Internet of Things (IoT) is the recent buzzword widely applied in the domain of agriculture and was first coined by Kevin Ashton in the year 1999. According to NITI Aayog, 2023, it was reported that India's current market size of agritech sector was valued at USD 204 Million and has significantly low market penetration of one percent of the overall agritech market potential (USD 170 billion). Primary data (30) were collected from different stakeholder’s viz., Startups and technology experts in the domain of IoT agritech startups were telephoned, interviewed, focus group discussions and through online interactions to identify the gaps. Simple table and percentage analysis techniques were employed for this study. IOT applications in Agriculture are implemented in entire supply chain (i.e) Pre harvest (83.33 %) and post-harvest including marketing (16.67%). Agritech startups innovate products and processes in entire agriculture supply chain. Majority of the respondents reported that IoT devices were owned by startups in case of pay per usage, subscription, platform based and monetize your data model except own your device model.