(MENAFN- KNN India)
New Delhi, Jul 15 (KNN) In a move set to transform India's agricultural landscape, the National bank for Agriculture and Rural Development (NABARD) has unveiled plans to fund approximately 85 agricultural startups through its venture capital arm, Nabventures.
This initiative, known as the Agri-SURE fund, will provide up to Rs 25 crore to each selected startup, marking a significant push towards innovation and technology in the farming sector.
The fund, with an initial corpus of Rs 750 crore, will draw equal contributions of Rs 250 crore fr0m NABARD, the Ministry of Agriculture, and other institutions. It aims to support high-risk, high-impact activities in agriculture and allied areas, with a focus on enhancing the farm produce value chain, creating new rural ecosystem linkages, and generating employment.
NABARD, serving as both regulator and refinancier for agricultural lending institutions, is positioning this fund to address critical gaps in the sector. The initiative will promote IT-based solutions and machinery rental services for farmers, fostering sustainable growth and improved productivity, especially for small and marginal farmers.
The fund's focus spans across various crucial areas in the agricultural sector. It will support advancements in agricultural technology, aiming to bring cutting-edge innovations to the field. Efforts will also be directed towards enhancing the farm produce value chain, ensuring that farmers receive better returns for their produce.
Rural infrastructure development is another key area, with the fund looking to improve the overall ecosystem in which agriculture operates. Lastly, the initiative will promote entrepreneurship in agriculture, encouraging new ideas and business models that can boost the sector.
The Agri-SURE fund is expected to have a two-tiered impact on the agricultural landscape. The primary beneficiaries will be agri-startups and rural enterprises that receive direct investment and support fr0m the fund.
These entities will be at the forefront of developing and implementing new technologies and solutions for the agricultural sector. The secondary beneficiaries will be the farmers themselves, particularly small and marginal farmers. They stand to gain significantly fr0m improved productivity, access to advanced technology, and enhanced value chains that these startups will bring to the table.
In addition to the funding initiative, NABARD has launched the AgriSURE Greenathon 2024, a hackathon aimed at addressing pressing issues in agriculture.
This event calls for innovative solutions to challenges such as the high cost of advanced agricultural technologies, transforming agricultural waste into profitable ventures, and making regenerative agriculture economically viable.
By supporting early-stage innovators and providing farmers with viable, sustainable, and durable tech solutions, the Agri-SURE fund is poised to play a pivotal role in the next wave of agricultural growth in India.
(KNN Bureau)
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