The drop is in line with global agrifoodtech investment, which nosedived 50% year-over-year thanks to fewer and smaller deals.
However, Indian agrifoodtech differs from the global scene in that its deal activity remained relatively flat: Startups raised 129 deals in 2023, just four fewer than in 2022. What’s more, the $940 million raised in 2023 is not drastically lower than the $1.3 billion raised in 2019, before valuations went wild in the wake of Covid-19.
As the report notes, 2023 was something of “a reversion to the mean for Indian agrifood startups.”
To be sure, the report highlights some less-positive highlights, too, like Omnivore being the only dedicated agrifood investor in the top investor list alongside generalist investors; since specialist funds like Omnivore and AgFunder tend to fund earlier-stage startups, a lack of them in India poses a potentially worrisome future for younger companies and ideas.
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