India Leads Developing Markets in Agrifood Tech Funding for 2024: Report

New Delhi, April 17 (NationPress) India emerged as the leading developing market for funding in 2024, showcasing a remarkable 215 percent growth in dollar investments and a 27 percent increase in deal volume, according to a recent report.

The analysis conducted by Omnivore in partnership with AgFunder, a global investment platform, revealed that five out of the top ten countries experienced an increase in investment in 2024.

India led the way, with funding for agrifood tech startups soaring more than threefold to reach $2.5 billion last year. Following India were Singapore at $172 million (up 3 percent), Mexico at $97 million (up 250 percent), Vietnam at $87 million (up 350 percent), and Chile at $58 million (up 33 percent), as noted in the report.

The surge in investments was primarily fueled by the funds raised by the rapid commerce firm Zepto.

Zepto was identified as the most funded agrifood tech company globally in 2024, securing nearly $1.4 billion through three late-stage funding rounds, according to the report.

"The significant funding rounds for India in 2024 demonstrate ongoing investments in eGrocery and restaurant-related ventures, which align well with the country’s dense urban populations and large demographics. Midstream Technologies also emerged as a top-performing sector in India's agrifood tech investment landscape," the report indicated.

A statement highlighted that agrifood tech investment in developing markets reached $3.7 billion in 2024, marking a 63 percent increase from the previous year, and comprising 23 percent of the total global investment.

However, the report noted that deal activity experienced an 8.4 percent year-over-year decline to 523 deals, as the sector saw fewer but larger transactions.

"India stands out as one of the most well-established agtech ecosystems globally. Startups in the region raised 49 percent more year-over-year, excluding Zepto. Ag marketplaces and midstream tech startups alone garnered nearly $500 million in funding," the report added.

The analysis illustrated a significant rise in funding within the agrifood tech sector across developing markets, growing 63 percent from 2023 to 2024, contrasting with a 4 percent decline in global agrifood tech funding.

Upstream investments increased by 22 percent to $1.2 billion, led predominantly by agri marketplaces and fintech innovations. Meanwhile, downstream investments surged by 91 percent to $2.1 billion, which accounted for 57 percent of total funding in developing markets, the report concluded.