Farmtech Reset, GoBoult’s IPO Dreams, and makeO To Acquire Zenyum

Indian agritech is not recovering. It is being filtered.

The exuberance of 2018-2021, when capital chased “farm-to-fork” disruption and logistics-heavy GMV, has given way to something far more surgical. Between 2020 and 2022, agritech funding surged from roughly $155 million to over $800 million. By 2023, it had collapsed 78% to $178 million, and slid further to about $160 million in 2025. That is not a winter. That is a structural re-rating.

Agri-tech 1.0 was built on a seductive thesis: disintermediate mandis, aggregate supply chains, compress wastage, and scale rapidly. Ninjacart’s $370M+ war chest symbolised this moment. But the mandi system proved harder to displace than PowerPoint suggested. APMC regulations, Essential Commodities Act constraints, fragmented landholdings averaging barely a hectare, and entrenched trader relationships created friction that capital alone couldn’t erase.

The unit economics never cooperated. Mid-single-digit gross margins in perishables collided with high last-mile logistics costs and working capital intensity. Contribution margins of 2-3% cannot absorb capital inflation. When cheap money vanished, GMV-first models hit the wall.

What has emerged instead is a “flight to quality.” Fewer deals, larger cheques. In 2025, capital is flowing disproportionately to leaders like DeHaat and Arya.ag - not to subsidise growth, but to consolidate. DeHaat’s proposed $100M bridge and Arya.ag’s $80M Series D signal patient capital backing full-stack ecosystems: inputs, advisory, storage, credit, and data layered together. The Unnati–Gramophone merger shows consolidation is no longer optional; it is survival.

Yet even after $2+ billion deployed across 240+ deals since 2020, agritech still represents just ~2% of total Indian VC funding. India has over 110 unicorns, but effectively none in pure-play agritech. That is not investor neglect. It reflects structural risk: thin margins, climate volatility, policy overhang, and the “farmer’s wallet test.”

Which is why the capital rotation toward deep-tech and climate-smart solutions matters. Precision agriculture platforms have digitised millions of acres, improved yields, and cut pesticide use. Farm robotics funding globally doubled to $744 million in 2024. India’s drone push - subsidies, SHG-based service models, startups like Dhaksha and Marut - signals “frugal precision” rather than Western-style capex-heavy adoption.

Carbon is becoming the new profit layer. India’s carbon credit market is pegged at $4.17 billion in 2025. Google’s 100,000-ton biochar purchase from Varaha is not symbolic; it validates Indian-origin climate IP at global standards. Suddenly, agritech platforms with soil data and farmer networks are not only trading produce, they are aggregating climate assets.

Agri-fintech may be the most defensible adjacency. Satellite-based risk assessment, APIs integrated with major banks, and alternative data underwriting are turning credit into a data-driven service rather than collateral-based paperwork. In a country where farm credit targets run into trillions of rupees annually, this is structural infrastructure.

Still, structural frictions persist. Connectivity gaps, power reliability, monsoon volatility, and regulatory ambiguity under APMC and ECA laws ensure agritech will never scale like SaaS. Brazil’s large commercial farms and Israel’s IP corridors offer lessons, but India must build around collectives such as FPOs, cooperatives, SHGs; and shared infrastructure.

This correction-first evolution is not a setback. It is a necessary culling. In a $500-billion agricultural economy with sub-1% tech penetration, quality - not quantity - was always going to decide the winners.

Let’s go through what else is happening in Indian startup world - Grab your simmering cup of StartupChai.in and unwind with our hand-brewed memes.

“Ab Hoga Dangal”: GoBoult To File IPO Papers By October, Targets Summer 2027 Listing

Bootstrapped audio and wearables brand GoBoult is gearing up to file its DRHP with SEBI by October or November, eyeing a public listing in summer 2027 as it readies for the next phase of growth.

After clocking ₹762.9 Cr in FY25, up 9.42%, the company is now targeting ₹1,000 Cr in revenue for FY26, signaling steady scale rather than blitzkrieg expansion.

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“Bin Tere Sanam Mar Mitenge Hum”: toothsi Parent makeO To Acquire Singapore-Based Zenyum

In a cross-border consolidation move, toothsi parent makeO is set to acquire Singapore-based Zenyum, bringing two clear-aligner brands under one roof while keeping leadership continuity intact.

Arpi Mehta will continue as group CEO of makeO, while Zenyum cofounder Julian Artopé stays on as chief executive of the Singapore business, signaling stability rather than a shake-up.

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“Hum Saath Saath Hai”: Bertelsmann Acquires LetsTransport To Operate It Under Its Buy-and-Build Unit

German VC firm Bertelsmann Investments has acquired an 80% stake in truck aggregator LetsTransport and will now operate it under its buy-and-build strategy, tightening its grip on the logistics play.

The deal promises long-term capital, stronger governance, and access to Bertelsmann’s global network, giving the startup more ballast for its next growth phase.

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1. D2C home appliance brand Nester has secured ₹19 Cr from Fireside Ventures, OTP Ventures, and others to widen its product portfolio and sharpen innovation. The startup plans to double down on solving consumer pain points as it builds on its current range of kitchen-focused appliances and tools.

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2. Fintech startup Olyv has raised $23 Mn in a round led by Nandan Nilekani-backed The Fundamentum Partnership with participation from SMBC Asia Rising Fund, strengthening its growth runway. The company plans to expand into insurance, UPI, and business loans.

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3. Apparel sourcing and manufacturing startup Showroom B2B has raised ₹150 Cr in a Series A round led by Cactus Partners, with Zephyr Peacock and existing investors also participating in a mix of equity and debt. The fresh capital will be used to scale its sourcing and manufacturing platform.

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4. Healthcare fintech startup Care.fi has raised $8 Mn in a mix of equity and debt from backers including July Ventures, PeakXV, and Trifecta Capital to scale its AI-powered revenue cycle management stack for hospitals. The company plans to use the fresh capital to expand across more Indian cities.

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5. Semiconductor-focused startup ThirdAI Automation has raised $3 Mn to sharpen its AI-powered root cause analysis and troubleshooting platform aimed at cutting costly downtimes at chip fabs. The fresh funds will go toward product development, hiring across India and overseas.

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6. Deep-tech medtech startup Articulus Surgical has raised an undisclosed seed round led by Kalaari Capital to advance its indigenous, interoperable surgical robotics ecosystem for minimally invasive soft-tissue procedures.

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7. Relocation management firm Formula Group has secured a strategic minority investment from Japan’s Relo Group Inc. as part of a new partnership. The deal is aimed at powering Formula Group’s global expansion and sharpening its play in corporate mobility and employee relocation services across India.

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