Agritech Startups Are An Essential Pillar For India’s Future Economy

 
In a conversation with Saurabh Agarwal, Co- Founder of GrowiT

This Agritech startup is India’s first Direct-to-Farmer (D2F) protective farming agritech company, specialising in creating high-quality and cost-effective protective farming materials and manufacturing products. 

1.    What was the idea behind the inception of GrowiT?
GrowiT India Pvt. Ltd. was launched in 2019 by Saurabh Agarwal with an aim to manufacture advanced and innovative protective farming products to ensure optimum quality and yield for the farmers of India. It is India’s first Direct-to-Farmer (D2F) protective farming agritech company, specialised in creating high-quality and cost-effective protective farming materials and manufacturing products. The unique franchise model of the firm along with its hub and spoke distribution system makes the technique of protective farming peculiar. 

1.    Give details about the products or services offered by the platform?
Our company has introduced an extensive range of protective farming techniques and innovative products to improve farm productivity and quality to increase farm income.  progressive farming. The protective farming products of the platform include mulch film, shade nets, crop/fruit covers, mulch laying/hole punching machines, agri threads, crop support net, grow bags, weed mat, insect net, agri wires, etc. GrowiT has also established Grow Kshetras (Demo Farms) at every Taluka for farmers to educate them about protective farming and other profitable farming practices. Additionally, the firm has launched its application called “GROWiT App” which helps farmers in better understanding of protective farming practices and products. 

2.    What is the adoption rate of protective farming in India as well as on a global scale? 
The global adoption of protective farming in countries like Israel, China, USA, Spain, Italy, Mexico, etc. is more than 70% of their entire cultivation. Whereas in India, this figure is just 2%. If entire horticulture land in India were to use protective farming then the market size of protective farming in India will be USD 6 billion. The prime reason for such low adoption in India is due to lack of awareness about these products. With our unique model, we are creating awareness by showcasing the results that can be driven through protective farming. By incorporating the latest technology, ideas, and features, we aim to become the largest protective farming company in India.

3.    How agritech startups are contributing to the economic growth of the country?
Agritech startups are an essential pillar for India’s future economy. These startups are offering innovative ideas and affordable solutions to a number of challenges faced all across the agriculture industry and eventually raising farmer’s income. These startups are implementing new and modern technologies in the agriculture sector to transform traditional agricultural practices and increase productivity and farm income. The increase of internet accessibility, smartphone penetration, and various government initiatives in rural areas have helped agritech platforms in supporting the farming community  and add value to the economic growth of the country.

4.    How much revenue has the company generated in FY21? What is the expected revenue growth for the company in FY22?
The platform generates revenue through the sale of its protective farming products. GrowiT has a policy of ‘Buy Back of Mulch Films’. Here, the company repurchases the used crop cycle mulch from the farmers. GrowiT has generated a revenue of INR 18 crores in FY 21 - 22. For this year, the platform is expecting to generate a revenue close to INR 40 to 50 crores. 

5.    What is the competitive advantage that you offer to the farmers or agritech community?
The primary target of the company is to help double the farm output of the country for all horticulture crops. GrowiT is actively providing critical solutions like quality food, climate smart agriculture, farmer empowerment, and raising farmer’s productivity. The platform also provides guarantee of full replacement of its products to the farmers in case of any manufacturing defects. Currently, the platform is serving 15000+ farmers through a little around 117 franchise stores. The company is further aiming to have 5000 franchise stores and serve around a million farmers by 2030.  

6.    What are the expansion plans of the company for the Indian and international markets? 
In terms of expansion, GrowiT is working on many collaborations in the agritech space to expand its reach across the country as soon as possible. Also, the company is further aiming to have 500 franchise stores by the end of this financial year and around 2000 franchise stores by the end of 2025. For this, we are actively looking for franchise partners all over India. GrowiT is currently focused on the Indian market and is not focusing on international markets as of now. But, there are some investors that we are speaking to, who are from other countries and once they are on board then we might open up the global market also.