The Indian government is set to launch the Agriculture Fund for Startups and Rural Enterprises (AgriSURE) with an aim to support agri-tech startups and agri-entrepreneurs.
The fund has been set up by the National Bank for Agriculture and Rural Development (NABARD) in collaboration with the Ministry of Agriculture and Farmers Welfare and the initial endowment will be Rs 7,500 crore.
The initiative aims to promote innovation and sustainability in India’s agriculture sector through equity and debt investments.
How will AgriSURE operate?
AgriSURE will be managed by NABVENTURES, a wholly owned subsidiary of NABARD. The fund has been structured to provide equal contributions of Rs 250 crore each from the Ministry of Agriculture and Farmers Welfare and NABARD, with an additional Rs 250 crore to be raised through financial institutions.
The fund will support around 85 agri-startups with an investment size of up to Rs 250 crore each, targeting high-risk and high-impact activities in the agriculture value chain.
Strengthening farm value chains
AgriSURE aims to strengthen the agricultural value chain through direct equity support and investments in sector-specific, sector-agnostic and debt alternative investment funds (AIFs).
The fund aims to promote innovative, technology-driven initiatives in the agricultural sector. By strengthening agricultural value chains and building new connections and infrastructure in rural ecosystems, AgriSURE aims to revitalize these communities.
Additionally, the initiative aims to generate employment and support Farmer Producer Organisations (FPOs).
Another key goal is to accelerate the adoption of IT-based solutions and machinery rental services, providing farmers with the latest tools and technology to improve productivity and sustainability.
AgriSURE Greenathon 2024 kicks off
In addition to the fund, NABARD has introduced AgriSURE Greenathon 2024, an innovative hackathon designed to address three key challenges facing the agriculture sector today.
The first problem statement, “Smart agriculture on a budget”, addresses the prohibitive costs of advanced agricultural technologies that exclude small and marginal farmers.
The second, “Turning Agricultural Waste into a Profitable Business Opportunity,” focuses on turning agricultural by-products into viable, profitable businesses.
Finally, “Technology Solutions to Make Regenerative Agriculture Profitable” aims to find ways to make regenerative agriculture practices economically viable and overcome the financial barriers that prevent their widespread adoption. The initiative aims to leverage creative and technological solutions to advance sustainable agricultural practices across the board.
