Pradeep Rathnam, Fintech Head, Ninjacart, has been elected the Chairman of the newly formed Agritech Committee, which represents the agritech industry members of the Internet and Mobile Association of India (IAMAI). Timmana Gouda, Founder and CEO, Whatsloan, has been elected the Co-chair.
“As I step into the role of Chair of IAMAI’s Agritech Committee, I am excited about the immense potential this platform holds to drive collective efforts in addressing the complexities of our agricultural landscape. I am committed to infusing a collaborative approach focusing into our tech initiatives, ultimately creating inclusive access, and advocating for robust public policies. As a banker for more than two decades, I am personally looking forward to contributing to the fintech developments in the agri value chain.
“Speaking as an employee for an agritech giant, Ninjacart, I know that my efforts as Chair will all be about democratizing technology and propelling the development and maturity of India’s digital agri ecosystem. My tenure as Chair aims to spotlight the industry’s contributions, addressing its challenges head-on, as the growth of resilient companies is integral to both the ecosystem and the nation’s progress,” said Pradeep Rathnam.
Timmana Gouda, said “as a career banker, I am happy to join, as Co-chair of the Agritech Committee under IAMAI with a vision to bring agritechs and fintechs together with the ‘Agrifintech Charter’ to work with agritechs, fintechs, banks, lenders, agri and other ecosystem players to meet Indian government objective of doubling farmers income by reducing their costs and increasing their productivity and incomes.”
The Indian agriculture sector is estimated to be worth $493 bn. The gross merchandise value (GMV) of the agritech sector in the country was around $4 Bn in 2022 and is expected to reach $37 Bn by 2027. The sector has also seen a significant spurt in investment recently, with over 250 agritech companies funded with 63% funding coming over the past two years.
In this context, the agritech committee was formed under the aegis of IAMAI with a broad vision of providing a platform for all agritech stakeholders to collectively work towards realisation of the faster adoption of agritech services in India by the farmers, increase public awareness about agritech and its potential benefits, and developing a vibrant agritech ecosystem in India with focus on Indian agritech start-ups.
In the coming years the key aims and objectives of the committee are to develop a vibrant policy and regulatory framework for agritech in India, build synergies between various stakeholders to develop a unified agritech cohort, promulgate adoption of best agritech solutions in the Indian context, and provide technology-led thought leadership to relevant stakeholders and decision makers.