“India’s AgriTech Landscape – A Perspective Report”

1. Findings basis research conducted in September'22 Key Findings India AgriTech Perspective Vol - 1 2022

2. 2 1. The Indian Agricultural Landscape

3. 3 FY 22 150 Mn+ Farmers $ 300 Bn+ of farm output $ 58 Bn+ of farm inputs FY22-26P in USD Bn +10% Agri Landscape Overview 13.1 6.0 2.5 0.3 India Brazil USA China 1 FY22-FY26P, in USD Bn +9% 00

4. 4 India’s lags farm productivity lags behind, which can be improved by improving farming practices and farm inputs Barley Maize Apple Citrus Fruits Vegetables 1.0 0.5 0.0 Wheat Cereals Oil Crops Roots & Tubers Sugarcane Yield (Indexed1 ) China Brazil USA India Farm Input2 - Global comparison CY20, Kg/Ha 13.1 6.0 2.5 0.3 India Brazil USA China Farm Output - Global comparison CY20, Kg/Ha (Indexed1 ) Barley Maize Apple Citrus Fruits Vegetables 1.0 0.5 0.0 Wheat Cereals Oil Crops Roots & Tubers Sugarcane Yield (Indexed1 ) China Brazil USA India Agri Landscape Overview , 2. Farm Inputs refers to usage of pesticides Headroom to grow

5. 5 Traditional Farming Value chain Pre-production Production Post-production Manufacturer Distributor Harvesting Wholesaler Pesticides Large Retailer for the farmers Nutrients Small Retailer Sowing Seeds Sourcing Output selling Mandi Wholesaler Retailer Multiple intermediaries involved before the input reaches the end retailer Selling process is complicated and a major pain point for farmer Agri Landscape Farmer Pain Points 30- Inefﬁciencies also exist across the farming value chain, with multiple intermediaries leading to margin leakages

6. 6 1 Low High Low High Farmer Need/ Pain Point Input Farming Reliable Advisory Quality & Performance Fake Products Product Push Product Accessibility r Weather Forecast Middleman Hassle n Wastage Credit Advisory remains a key pain Level of Offering – Traditional Channel F integrated solutioning which combines online 1 2 3 Agri Landscape Farmer Pain Points

7. 7 local generics… FY22, USD Bn N = 573 20% 5% 26% 10% 55% $ 10 $ 19 $ 17 $ 13 Branded Generic Protection Seeds 72% 8% 70% 19% Specialised 82% Equipment Nutrition 13% Unbranded Generic 20% $ 58 Bn = No loyalty Somewhat Loyal Neutral Brand Loyalty 9% 8% 25% 20% 38% Very loyal Somewhat not loyal Low quality generics and poor results major reason for disloyalty among farmers ~85% farmers are not loyal/ neutral towards a product for generic consumption 20% 5% 26% 10% 55% $ 10 $ 19 $ 17 $ 13 Branded Generic Protection Seeds 72% 8% 70% 19% Specialised 82% Equipment Nutrition 13% Unbranded Generic 20% $ 58 Bn = No loyalty Somewhat Loyal Neutral Brand Loyalty 9% 8% 25% 20% 38% Very loyal Somewhat not loyal Low quality generics and poor results major reason for disloyalty among farmers ~85% farmers are not loyal/ neutral towards a product for generic consumption Agri Landscape Farmer Pain Points Farm Inputs (Conducted during Sep'22)

8. 8 Pomegranates Onions Grade C Grade B Grade A 1.5X 4X Grade C Grade B Grade A 1.1X 1.8X Difference in Price Realisation for Different Grades of the Product Price / Kg, Indexed to Grade C Agri Landscape Farmer Pain Points 200-300g 100-200g 300-400g Avg Weight 50-80 mm 35-50 mm > 80 mm Bulb Diameter By improving the quality of the produce, 2-3X increase in price realisation can be expected

