The funds will help expand Cropin Cloud, which the company launched in September 2022 to unify its software and apps that cater to a growing demand for digitisation and predictive intelligence in the global agriculture sector.
The Bengaluru-based business-to-business (B2B) startup has so far serviced more than 250 customers and said it had digitised 16 million acres of farmland, benefiting over seven million farmers.
The latest funding is expected to help Cropin further invest in its go-to-market (GTM) efforts spread across its business in 92 countries.
It has been building a GTM play abroad for about five years now, and around 80% of new customer acquisitions of late have been from international markets, founder and CEO Krishna Kumar told ET, adding that about 40% of the company’s revenues currently are clocked from outside India.
The company, he said, is on track to clock 2-3X growth in revenue in the financial year ending March 2023, without disclosing the exact number.
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He also declined to specify Cropin’s annual recurring revenue and valuation.
Kumar, a graduate in instrumentation and electronics engineering from Visvesvaraya Technological University, set up Cropin in 2010 after working at General Electric for a little over four years.
Cropin closed its Series C funding round with a
$20 million investment in 2021.
It has raised $47 million overall so far.
Combined with the current bridge funding, the company plans to raise $50-$70 million through 2023.
The company’s clients include enterprises from industries of seeds, food, agri-input, developmental agencies, agriculture financing and insurance, government and commodity traders.
The clients are provided with APIs and software modules that help increase productivity and predict and meet demand, as well as reduce food waste.
Some of Cropin’s clients include Loacker, wherein it helped digitise the hazelnut value chain of the Italian food brand. For Unilever, it digitised coconut farms in Indonesia and helped farmers with agro advisories and best practices. For the Indian government, it helped optimise insurance payout of the Pradhan Mantri Fasal Bima Yojana.
In December 2020, Google India head Sanjay Gupta said the search giant was working with Cropin to improve applications that can track land use and bring digital services to farmers nationwide.
Google launched a
$10 billion fund at the end of 2020 for India, from where it has been making investments in Indian startups and tech companies.
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