Cropin Technology Solutions, a Bangalore-based startup has formally declared its investment deal with Sophia Investment ApS, Denmark. This series A investment of $2 million, upswings the scalability of the company and provides it a sizeable balance required to increase its operation on the technical front and market expansion. The deal is a shot in the arm for CropIn Technology considering the avenues available in the agricultural sector and the CAGR of farm management software industry (ICT) growing at a pace of over 17% in India.
“A robust growth chart, faith of our existing investors and continued traction in the agri business space for penetration made it ideal for us to raise this investment with an intent of expanding our belief of serving 20 million farmers by 2020. CropIn uses data science to help farms become more efficient businesses and respond to the challenges and opportunities of the future. In the next 3 years, CropIn plans to invest $15 to $20 million to bring cutting-edge technology for every acre of farm and provide access of it to every farmer possible,” said Mr. Krishna Kumar, CEO, CropIn Technology, Bangalore.
“Our Farm business CEOs are now adopting farm digitization strategy and processes with CropIn Solutions on their farm, enabling them in making unplanned yet responsive decisions. Now they can monitor business risks, productivity matrix and stay connected with production forecasts. This also includes weather monitoring and adherence of traceability regulations, thus keeping these CEOs updated in responding to new market incentives and meet rising expectations,” said Mr. Kunal Prasad, COO, CropIn Technology, Bangalore.
CropIn Technology provides three cutting edge solutions such as Smart Farm, Smart Sales and Smart Risk. The solutions (ICTs) are SaaS based and are primarily used by companies involved in production, input sales, traders, insurance and banking enterprises.
“Our client retention is at 92% and is spread across geographies and varieties of crops. With current solutions of our applications, we are defining the norms of product traceability in India and globally. This also aids various commodity traders, aggregators, processors and exporters to meet International norms set across continents and across agro products exported. In fact, our applications can be customized to an extent where large corporates or even a farmer owing a few acres will find it intuitive to use. As the business model is in clean tech and sustainability space, this opens up avenues for us to work with the Government (State, Central and International), various NGOs and CSR funding corporates who wish to invest in the agricultural sector, leaving us with a varied length and breadth of client base to cater to,” said Mr. Siddhartha Choudhary, Chief Revenue Officer, CropIn Technology, Bangalore.