Boomitra
Location
India, Kenya, Mexico, Argentina, Paraguay
Sector
Agriculture
Type of Investment
Risk Capital
Project Stage
Test & Transition
Length of Investment
2024+
Website
https://boomitra.com/
Investment Overview
Boomitra, which means “friend of the earth” in Sanskrit, unlocks carbon removal on a global scale by providing a soil carbon marketplace, powered by AI and remote sensing technology. As a leading soil carbon project developer, Boomitra provides opportunities for farmers to earn additional income through carbon credits, improving their livelihoods and encouraging them to take up regenerative agricultural practices.
The Development Challenge
Over half of the world’s agricultural land is degraded, leading to reduced crop yields and increased vulnerability to extreme weather events for farmers worldwide. Yet many marginalised smallholder farmers across the developing world continue to use conventional practices and soil-degrading chemical fertilisers and pesticides. A more regenerative approach to agriculture, focusing on soil health, biodiversity and sustainable land management, can help to revitalise degraded land, and also enables the capturing and storing of carbon in the soil. However, smallholder farmers have been slow to transition towards regenerative practices because of lack awareness and training, and higher upfront costs.
The Innovation
Boomitra addresses these challenges by supporting farmers to adopt regenerative land management practices, and rewarding them for doing so. Advanced remote sensing and AI technology allows the company to monitor soil quality and its ability to store carbon over time, eliminating the need for farmers to conduct soil sampling on their land, which can be time consuming and costly. Boomitra measures soil carbon sequestration improvements and creates verified soil carbon credits, which companies and governments are able to purchase to offset their emissions. The majority of revenue generated from the sale of credits goes directly to farmers, providing them with an incentive to implement regenerative agricultural practices and improving their livelihoods. Boomitra also uses information from remote sensing to the direct benefit of farmers by providing them with agricultural insights and action-orientated advice.
Our Investment
GIF has provided Boomitra with $500,000 USD as part of a convertible note round. The aim is to support the company’s growth, helping it to maximise its activity and reach with smallholder farmers as it begins to generate commercial revenue. Boomitra’s model is expected to improve farmers’ livelihoods, as well as fostering their climate resilience and contributing to wider climate mitigation.
Boomitra in numbers
Tonnes of carbon withdrawn from the atmosphere by Boomitra’s farmers to date
Worldwide agricultural productivity losses per year due to degraded soil
Farmers and ranchers supported across the global south