The agricultural industry in Bangladesh is experiencing a significant change, led by new agritech startups that are tackling the ongoing issues farmers have faced for years. These ventures are leveraging technology to enhance productivity, streamline supply chains, and provide farmers with better market access. One notable player is Agromukam BD Ltd, which has developed a comprehensive agribusiness e-commerce platform.This platform enables farmers to directly access markets and agribusinesses, supporting various transaction models including B2B, F2B, B2C, F2C, and F2G. By digitizing the agricultural supply chain, Agromukam aims to create an efficient and effective digital purchase and sales model. The company recently secured a Tk1 crore investment from Midland Bank Ltd to enhance its technology infrastructure and expand its operations across Bangladesh. Nodes Digital, founded in 2019, is making significant strides in precision agriculture through smart tech solutions. Their E-Irrigation system has reduced water and energy use by 30% while boosting rice and grain yields by 11%. With over 100 systems deployed and more than 20 machine learning models developed, Nodes Digital is revolutionizing farming practices by making them more sustainable and efficient
Fashol, an agritech startup, has gained $1 million in pre-seed funding. This financial support is intended to enhance the supply chain and connect farmers directly to the market. The company plans to build “Fashol Farmers Centres” and “Micro Distribution Centres” to minimize the supply and demand gap and bring automation for seamless transactions from farmers to retailers.
iFarmer, another prominent agritech platform, has been featured in the Forbes Asia 100 to Watch 2024 list. The company empowers small-scale farmers by connecting them directly with wholesalers and providing access to essential agricultural inputs. iFarmer’s app, ‘Sofol’, offers advisory services to help farmers improve productivity and sustainability. In 2022, the startup raised $2.1 million in a funding round led by IDLC Ventures.
The success of these startups indicates a promising future for agritech in Bangladesh. By integrating technology into traditional farming practices, these companies are not only improving the livelihoods of farmers but also contributing to the country’s economic growth. With the ongoing changes in the industry, it is anticipated that new innovations will arise, reinforcing Bangladesh’s role as a frontrunner in agritech solutions.
