Engineer’s Organic Biofertilizer Boosts Yields by 33%, Earns Rs 2 Cr+

Based in Uttar Pradesh, Akshay Srivastav was frustrated with inefficiencies in the agricultural sector. He saw the challenges farmers face, including excessive chemical fertilizer use and declining soil health.

The staggering statistics of India's agricultural land, the burgeoning fertilizer market, and the disproportionate distribution of wealth within the sector further solidified his belief that a disruptive innovation was urgently needed.

Akshay, who hails from a modest farming family in Uttar Pradesh from an early age, was immersed in the world of agriculture, which laid the foundation for his future endeavours.

His academic journey took him to Madan Mohan Malaviya University, where he faced initial setbacks due to inadequate facilities and guidance. Undeterred, he decided to channel his passion for agriculture into meaningful research.

In 2016, he began his quest to revolutionise the agricultural sector, leading to his selection in Startup India event agri grand challenge for master class in 2017. Despite facing numerous rejections, he persevered, eventually gaining the support of IIT BHU's Professor P.K. Mishra in the form of an internship.

Akshay, then under the supervision of P.K. Mishra published several research papers. Later, in 2019, with P.K sir's guidance and Dr Neha's support, Akshay got selected in RKVY Raftaar program of IIT BHU for his bio fertilizer innovation, which required them to register a private limited company.

But, the COVID-19 pandemic in 2020 posed a significant challenge, as it halted their progress and funding. However, with resilience and resourcefulness, they resumed their work with limited resources, creating their first batch of 2.5 kg bio fertilizer.

"The positive results from field tests and lab reports motivated me to continue," said Akshay Srivastav, founder of LCB Fertilizer, in an exclusive interview with Startup Pedia.

Hence, Akshay founded LCB Fertilizer in 2020, an agri startup, to revolutionise the farming industry.

What is LCB Fertilizer:

Imagine a fertilizer that's tailor-made for the specific needs of each crop – that's exactly what this innovative agri startup offers with its crop-specific bio fertilizer. This fertilizer is a game-changer for farmers and is Designed for various crops such as wheat, rice, and sugarcane.

The company customises their product to meet the unique requirements of over 23 different crop types, ensuring optimal growth and yield. Developed with careful consideration of soil type and climatic conditions, this biofertiliser is the result of extensive research and a commitment to agricultural excellence.

In terms of pricing, the agri-startup has managed to keep its biofertilizer affordable by which farmers investment in agriculture can come down by 25% at least without compromising on quality.

"Each 50 kg bag is priced at Rs. 600, while it typically retails for Rs. 800 to Rs. 850 in the market. This competitive pricing makes it accessible for farmers, providing them with a high-quality fertilizer that boosts the productivity of crops without breaking the bank.", said the agri startup founder during the interview with Startup Pedia.

Entering into the market:

In the competitive world of agriculture, introducing a new fertilizer can be daunting, given the deep-rooted traditions and scepticism among farmers. However, LCB Fertilizers has navigated this challenge with a meticulously designed four-part model that blends innovation with practicality.

Their approach begins by generating leads through press releases and advertisements, which have yielded over 25,000 inquiries. To address these leads, the agri-startup first offers free samples, either directly or through farmer-producing organisations (FPOs) and agricultural centres.

This allows potential customers to test the product without any financial commitment. The second phase involves a detailed analysis of the product's impact on crop yield, with a focus on metrics such as production, processing, and harvest.

LCB Fertilizers' unique formulation, which includes super-absorbent polymers made from lignin, promises enhanced water retention and increased crop yield, making it a cost-effective alternative to traditional fertilizers.

The third phase of their model involves partnering with local representatives who sell the product on a commission basis, supported by regular farmer meetings and detailed area research. This approach helps to build trust and establish a solid market presence.

Finally, LCB Fertilizers in order to minimise the logistic cost for the farmers started setting up mini production units in different parts of India. Currently LCB Fertilizers have operational units in Kushinagar UP, Prayagraj UP Mahoba UP Jabalpur MP, Kolhapur Maharashtra and few more are under construction in states like Rajasthan, Jharkhand, Bihar, Punjab etc.  

The founder of LCB Fertilizer said during the interview with Startup Pedia, "This innovative strategy helped me not only meet the immediate needs of farmers but also create a sustainable and impactful presence in the agricultural sector."

Production and market reach:

The agri startup breakthrough came when they leveraged social media, especially Twitter, to showcase their success and gain attention. This visibility led to crucial support from IIT Kanpur's Dr. Amitabh Bandopadhyay and subsequent funding from the Department of Science and Technology.

The startup's innovative fertilizers, developed with nanotechnology, began receiving widespread acclaim.

With additional support from Social Alpha, LCB Fertilizers also started supplying their products to the Bill & Melinda Gates Foundation, Tata Trust, and others.

In further conversation with Startup Pedia, Akshay added, "Today, we produce 450 tonnes of fertilizer per month in Kushinagar and 100 tonnes in Kolhapur, 150 tonnes in Prayagraj and 150 tonnes we are going to produce in Mahoba by the end of this month."

With a dedicated team of 60-70 people, the UP-based agri startup continues to grow, driven by a commitment to revolutionise agriculture and support farmers across India.

With a solid presence, the brand operates four factories, with the main office located on the Kanpur IIT campus and the head office in Gorakhpur. They have established 32 retail shops, primarily outside Uttar Pradesh, extending their reach across nine states, including Bihar, Odisha, Maharashtra, and Tamil Nadu.

Currently, LCB Fertilizers is supplying to more than 35000 farmers in India using 4 units in Maharashtra, Uttar Pradesh, Bihar, Jharkhand, Assam, Arunachal Pradesh, Rajasthan, Madhya Pradesh, Odisha, Karnataka, Tamil Nadu and almost every part of India 

Additionally, they supply at an organisational level in several other states, ensuring a wide distribution network. This strategic expansion underscores their commitment to meeting the growing demand and supporting farmers nationwide.

Revenue Growth:

In October 2020, the journey of LCB Fertilizer agri startup began modestly, producing just 50 kg per month. By the end of that year, production had doubled to 100 kg monthly, and by March, it surged to 500 kg.

This initial phase saw revenue ranging between Rs. 45,000 and Rs. 60,000. Fast forward to 2023-24, and the transformation is remarkable; the startup now boasts an impressive closing figure of more than Rs. 2  crores.

"Currently, we sustain a robust monthly revenue of Rs. 20 to 22 lakh," revealed the founder in the interview with Startup Pedia.

The way forward:

At LCB Fertilizers, the vision extends far beyond traditional agriculture. With a bold mission to transform farming practices, the company is dedicated to delivering eco-friendly solutions that not only boost crop yields and restore soil health but also foster a greener, more sustainable planet.

"By scaling up operations across multiple regions, we are determined to close the supply gap and continue an impactful journey toward revolutionising the agricultural landscape in India," concludes Akshay Srivastav, founder of LCB Fertilizers, at the end of the interview with Startup Pedia.