculture today is a very different space. Thus, rather than point-specific solutions, more data-based solutions are required. AgNext aims to do the same. How we can collect the maximum data to gather more valuable insights, is what AgNext is known for,” added Taranjeet
AgNext was incubated at Science and Technology Entrepreneurs Park at IIT Kharagpur. It also received seed funding and acceleration from a-IDEA, which is managed by the National Academy of Agricultural Research Management in Hyderabad.
The startup is currently building its revenue stream by selling its SaaS services and hardware to leading corporates globally. “This investment will
help AgNext scale its team, build more innovative product solutions, and serve clients across Indian and international markets. We believe AgNext will make India a global hub for agricultural analytics,” said Taranjeet.
The Agritech Focus Of Omnivore
Omnivore announced the first close of its second fund at $46 Mn in February 2018, with a target to make the final close at $75 Mn. The amount was said to be raised from a clutch of investors, including SIDBI, RBL Bank, Sorenson Impact Foundation, Dutch Good Growth Fund (DGGF) and The Rockefeller Foundation, among others. With this fund, Omnivore is planning to make 18-20 deals with the ticket size ranging between $1 Mn-$2 Mn in the next four years.
“We will also be looking at fintech deals in companies focussed on farmers as beneficiaries, food processing companies that are sourcing directly from farmers and also farmer-focussed cleantech companies,” said Mark Kahn, founding partner at Omnivore in a media statement.
Between 2012 and 2013, Omnivore raised around $40.4 Mn (INR 260 Cr) for its first fund, which was used to back 12 agritech and foodtech startups. As claimed by Omnivore co-founders Jinesh and Mark, more than 5.2 Mn Indian farmers have used products and services developed by the firm’s portfolio companies till date.
Apart from Omnivore Partners, investors that are active in the agritech space include Future Venture Capital Company Ltd. (FVCCL), IDG Venture, Accel Partners, Aspada Investments, IvyCap Ventures, Unitus Seed Fund, Rabo Equity Advisors, SAIF Partners, Villgro Innovations Foundation, Qualcomm Ventures and IDFC.
Around $36 Mn was invested in 15 startups in the space in 2017, as per Inc42 DataLabs. Out of these, Pune-based agritech startup AgroStar raised the highest funding of $10 Mn led by Accel India in March last year.  
Most recently, Gramophone, a technology-enabled marketplace that focusses on enabling efficient farm management, raised $1 Mn (INR 6.40 Cr) Pre-Series A funding from Info Edge. Also, Agricx Lab, an agritech startup that uses smartphone imaging to assess the quality of agricultural produce, raised Seed funding to the tune of $500K led by India-focussed VC fund Ankur Capital.

Trending News

Walmart signs 5 year Cloud tech partnership with Microsoft

Flipkart adds recharge, travel tabs

Unhappy with WhatsApp reply, Indian govt may send second notice

Cars24 closes $50M funding to fuel its expansion plans

HCL Technologies may buy back shares worth Rs 5,000 Cr at Rs 1,150 apiece

Ola starts making money on each ride, inches closer to profitability

Zomato debuts loyalty rewards program PiggyBank

Chinese fintech major WeCash plans India foray with a consumer lending product

Former eBay CEO Simon Smith to drive Ola's operations in Australia

Lending products to form 20% of Flipkart’s growth: Ravi Garikipati

How Automation Anywhere joined the billion-dollar-plus club

Amazon to push hyperlocal app for Big Prime Day Sales

Are you a business or an entrepreneur thinking to collaborate ?

Here's how Amazon is winning the online retail game. Again.

DIY investment app Sqrrl raises $1 million

Flipkart all set for a fashionable makeover

Why Amazon’s Flipkart bid is just not high enough

Selling without MRP, expiry dates to cost etailers

TCS hits $100Bn market cap: A new phase for India Inc?

Snapdeal posts Rs 4,647 crore net loss in 2016-17

Flipkart-Walmart deal: What it means for the etailer and the whole industry

NCLAT stays CCI penalty of Rs 136cr on Google in search bias case

Agritech startups Sabziwala and LivLush merge their business under new entity Kamatan

Avail Finance lands $17.2M from Matrix Partners & Ola, Freecharge and Flipkart founders

RBI suggests tax sops, self-regulation to build fintech space

Swiggy hires new CEO for its Access Service, gets new CFO

Logistics company Delhivery registers 44% increase in FY17 revenues

WeWork to acquire one of the oldest social networks, Meetup

Qualcomm rejects Broadcom's $103 billion offer

EasyRewardz gets $2 million Series-A funding

'Anemic' iPhone 8 demand drags Apple shares lower

Lending platform Lenden Club gets Rs 3.5cr in Equity Investment

On festive sales, Flipkart says 65% clients from Tier-II cities