New funding to accelerate efforts to bring intelligent agriculture to a third of the world's cultivable land by 2025
BENGALURU: 12 January 2023: Cropin, the global agritech pioneer that has built the world's first industry cloud for agriculture, has secured INR 113 crores in funding from new investors Google and JSR Corporation, as well as existing investors ABC Impact and Chiratae Ventures.
The funds will aid in expanding Cropin Cloud, the company's recently launched intelligent agriculture cloud platform, to cater to the growing demand for digitization and predictive intelligence in the global agriculture sector.
Cropin Cloud, launched in September 2022, has quickly become a leading platform in the digital transformation of agriculture. With the support of this funding round, Cropin will be able to further invest in its go-to-market efforts and expand the platform's capabilities, including developing next-generation predictive intelligence solutions through Cropin AI Labs.
The goal of Cropin AI Labs is to bring predictive intelligence to every acre of the world’s cultivable land. In addition, Cropin plans to expand its business presence in new regions and industries, focusing on creating solutions that promote sustainable agriculture practices and address global food security challenges on a large scale.
Today, the global food system faces significant challenges, including climate change, food insecurity, supply chain disruptions, and geopolitical tensions, highlighting its structural vulnerabilities.
Governments and businesses in the agriculture and food sectors are seeking ways to increase productivity, efficiency, and income to meet domestic demand and reduce food waste. Cropin, with its strategic technology solutions, is well-equipped to help governments, development agencies, and agri-food businesses transform and create a secure and sustainable food value chain.
Commenting on the investment, Krishna Kumar, Co-Founder & CEO, Cropin said, "Since its founding in 2010, Cropin has been dedicated to improving the intelligence of food production and maximizing value for all stakeholders in the agricultural ecosystem. By making farms and harvests traceable, predictable, and sustainable, Cropin aims to transform how food is grown. The involvement of new strategic investors like Google and JSR Corporation, and the support of our existing investors, demonstrates confidence in our mission and impact. We are excited to partner with global technology innovators like Google, which further validates our capabilities and solidifies our position as a leader in the digitalization of global agriculture”.
Sugandhi Matta, Chief Impact Officer at ABC Impact, said, “We are pleased that Cropin’s efforts to address global food challenges through technology continue to gain traction. Our continued support alongside new investors underscores the commitment and dedication of the Cropin team in delivering impactful outcomes through their work.”
Commenting on the development, Sudhir Sethi, Founder and Chairman Chiratae Ventures India Advisors, said, “What we liked the most about Cropin is their quest for innovation, passion for solving critical global challenges and leveraging technology to transform the fundamental fabric of agriculture. I am a firm believer in technology start-ups defining new business and revenue models, innovating new products, pioneering cutting-edge technology developments, and discovering new markets for growth. Cropin has always embodied these values, and they are poised to be the largest Agritech company globally with its cloud-based, SaaS business model. This investment underlines our strong belief in their growth and the impact they deliver to co-create a truly sustainable global agri-food ecosystem.”
About Cropin
Cropin is a global agtech company that was founded in 2010. It has partnered with more than 250 B2B customers and has digitized 16 million acres of farmland, benefiting over 7 million farmers. The company has shaped a global 'Ag-intelligence' movement, with a crop knowledge graph of over 500 crops and 10,000 crop varieties in 92 countries that powers Cropin Cloud.