Innovative approaches are galvanising livestock economy

A conclave in Hyderabad recently brought more than 100 startups, 50 CII members and the fast-growing livestock sector together

The livestock sector, besides contributing to the national economy, plays a key role in providing livelihood to 80 million rural households and is growing at a high and consistent rate in the country, with a compound annual growth rate (CAGR) of 7.93 per cent between 2014-15 to 2020-21 (at constant prices), which is much higher than the general agriculture sector.

India currently ranks third in unicorns and has a thriving startup ecosystem. It is estimated that 15 per cent of the world’s agri-tech startups are based here. Modern technical breakthroughs have impacted almost every component of India’s dairy and livestock value chain. This is due to Government initiatives to encourage investments, ease of doing business and innovation.

Animal husbandry and dairying have more than 700 startups registered with the Department for Promotion of Industry and Internal Trade. This proves that there is more room for technology deployment and monetisation of interventions in the related sectors.

Startup conclave

A recent startup conclave in Hyderabad on February 28 included showcasing of a 100 select startups, a pitch fest, a buyer-seller meet, and a workshop for startups to train the early-stage startups operating in the animal husbandry and dairying sector in pitching, building the main business pillars, and their story of impact. Beside more than 100 startups, 50 members from the Confederation of Indian Industry also participated in the event, searching for creative solutions to the key issues facing the livestock sector.

Startups’ exhibition

Startups showcased their goods and innovations, including cosmetics made of camel milk and donkey milk (they offer a mind-boggling rate of Rs 1,200 per kg of donkey milk to the owners of donkey farms), building products and panels made of cow dung, innovations in animal feed and insect feed, platforms for online livestock trade, platforms that connect farmers with embedded digital finance options, new yoghurt flavours, breed improvement technology for cattle, intelligent dairy automation solutions, and cold chain solutions. Startups benefited greatly from the expo as it gave them access to investors, dairy cooperatives, and government partners.

Pitch fest & shoring capacity

A special pitching event with a panel of investors, including venture capitalists and angel investors, was organised for 10 startups. With innovative products and services, the startups represent the animal husbandry and dairy industries. These products and services include artificial insemination equipment, cattle reproduction solutions, traceability, heat detection, frozen semen thawing, veterinary care, nanotechnology, polymer chemistry, vaccines, and diagnostics, among others.

A concurrent workshop was held for early-stage startups to guide them in the art of pitching and developing primary business pillars/story of impact, problem-solving, and government-e-marketplace. The speakers delved into investor psychology and expectations to help the audience understand what is required to have the highest chance of acquiring investment from a venture capital fund and PE and angel investors.

On the finer elements of pitching, term sheet preparation, legal rights, value, etc., the experts gave enlightening advice. The buyer-seller meeting was a fascinating session of the conclave that drew enthusiastic involvement from both sides. Of the prominent dairy cooperatives and enterprises participating in the event, ten start-ups delivered a sales pitch to market their products.

Technological advancements will lead to significant improvements in day-to-day operations and lower business costs. The Indian Government employs numerous cutting-edge breeding techniques in the animal husbandry industry to maximise local bovine herd production. Startups are crucial for making such a system self-sustaining.

The growth of startups has improved this ecosystem’s development, organisation, and resilience, mostly to the benefit of its most significant stakeholder—the Indian farmers—who make up the agriculture sector, which includes the livestock industry and forms the backbone of the nation’s economy.

Innovative approaches to the problems of animal health, online marketplaces, improved supply chains, products with value-added, mobile apps, drones, and other investments are not only empowering producers or entrepreneurs but also improving the market, making resources more available, preventing waste, maximising profits, creating scalable businesses, and removing bottlenecks.

The support that the Government gives to startups shows the importance and impact of startups in the Indian economy. The livestock industry in India is poised to grow and will continue to be crucial in advancing our Hon’ble Prime Minister’s goal of building an Aatmanirbhar (self-sufficient) India.

(The writer is Secretary to the Government of India, Department of Animal Husbandry & Dairying)