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SaaS-based agri-tech company CropIn registers a 300 per cent growth

February 25, 2019
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CropIn, a B2B full-stack agri-tech organisation, has registered a 3X annual recurring revenue (ARR) growth over the last five quarters. The Bengaluru-headquartered SaaS provider has grown by 300 per cent during the last 15 months. The company, which first marked its global presence in late 2017, is today generating more than 50 per cent of its current revenue from its international markets and plans to generate 70 per cent in the next one year. CropIn has partnered with over 185 clients across 30 countries in Asia, Europe, Africa, and the Americas, enriching the lives of over 2.1 million farmers by digitising over 5 million acres of farmlands.

A pioneer in the agri-tech space, the company's growth story started with the launch its first product ‘SmartFarm’ in 2012. SmartFarm is a comprehensive digital farming technology that enables efficient farm management through digitisation, empowers data-driven decision-making, and provides complete visibility of people, processes, and performance on the field.

According to Krishna Kumar, founder & chief executive officer, CropIn, "Our prospects had not seen a product like SmartFarm in the B2B space earlier that has the capability to solve complex supply-chain problems in the ag-ecosystem by impacting growers and their end customers to achieve per acre value through Traceability and Predictability. Getting them to trust the effectiveness of the product and integrate our solution with their digital strategy was our biggest challenge in 2012. We approached big and small agribusinesses to validate our product market fit, and soon, one client after another, we saw our product being adopted seamlessly into their existing conventional systems."

SmartFarm is today a globally recognised and much awarded digital platform, which was recently named the ‘Best Innovation in Digital Farming Technology’ at Agrow Awards 2018 in London. A case study on SmartFarm has been also published by IVEY for classroom training of management students.

CropIn's global expansion journey began in 2018 with client partnerships across South-East Asia, Europe, Africa and the Americas.

"2018 was an important year for us in terms of reaching significant milestones. We didn't just mark our global presence but also launched our predictive and prescriptive solution, SmartRiskTM that leverages Artificial Intelligence, Machine Learning and Big Data Analytics. SmartRiskTM is a next generation predictive product that is able to detect crops, predict crop health and estimate yield ahead of the harvest, that will provide valuable insights for the agri industry, financial institutions, growers and policy makers", said Krishna Kumar.

SmartRiskTM is capable of performing regional/plot level analysis by covering all major agricultural areas of the world, on a 10x10 sq mt pixel that is updated every 10 days, consolidating it at a village, postal code, district and country view. It is the perfect product for business entities - such as input companies, commodity traders, farming companies, banks, and larger insurance or reinsurance companies - that are seeking regional insights to make major financial and strategic decisions. SmartRiskTM was announced as a winner at the HDFC Bank Digital Innovation Summit 2018, for its capabilities that will make agri-lending and agri-insurance processes more data-driven.

In India, CropIn has marked its presence in 70 per cent of the states and the company’s underlying mission runs parallel to the Indian Government’s vision for the agriculture sector, which is to double the farming income by 2022. CropIn has a tie-up with the Department of Agriculture (DOA), Government of Karnataka, to help farmers create more value for their crops. The project aims to assist 415,000 farmers across 30 districts of Karnataka in digitising 304,000 acres of farmlands.

Additionally, after validating the effectiveness of CropIn’s products, the World Bank has chosen CropIn as the technology partner in the public–private partnership project of the Government of India and World Bank. The project is aimed to bring a positive change in the farming practices of farmers in Madhya Pradesh and Bihar, and successfully help them to adapt with the climatic changes and the associated unpredictability.

So far, CropIn has successfully partnered with government bodies and agribusinesses including but not limited to McCain, Syngenta, Firmenich, Bayer, BASF, Government of Karnataka, Central Government, and the World Bank. The company has carried out swift and successful technology implementations in the agri-tech space on a global scale. Apart from SmartFarm and SmartRisk, CropIn’s other core product offerings include SmartSales, mWarehouse and Acresquare.

CropIn has raised investments amounting to a total of $12 million till date, including Series A funding from Singapore-based BEENEXT in 2016, and $8 million in a Series B funding from the Bill and Melinda Gates Foundation Strategic Investment Fund (London & Seattle) and Chiratae Ventures (formerly IDG Ventures) in 2018.

Following the Series B financing, CropIn has also strengthened its leadership team by hiring Jitesh Shah as the chief revenue officer, Rupesh Rao as the chief customer officer and Rupesh Goel as the chief product officer.

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