SaaS-based Agri-Tech Startup CropIn Registers a 300% Growth
CropIn, a B2B full-stack agri-tech organization, has registered a 3X ARR growth over the last 5 quarters, translating to a three hundredth growth throughout the last fifteen months. the corporate, that initial marked its international presence in late 2017, is these days generating over five hundredths of its current revenue from its international markets and plans to get seventieth within the next one year.
Backed by Chiratae Ventures (formerly IDG Ventures India) and therefore the Bill & Melinda Gates Foundation Strategic Investment Fund (London & Seattle), SaaS-based agri-tech solutions supplier, CropIn registers a 3X continual revenue growth within the last 5 quarters, and aims to achieve vi million farmers by 2022 with fifteen million acres being monitored through its platform.
The Bengaluru-headquartered SaaS supplier has an adult by three hundredths throughout the last fifteen months. the corporate, that initial marked its international presence in late 2017, is these days generating over five hundredths of its current revenue from its international markets and plans to get seventieth within the next one year. CropIn has partnered with over 185+ shoppers across thirty countries in Asia, Europe, Africa, and therefore the Americas, enriching the lives of over a pair of.1 million farmers by digitizing over five million acres of farmlands.
In November, the corporate had raised $8 million during a Series B funding from Chiratae Ventures and therefore the Bill & Melinda Gates Foundation Strategic Investment Fund (London and Seattle).
A pioneer within the agri-tech area, the company’s growth story started with the launch of its initial product ‘SmartFarm’ in 2012. SmartFarm could be a comprehensive digital farming technology that allows economical farm management through digitization, empowers data-driven decision-making, and provides complete visibility of individuals, processes, and performance on the sector.
“Our prospects had not seen a product like SmartFarm within the B2B area earlier that has the aptitude to unravel advanced supply-chain issues within the ag-ecosystem by impacting growers and their finish customers to attain per acre worth through Traceability and sure thing. obtaining them to trust the effectiveness of the merchandise and integrate our answer with their digital strategy was our biggest challenge in 2012. we have a tendency to approached huge and tiny agribusinesses to validate our product market match, and soon, one shopper when another, we have a tendency to saw our product being adopted seamlessly into their existing standard systems”, aforesaid avatar Kumar, founder, CropIn. ‘SmartFarm’ is these days a globally recognized and far awarded digital platform, that was recently named the ‘Best Innovation in Digital Farming Technology’ at Agrow Awards 2018 in London. A case study on SmartFarm has been conjointly revealed by IVEY for room coaching of management students.
CropIn’s international enlargement journey began in 2018 with shopper partnerships across South-East Asia, Europe, continent and therefore the Americas.
“2018 was a vital year for the U.S.A. in terms of reaching vital milestones. we have a tendency to didn’t simply mark our international presence however conjointly launched our prophetical and prescriptive answer, ‘SmartRiskTM’ that leverages computing, Machine Learning, and large information Analytics. SmartRiskTM could be a next-generation prophetical product that’s able to notice crops, predict crop health and estimate yield prior the harvest, which will give valuable insights for the Agri trade, monetary establishments, growers and policymakers”, aforesaid avatar Kumar.
SmartRiskTM is capable of activity regional/plot level analysis by covering all major agricultural areas of the planet, on a ten×10 sq mt picture element that’s updated every 10 days, consolidating it at a village, postcode, district and country read. it’s the right product for business entities – like input firms, goods traders, farming firms, banks, and bigger insurance or insurance firms – that area unit seeking regional insights to create major monetary and strategic selections. SmartRiskTM was proclaimed as a winner at the ‘HDFC Bank Digital Innovation Summit 2018’, for its capabilities which will create agri-lending and agri-insurance processes additional data-driven.
In India, CropIn has marked its presence in seventieth of the states and therefore the company’s underlying mission runs parallel to the Indian Government’s vision for the agri-sector, that is to double the farming financial gain by 2022. CropIn contains a tie-up with the Department of Agriculture (DOA), Government of the province, to assist farmers to produce additional worth for his or her crops. The project aims to help four.15 100000 farmers across thirty districts of the province in digitizing three.4 100000 acres of farmlands.
Additionally, when substantiating the effectiveness of CropIn’s product, the planet Bank has chosen CropIn because of the technology partner within the public-private partnership project of the govt of Asian country and UN agency. The project is aimed to bring a positive amendment within the farming practices of farmers in Madhya Pradesh and state, and with success facilitate them to adapt with the environmental condition changes and therefore the associated unpredictability.
So far, CropIn has with success partnered with government bodies and agribusinesses as well as however not restricted to McCain, Syngenta, Firmenich, Bayer, BASF, Government of the province, Central Government, and therefore the UN agency. the corporate has doled out swift and booming technology implementations within the agri-tech area on a worldwide scale. except for SmartFarm and SmartRisk, CropIn’s alternative core product offerings embrace SmartSales, warehouse, and Acresquare.
CropIn has raised investments amounting to a complete of $12 million until date, as well as Series A funding from Singapore-based BEENEXT in 2016, and $8 million during a Series B funding from the Bill and Melinda Gates Foundation Strategic Investment Fund (London & Seattle) and Chiratae Ventures (formerly IDG Ventures) in 2018.
Following the Series B funding, CropIn has conjointly strong its leadership team by hiring Jitesh Shah of Iran because of the Chief Revenue Officer (CRO), Rupesh Rao because of the Chief Client Officer (CCO) and Rupesh Goel because of the Chief Product Officer (CPO).
CropIn has digitized over five million acres of farmland and enriched the lives of nearly a pair of of.1 million farmers whereas managing 265 crops and three,500 crop varieties on its platform. CropIn’s footprint spans across thirty countries with a memoir of finishing up the quickest and most booming technology implementations within the Agri-Tech area on a worldwide scale. The SaaS solutions offered by CropIn area unit crop and site agnostic.
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