Omnivore, an agritech venture capital firm, has announced it is setting up a new $150 million fund to be invested in tech-driven, predictive crop insights that can help improve productivity and profitability for farmers in India.
The venture capital firm would start raising its new fund towards the end of this year and would have another $132 million invested in various agritech ventures in the country by 2023. It already invested in 30 agritech start-ups and these ventures in turn are touching the lives of around 10 million farmers in the country.
”The fund will take care of our needs for four years,” Mark Kahn, managing partner told The Hindu. “We have been seeing an acceleration in technology adoption in agriculture and expect this to continue.’’
Indian agriculture has been a hotbed for VCs in the last couple of years. Some 600 agritech ventures cumulatively raised about $400 million in the last two years, as per industry estimates. Amazon India recently announced a $250 million venture fund and a portion of it has been earmarked for technology innovations in agriculture.