In India Agriculture is mainly pursued through lineage rather than education. That is the biggest reason why despite being predominantly an agricultural country, it is still backward in the use of technology to increase the yield as compared to some of the developed nations.
For e.g., India and China both export 60 lakh tons of cotton. To produce this India needs 1.25 crore hectares of land, whereas China uses only 30 lakh hectares of land. This is because China uses advanced agriculture technology.
Growit provides protective farming solutions to increase the yield of Indian farmers by 50%.
Growit India Pvt Ltd
Growit was founded by two brothers named Saurabh and Akshay Agarwal. They specialize in protective farming. Their products prevent the crops from different agents like pests, weeds, plant diseases, and other organisms that cause damage to the agricultural crops.
Protective farming technology is used by 70 to 80% of farmers in many countries whereas in In India only 2% of the farmers use it. With the use of their products, the need for water, pesticides, and fertilizers is reduced by 50%. Additionally, it also protects the crops from sunburn and prevents the growth of weeds, which the yield, quality, and income of the farmers by 50 to 100%.
They sell 18 products, some of which include:
- Agri Thread
- Agri wire
- Bunch Cover
- Crop Cover
- Crop Support Net
- Fiber stick
- Fruit Cover
- Mulch Film
- HDFE Growth Bags
- LDPE Growth Bags
- Plant Cover with Wooden Stick
- Plastic Clip
- Vermi Mat
- Weed Mat
Growit Mulching Film
Mulch is a protective covering spread or left on the ground to reduce evaporation, control weeds, and enrich the soil. It is made up of plastic and when used it can increase the yield of the farmers by up to 50%.
They take their responsibility towards the environment seriously and make their mulch Film with addictives to ensure that even after the harvest the milch lasts. Growit then buys it back and recycles them. It is the only company in Idia that buys back its mulch film.
Their 80% of income comes from Mulch Film. The mulching market size in India is ₹450 to 500 crores.
Growit Founders
Saurabh and Akshay Agarwal, the founders of Growit come from Surat. Saurabh completed his graduation from Cardiff university in the U.K. and did his MBA from S.P. Jain College in Mumbai.
Akshay did his bachelor’s and Masters in plastic Engineering from the University of Masseucheuts in the U.S.
Saurabh pursued agriculture as a hobby and was interested in learning various techniques to make farming better. He started off by growing crops to fulfill his family’s needs.
In India, he was not able to find better technologies so he went to U.K., U.S., and China and brought their products to India. Unfortunately, their products did not work in India and he asked his brother to have a look at those products and make something that could work for the Indian climate.
Those products worked successfully and they asked other farmers to use them and even they got good results. This is when they realized that they can provide it to all the farmers. They can bring about a big revolution.
Growit Shark Tank
The founders had asked ₹1 crore for 1% equity at ₹100 crore valuation.
Namita Thapar was so much interested in this sector that she did not even want to know the profit and unit economics and gave the deal of ₹50 lakhs for 1% equity and the rest ₹50 lakh debt at 10% interest at ₹50 crores valuation.
Annual Profit:
(2021-2022)- ₹20 crores
(2022-2023)- estimate projection ₹35 to ₹40 crores
40% of their sales come from D2C and 60%comes from B2B
They have already raised ₹3 crores in March 2022 for 6% at ₹50 crores valuation.
Currently, they are burning money and in the year 2022-2023, they are expecting to burn ₹4 to ₹5 crores.
As per their estimate, they will start to make a profit when they will reach a revenue of ₹100 crores.
Anupam Mittal, Amit Jain, and Aman Gupta were not interested in Investing.
Peyush Bansal asked them about their vision for 5 years. The founders replied that they are eyeing ₹300 crores in revenue. Peyush though was a small vision and they should aim for ₹100 crores of revenue. He joined Namita Thapar in her deal.
The founders gave the counter offer to increase the valuation to ₹75 crores from ₹50 lakhs for 1% equity and the rest ₹50 lakh debt at 10% interest at ₹50 crores valuation.
50 crores, which Namita refused because they are making losses currently.
The deal was secured at Namita’s original offer of ₹50 lakhs for 1% equity and the rest ₹50 lakh debt at 10% interest at ₹50 crores valuation.
Where Can You Find Them
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Concluding Remarks
Good start-ups in the agriculture sector are a blessing for countries like India. Where the livelihood of a huge population is dependent on farming and it can significantly boost the GDP of the country.
We do hope that Growit can fulfill its mission to increase the yield of all Indian farmers by 50% and can revolutionize the Indian farming sector.
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