Bengaluru-based agritech startup, CropIn has raised an undisclosed amount in Pre-Series A funding round from Singapore-based venture capital firm Beenext. Social venture funds Ankur Capital and BSP Fund, which are existing investors have also participated in this round.
“We love early-stage entrepreneurs and will continue to focus on sectors like marketplaces since they accumulate proprietary data from customers. We are here for the long term,” said Teruhide Sato, managing partner at BEENEXT.
CropIn was founded in 2010 by Krishna Kumar, a graduate in instrumentation and electronics engineering from Visvesvaraya Technological University. The company integrates the agricultural sector with Information and Communication Technology (ICT) by putting a network of ERP and BI (Business Intelligence) across rural India. By doing so it collaborates with the different value chain participants along the supply chain to monitor farm produce status closely.
CropIn provides farm businesses a farm management software and mobile app, which enables them to do connected and data-driven farming. It allows farm businesses to take advantage of real-time data and insight from farms (an accurate view of their operation throughout the growing season) and to improve financial, operational, and agronomy aspects.
Last year, the Bangalore based startup had raised $2 Mn from Denmark based Sophia Investment. With this round of funding the total funds raised by the startup has increased to about $4 Mn.
“With this fund raise we are funding our investments in technology, data science and predictive technologies to detect and predict crops in different regions,” said Krishna Kumar, CEO at CropIn.
The startup is currently present in 12 countries with a customer base of 120 clients. The startup claims to have digitised about 2.1 Mn acres of land. The 90 people team is currently focused to further expand the business in Southeast Asia and African countries.