India's agrifoodtech startups raised $2.5 bn in 2024, 3X rise from 2023

Investments in India's agrifoodtech startups jumped over 3-fold to $2.5 billion last year, driven by funds raised by quick commerce company Zepto, according to a report.

Omnivore, in collaboration with AgFunder, a global investment platform, on Wednesday released a report titled 'Developing Markets AgriFoodTech Investment Report 2025'.

As per the report, investment in India's agrifoodtech startups stood at $2.5 billion in 2024 as against $806 million in the preceding year.

Zepto raised $1.4 billion last year in multiple rounds.

"Top rounds for India in 2024 highlight continued investment into eGrocery and restaurant-related startups, which are well-suited to the country given its dense urban settings and high population. Midstream Technologies has also been a high-performing category for India agrifoodtech investment," the report said.

According to a statement, agrifoodtech investment in developing markets reached $3.7 billion in 2024, up 63 per cent from 2023 and accounting for 23 per cent of global investment.

"Deal activity declined 8.4 per cent YoY to 523 as the industry closed fewer and larger deals," it said.

Investment increased in five of the top 10 countries: India $2.5 billion (+215 per cent), Singapore $172 million (+3 per cent), Mexico $97 million (+250 per cent), Vietnam $87 million (+350 per cent), and Chile $58 million (+33 per cent).

India's eGrocery platform Zepto was 2024's best-funded agrifoodtech company globally, raising nearly $1.4 billion across three late-stage deals, the statement said.