The Agritech Governor
Founded in 2010, the venture capital firm is working towards funding entrepreneurs who are building the future of agriculture and food systems in India.
Mark Kahn, managing partner, Omnivore
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After a stint with Syngenta and Godrej Agrovet, Mark Kahn teamed up with Jinesh Shah to start Omnivore in 2010. The venture capital firm is working towards funding entrepreneurs who are building the future of agriculture and food systems in India. So, amid the global economic doldrums, will the coming days be any easier for startups seeking investment? “While we can feel the effects of the global economic slowdown in India, the impact on the agritech sector is more limited than in other sectors,” shares Mark Kahn, managing partner, Omnivore.
His four key criteria for selecting a prospective startup are team, technology, total addressable, and traction. Kahn also adds that late- stage funding will be tough, while early-stage funding, especially seed rounds, will remain unaffected. In comparison to the 2021 trend, startup valuations have adjusted to a realistic level. So, has Omnivore’s approach to funding changed now? “No. We still look to back startups that are aligned with our theory of change and fulfill the 4 Ts.”
On measures recommended to portfolio companies during times of burn and runaway, Kahn says that reducing marketing expenses, strengthening customer retention, and building frugal customer acquisition strategies are vital. For FY23-24, climate action will be a major focus area, and they’ll be actively catalyzing the agrifood life sciences space in the country. AFLS is eyed by the firm as their strongest line of defence against climate change. Simply put, Kahn and Omnivore are obsessed with agritech and for all the right reasons.
FACTSHEET:
No. of startups invested in: Since inception: 40+ In FY 22-23: 4 new startups
No. of exits: In FY 22-23: 2
Focus sectors: Farmer Platforms and Fintech, Precision Agriculture, Agri B2B Marketplaces, Farm to Consumer (F2C) Brands, Agrifood Life Sciences, and Post-Harvest Technologies
Fund Size: Fund 2: USD 97 Mn, Fund 1 : USD 30 Mn
After a stint with Syngenta and Godrej Agrovet, Mark Kahn teamed up with Jinesh Shah to start Omnivore in 2010. The venture capital firm is working towards funding entrepreneurs who are building the future of agriculture and food systems in India. So, amid the global economic doldrums, will the coming days be any easier for startups seeking investment? “While we can feel the effects of the global economic slowdown in India, the impact on the agritech sector is more limited than in other sectors,” shares Mark Kahn, managing partner, Omnivore.
His four key criteria for selecting a prospective startup are team, technology, total addressable, and traction. Kahn also adds that late- stage funding will be tough, while early-stage funding, especially seed rounds, will remain unaffected. In comparison to the 2021 trend, startup valuations have adjusted to a realistic level. So, has Omnivore’s approach to funding changed now? “No. We still look to back startups that are aligned with our theory of change and fulfill the 4 Ts.”
On measures recommended to portfolio companies during times of burn and runaway, Kahn says that reducing marketing expenses, strengthening customer retention, and building frugal customer acquisition strategies are vital. For FY23-24, climate action will be a major focus area, and they’ll be actively catalyzing the agrifood life sciences space in the country. AFLS is eyed by the firm as their strongest line of defence against climate change. Simply put, Kahn and Omnivore are obsessed with agritech and for all the right reasons.
