Amith Agarwal of StarAgri on Building a Data-Led Agri Value Chain, Tech-Enabled Trade Finance, and Sustainable Growth at Scale

StartupTalky presents Recap'25, a series of exclusive interviews where we connect with founders and industry leaders to reflect on their journey in 2025 and discuss their vision for the future.

In this edition of Recap’25, StartupTalky speaks with Amith Agarwal, Co-founder & CEO of StarAgri, who reflects on a year defined by disciplined financial execution, deeper farmer integration, and the steady formalisation of India’s agri-value chain. Agarwal discusses how strong warehousing utilisation, sub-1% NPAs, and data-led credit models powered sustainable growth in FY25, while digital platforms like AgriBazaar reshaped post-harvest storage, trade finance, and market access. He shares insights on evolving farmer and institutional behaviour, the role of blockchain and digital WHRs in building trust, emerging commodity and regional trends, and how AI, automation, and structured finance are set to redefine India’s agri-supply chain. Looking ahead to 2026, Agarwal outlines StarAgri’s focus on capital-efficient expansion, new verticals, and building a resilient, tech-driven ecosystem for the long term.

StartupTalky: StarAgri has spent nearly two decades building an integrated agri-value-chain platform. What were the most meaningful milestones or operational improvements you achieved in 2025?

Amith Agarwal: In 2025, some of our most meaningful operational milestones came from the strength and discipline of our core financial and warehousing engines. We maintained our non-performing assets below 1%, reflecting effective control over defaults and prudent credit management at scale. During FY25, we also achieved over 75% utilisation of our existing warehousing capacity, which directly pushed our assets under management and disbursals beyond INR 20,000 crore.

On the back of these operating trends, we delivered nearly a double-digit year-on-year growth in both revenue and profit in FY25, signalling steady and sustainable momentum. Our consolidated revenue rose 55% to INR 1,560.4 crore, with an EBITDA of INR 93.3 crore, while net profit grew 47% to INR 68.47 crore. At the same time, we have continued to maintain a strong balance sheet with minimal leverage and one of the lowest net debt levels in the industry.

StartupTalky: With a pan-India warehousing network and strong farmer linkages, what changes did you observe this year in how farmers, traders, and institutions approached post-harvest storage and collateral management? 

Amith Agarwal: Over the past year, we have seen a clear shift in how farmers, traders, and financial institutions approach post-harvest storage and collateral management.  Farmers are now more confident in depositing their produce directly into warehouses near their farms and using structured instruments like warehouse receipt financing to unlock liquidity at competitive rates.

Consequently, StarAgri’s pan-India warehouse network, comprising of 1,080 professional warehouses and more than 1,100 field warehouses across our pan-India network, storage is increasingly being seen not just as a logistics function, but as a financial enabler.

StartupTalky: Technology is reshaping agriculture from warehouse automation to digital WHRs and blockchain-led audits. Which tech interventions had the biggest impact on your operations or customer experience in 2025?

Amith Agarwal: StarAgri’s AgriBazaar represents one of the most scalable opportunities for the company, with e-marketplace GTV exceeding INR 12,000 Cr in FY25. Three key innovations drive its growth:

• Integrated Payments & Wallet Systems: Streamlined payment infrastructure ensures seamless transactions and mitigates counterparty risks common in traditional marketplaces.
• Blockchain Technology: Provides traceability and verification of commodities being traded, enhancing trust and transparency for buyers and sellers.
• Mobile App: A user-friendly, mobile-first platform allows farmers and traders to access the marketplace conveniently, improving adoption and engagement.

While the agritech sector experiences volatility, AgriBazaar operates like Zoho in software, focusing on profitability, scalability, and building long-term value rather than chasing market noise.

StartupTalky: India’s agri-supply chain saw shifts in demand, commodity flow, and risk patterns this year. What trends stood out to you across commodities, regions, or seasonal cycles?

Amith Agarwal: Given that agriculture is a seasons-driven sector, seasonality continues to influence demand and flows. However, with the increasing integration of technology, we are observing that distress selling is significantly reducing, especially in regions wherever formal finance and warehousing access are available. 

Further, the shift towards verified, traceable commodities, blockchain-enabled verification, and streamlined payments has strengthened trust in the system. Overall, the year reflected a continued trend of maturing tech-driven agri-supply chains where commodity movement, credit, and risk are increasingly being governed by data, infrastructure, and institutional participation rather than informality.

StartupTalky: With agricultural financing becoming more digitised, what challenges did you encounter in scaling collateral management, traceability, or risk management across your network?

Amith Agarwal: Managing growth and reaching out to more farmers is the opportunity we are solving every day. The biggest challenge StarAgri faces in its lending business is managing growth while reaching a larger base of farmers. 

Today, the company maintains NPAs below 1%, which is well within healthy industry standards. This is achieved through algorithmic credit scoring, leveraging 16 years of historical and vintage data on farmer profiles, market conditions, and repayment behaviour. 

The system provides an accurate and reliable credibility score, enabling the company to expand its lending while minimising risk and maintaining portfolio quality. 

StartupTalky: As you look at 2026, where do you see the strongest opportunities for growth, whether in digital platforms, phygital supply-chain models, farmer services, or international expansion?

Amith Agarwal: StarAgri has delivered a 55% CAGR over the past three years across both topline and bottomline, demonstrating strong financial momentum. For FY26, the company aims to cross INR 2,000 crore in turnover while continuing to focus on profitability and capital efficiency.  Return on Equity (ROE) currently stands at over 12%, with a target of reaching 18% ROE which is one of the best in the Indian start-up ecosystem. 

StarAgri plans to double down on sustainable expansion, rather than runaway growth. The company is aiming for a 15-20% annual growth over the next five years while staying founder-led and professionally managed, a model that helps preserve entrepreneurial agility alongside operational rigour. 

We also plan to further strengthen our business base by launching verticals such as Stocyard, which extends its warehousing expertise into non-agri-commodities, and Agrifresh, a fresh-produce platform. 

StartupTalky: Given your experience across warehousing, testing, and structured trade finance, what long-term changes do you foresee in India’s agri-value chain, especially with AI and automation becoming more mainstream?

Amith Agarwal: Over the long term, we see India’s agri-value chain becoming far more structured, data-led, and integrated as AI and automation move into the mainstream. Across warehousing, testing, finance, and trade, the biggest shift will be from fragmented, manual processes to unified digital ecosystems that connect pre- and post-harvest activities in real time. As more produce, payments, and credit behaviour get digitally captured, risk assessment, pricing, and market access will become significantly more efficient and transparent.

Explore more Recap'25 interviews here.