9. 9 Retailer Pain Points VS Traditional Channel Performance Descriptive Retailer Need/ Pain Point High Low Level of Offering –Traditional Channel Low High More #suppliers Credit Limit MOQ Brand Low Margins on High Sale Products High Margin but Low Sale Products Credit Sales Advisory Knowledge Product Trials Recommend Farmer Trust Procurement Customer Pull Sales Retailer speaks - Small Retailer, Daund, Maharashtra - Large Retailer, Junnar, Maharashtra Agri Landscape Retailer Pain Points Findings basis surveys conducted in September'22

10. 10 2. AgriTech in India

11. 11 Mn users, CY 16 - 26P ‘Mn views, since inception - Oct'22 YouTube Channel – View Count Penetration 75% 35% 25% 21% 137 282 442 2021 2026P 2016 +16% +9% 35% 59% 18% Penetration Digital Penetration 137 282 442 2021 2026P 2016 +16% +9% 35% 59% 18% AgriTech Landscape Player 1 Player 2 Player 3 Player 4 Player 5 103.0M 110 Mn + Views 4.4M 2.6M 2.0M 0.4M

12. 12 Farmer Challenge Areas 2 2 omnichannel method 3 3 4 4 1 1 AgriTech Landscape Overview

13. 13 margin business AgriTech Landscape Models Owned brands mix High Low High Low Most AgriTech Marketplace models players operate in this space Input Manufacturers While margins are high, limited by their own portfolio of products and supply infrastructure Wallet share

14. 14 • • • Generic Curated 1 Domestic Exports Unbranded Unbranded Branded Branded AgriTech Sourcing Channels AgriTech Landscape Models

15. 15 20-30% 40-60% Private Label Generic Branded 5-15% Medium Value Mandi to Mandi Mandi to GT Mandi to MT 45-60% Farmer to Exports 8-10% 10-12% 12-18% 20-30% 40-60% Private Label Generic Branded 5-15% AgroStar has built a portfolio of successful private label to input sales Large share of AgriTech players are resellers for branded products Medium Value Mandi to Mandi Mandi to GT Mandi to MT 35-45% Processing to MT/GT 45-60% Farmer to Exports 8-10% 10-12% 12-18% AgriTech Landscape Models 15% 25% Generic products such as farm nutrition, tools etc lend well to private labels creation

16. Winning Leavers 16 AgriTech Landscape Output Sourcing 1 2 3 4 Creatingtrustiscriticalasit’sthebiggestdriverforfarmer’sdecisionmaking

17. 17 CONFIDENTIALITY Our clients’ industries are extremely competitive, and the maintenance of confidentiality with respect to our clients’ plans and data is critical. RedSeer rigorously applies internal confidentiality practices to protect the confidentiality of all client information. Similarly, our industry is very competitive. We view our approaches and insights as proprietary and therefore look to our clients to protect our interests in our proposals, presentations, methodologies and analytical techniques. Under no circumstances should this material be shared with any third party without the prior written consent of RedSeer. © RedSeer

18. 18 QUALIFICATIONS, ASSUMPTIONS AND LIMITING CONDITIONS This report is for the exclusive use of the RedSeer client named herein. This report is not intended for general circulation or publication, nor is it to be reproduced, quoted or distributed for any purpose without the prior written permission of RedSeer. There are no third party beneficiaries with respect to this report, and RedSeer does not accept any liability to any third party. Information furnished by others, upon which all or portions of this report are based, is believed to be reliable but has not been independently verified, unless otherwise expressly indicated. Public information and industry and statistical data are from sources we deem to be reliable; however, we make no representation as to the accuracy or completeness of such information. The findings contained in this report may contain predictions based on current data and historical trends. Any such predictions are subject to inherent risks and uncertainties. RedSeer accepts no responsibility for actual results or future events. The opinions expressed in this report are valid only for the purpose stated herein and as of the date of this report. No obligation is assumed to revise this report to reflect changes, events or conditions, which occur subsequent to the date hereof. All decisions in connection with the implementation or use of advice or recommendations contained in this report are the sole responsibility of the client. This report does not represent investment advice nor does it provide an opinion regarding the fairness of any transaction to any and all parties.

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