Agri tech oct12
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This week I delivered a short talk on Agritech at Vibrant Gujarat Startup Summit. Here's short deck that I used for it
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Agri tech oct12
- 1. AgriTech…From Hope to Certainty
- 2. Gimme hope Joanna… • How many of you believe agriculture has a problem(s)? • How many of you believe that you can solve the problem? • How many of you believe that you can become wealthy solving these problems? (c) Mandar N. Mhatre
- 3. Agriculture in Numbers of population relies on agriculture of farmers have smart phone contribution to GDP ($bn) in exports ($bn) (c) Mandar N. Mhatre Largest arable land All major climate conditions Agri-climates out of 60 soil types 10th 15 20 46 132/ 36 160 284 55% 25% 275 38 350 350 2/3rd Agri. storage facilities / cold storage facilities (MMT) mm hectares of agri land mm tons of food grain production AgriTech deals cum. investment (last 4 yrs, $mm) of deals in supply chain
- 4. Large opportunities across the value chain, scaling remains a challenge Inputs Harvesting/ Transport Storage and processing Distribution •Weather •Buyer/Seller marketplaces •Price •Crop management •Advisories •Farming technologies Apps, IOT, Mobile, AI, Big data, Driver less, ML •Machines •Sorting •Counting •Weeding •Machines •Sorting •Counting •Measuring health •Warehouse management •Certification •Warehouse management •Pricing •Listing •Brands •Marketplace •Tracking (c) Mandar N. Mhatre
- 5. Global startups are taking large strides Hardware and software to monitor farms Nano-fertilisers solution that delivers components straight to the plant’s cells Plant health and protect yield potential. Farm productivity through the use of digital tools Microbe enhanced seeds to testing to storage to marketplace to financing (c) Mandar N. Mhatre +850 more
- 6. Indian start-ups are picking up (c) Mandar N. Mhatre Digitalize farm data Organic soil nutrients and conditioners Measure produce quality using mobile and AI Technology driven agronomy advice, service and agri input products End-to-end dairy technology solutions company +350 more
- 7. Globally larger players are looking at it closely, albeit in a much more holistic manner (e.g. Alibaba’s Hema) At its core, it's about making it insanely convenient to buy what you need or want in whatever way is the most convenient to you - whether at the store, online, delivered to your home, picked up at a nearby store location – Business Insider Every product in the store features a bar code that can be scanned to get all the information about the item chosen (origin, backstory, and even offered suggestions) – Nasdaq (c) Mandar N. Mhatre Customers can shop, dine and order groceries for delivery from their mobile phones and use Alipay to make payments – CNBC Play video: https://www.cnbc.com/video/2018/08/28/we-visited-inside-alibabas-new-retail-store- sweeping-through-china.html
- 8. Can you build something like HEMA overnight? (c) Mandar N. Mhatre
- 9. Principles of building start-ups apply to AgriTech as well • Co-founder • Ideas • Early product • Team • Product market fit • Early customers • Customer acquisition strategy • Operations • Technology • Execution • Multi location • Multi product • Governance • And many more… • Co-founder agreement • Opportunity assessment • Market scan • Proto type • Core team • MVP • Business model • Scaling Risks Milestones Self Seed/ 20- 25% Angel/ 15- 20% Pre-series/ 10% Series +/ sub 10% Funding/ Dilution (c) Mandar N. Mhatre Growth - VCs Startup – A&A, select VCs Pre-startup – FFF, Grants, A&A
- 10. Is India catching up! 850+ well-funded , many more in early stages ~$9 bn in total funding 325 lead investors, with ~1,000 investors University grants main source of seed funding 1 in every 8 AgriTech gets acquired, 1 in 20 IPO Strong eco-system with investors, corporates, AgriTech entrepreneurs, and mentors (c) Mandar N. Mhatre 350+ AgriTech in various stages $350mm+ invested amount in India ~20 institutional players (VCs, Accelerators, etc), probably 100-150 angels Indian government has multiple initiatives No major exits till date Nascent eco-system that needs to be nurtured
- 11. AgriTech is increasingly getting investor attention Sequoia Kleiner Perkins +20 more in India(c) Mandar N. Mhatre
- 12. To conclude, opportunity to build multiple billion dollar startups • Focus on one specific pain point at a time – Logistic, working capital, supply chain at one end – Convenience and brand at customer's end – Solve multiple problems in phases • Blend with current ecosystem before disrupting • Scalable, repeat customers • Strong team – co-founders, experts, advisors • Funding is available for right start-ups (c) Mandar N. Mhatre
- 13. Closing comments • Build knowledge, network – Startup India – Vibrant Summits – Nasscom / IBREF – Industry Associations – Universities • Get mentored / Be a mentor • Be the change – Over farmer’s lifetime, he has only 40 attempts to learn, Technology allows that many in a week! (c) Mandar N. Mhatre
Notas del editor
- Self...it indicates some skin in game. More than quantum of funds, what matters percent of your total assets that you are willing to invest before you seek external money. Seed... It's one of the most expensive round as you have still not built your business. This results in very low valuations and high dilutions. Typically you can mitigate high dilutions by doing an friends and family round. Ideally raise this when poc is established Typical timeline between self to seed is 1-6 mths. Angel round. This round should be raised to show some traction on MVP. The reason to do this round is to benefit out of investors network, experience and advice. Typical timelines are around 6-12 mths after seed. Preseries A round. … While it's not compulsory to do this round if you plan your stages well, increasingly startups are raising money in this round. It's more of a bridge round to either take care of short term liquidity challenges associated with delayed in larger rounds or demand from larger round investors to show more traction. Typical timelines are around 12-18 mths after seed Series round: This is an professional investor round. Here sole objective is to scale rapidly. It's also one of the harder rounds to achieve given that entrepreneur would be exposed to very serious due diligence process and negotiations. It's also first time that the entrepreneur maybe allowed to sale some of own shares in secondary transaction. Typical timelines are around 12-18 mths after seed.