Agritech startups are companies that provide relevant and innovative solutions to challenges that arise across the agricultural value chain. Agritech companies are using modern technology to engage with customers through retail, B2C, and B2B markets, as well as digital agronomy platforms.
Agri-tech is the use of technology to improve the efficiency and profitability of farming. It is employed in forestry, aquaculture, and winemaking, but it is most commonly used in horticulture and agriculture. Agri-food technology gives entrepreneurs the chance to improve a critical industry with global ramifications.
Agriculture is still Bangladesh's most important industry. The sector employs 42.7 percent of the workforce and generates 14% of GDP. However, the industry faces a slew of issues.
There are also alternate narratives. Agriculture's corporatization is removing farming from the hands of farmers. Farmers have less control over inputs such as fertilizer and insecticides. As a result, farming has become more expensive for farmers.
Furthermore, companies profit from farmers' efforts. Agriculture's industrialization has been criticized from a variety of perspectives.
In a nutshell, farmers struggle to access finance, market, quality inputs, and information.
Several startups in Dhaka have been trying to solve some of these problems using the power of technology.
Some of these companies such as iFarmer and iPage are taking a holistic approach to solve multiple problems farmers face including productivity improvement, finance, and market access. Others such as Khamar-e are working on supply chain traceability and market access. Nagarkrishi, the urban farming startup, looks to empower urban dwellers to get a taste of farming through rooftops and other urban farming-related services.
All of these companies are in their early stage. Some of them have raised seed investment. Others have raised pre-series A rounds. And each of them offers a peek into a diverse side of Dhaka's startup scene where ambitious founders are putting bold ideas into work. There are 23 AgriTech startups in Bangladesh. Here is a list of the 10 most exciting onesBelow we profile four startups, in no particular order, building exciting agriculture companies.
iFarmer Ltd
iFarmer - a Dhaka-based agri-tech platform - connects farmers with capital, knowledge, inputs, and market. Founded in 2018, the company started by addressing the challenge of access to capital. The company claims it currently has about 36,000 farmers in its network, facilitated more than BDT 745 million funding support for farmers, and production of over BDT 1.1 billion worth of farm produce.
iFarmer collects investments from retail investors and institutional investors, who are interested in investing in agriculture farms, which it then invests in farms using a portfolio approach to ensure expected return for investors. The company does not give direct cash to the farmers. Instead, it provides vouchers and other options to farmers to buy/access inputs and other farming-related support.
Fashol.com Limited
Fashol.com is a wholesale agriculture products marketplace for retailers. The company collects agricultural products such as fruits and vegetables from different parts of the country, brings them to its distribution center, sorts them using an in-house sorting method, and then delivers them to partner retailers directly at their doorsteps. It provides free delivery and claims its prices are 5%-10% lower than the market rate. Fashol plans to supply to restaurants in the near future as well.
Recently the company said it works with nearly 500 retailers and deals with some 350 different types of vegetables and fruits. The company plans to add fish, meat, eggs, etc in the future.
Khamar-e LimitedKhamar-e, a Dhaka-based agri-tech startup, claims that it is building a data-driven farming and supply chain ecosystem in Bangladesh. The company works as an aggregator and connects supply from farmers and the demand from local retailers. It currently works with dairy milk, cattle fattening, mangoes, and sea fish.
In a nutshell, it helps farmers to improve productivity - by providing them with farming advisory, sustainable farming methods, sales services, and medical services - and sell their products.
NagarkrishiNagarkrishi is an online marketplace offering a comprehensive range of products and services for urban farming. The company provides end-end urban farming support.
It provides products and services for rooftop farming, residential landscaping, lawn gardening, indoor potted plants, vertical gardening, industrial landscaping, green office, farm maintenance, gardener services, composts, organic foods, farming tools, vertical gardening products, indoor plants, gardener services, consultancy, etc.
Integrated Precision Agriculture & Engineering Bangladesh
iPAGE Bangladesh works at the intersection of precision agriculture - which is basically providing farmers relevant information, access to finance, and market access.
iPAGE started its journey focusing on educating farmers to cultivate efficiently. Its proprietary electronic soil testing technology and site and crop-specific advisory help farmers better understand farming. And its market demand-related information system helps farmers to understand market demand and produce accordingly. The company helps farmer's source better inputs and low-cost capital support through its non-profit impact partner Give Bangladesh. It works with registered input vendors and local NGOs.
Besides, Garderium, Provider of hydroponic growing equipment and services, nagarkrishi, online marketplace offering multi-category products and services, KrishiShwapno, Provider of blockchain-based supply chain solutions to farmers and consumers, Soluta-Ag, online marketplace offering digital solutions to agribusinesses, Fosholi, App-based platform offering advisory service for the farmers, Fish Probiotic, Online platform offering aquaculture probiotics, AgSS, Provider of consultancy and educational services to farmers, Roysfarm, Website on farming and agriculture, praniSheba, Provider of IoT-based cattle farm management and monitoring software.
