India
A new fund, AgriSURE, with a corpus of Rs 750 crore to be launched in August to support agri start-ups | India News – Times of India
NEW DELHI: Agriculture ministry in collaboration with the National Bank for Agriculture and National Development (NABARD) on Friday announced a new fund called ‘AgriSURE’ with an initial capital of Rs 750 crore to support agricultural start-ups and rural areas. companiesThe . fund is expected to launch in August.
Managed by NABVENTURESa wholly owned subsidiary of NABARD, is structured to support around 85 agri-startups with investments of up to Rs 25 crore each. The fund is being set up with a contribution of Rs 250 crore each from NABARD and the Ministry of Agriculture, while the remaining Rs 250 crore will come from other institutions.
The fund will provide support through investments in sector-specific, sector-agnostic and debt Alternative Investment Funds (AIFs), as well as direct equity support to start-ups. Focus areas include promoting Innovative, technology driven initiatives in agriculture, improving the agricultural value chain, creating new connectivity and infrastructure in the rural ecosystem, creating employment and supporting Farmer Producer Organisations (FPOs).
“In addition, the fund aims to encourage entrepreneurship through IT solutions and machinery rental services to farmers, thereby promoting sustainable growth and development in the agricultural sector,” said an official statement released on Friday on the occasion of NABARD’s 43rd Foundation Day.
“Credit alone will not solve the problem in the agriculture sector. The next level of growth will come from innovations that need to be implemented jointly by public and private institutions. With this fund, we aim to support early stage innovators and help farmers with viable, sustainable and long-lasting technology solutions,” said Shaji KV, Chairman, NABARD.
Managed by NABVENTURESa wholly owned subsidiary of NABARD, is structured to support around 85 agri-startups with investments of up to Rs 25 crore each. The fund is being set up with a contribution of Rs 250 crore each from NABARD and the Ministry of Agriculture, while the remaining Rs 250 crore will come from other institutions.
The fund will provide support through investments in sector-specific, sector-agnostic and debt Alternative Investment Funds (AIFs), as well as direct equity support to start-ups. Focus areas include promoting Innovative, technology driven initiatives in agriculture, improving the agricultural value chain, creating new connectivity and infrastructure in the rural ecosystem, creating employment and supporting Farmer Producer Organisations (FPOs).
“In addition, the fund aims to encourage entrepreneurship through IT solutions and machinery rental services to farmers, thereby promoting sustainable growth and development in the agricultural sector,” said an official statement released on Friday on the occasion of NABARD’s 43rd Foundation Day.
“Credit alone will not solve the problem in the agriculture sector. The next level of growth will come from innovations that need to be implemented jointly by public and private institutions. With this fund, we aim to support early stage innovators and help farmers with viable, sustainable and long-lasting technology solutions,” said Shaji KV, Chairman, NABARD.
