A new fund, AgriSURE, with corpus of Rs 750 crore to be launched in August to support agri start-ups | India News
NEW DELHI: Agriculture ministry in collaboration with National Bank for Agriculture and Rural Development (NABARD) on Friday announced a new fund, called ‘AgriSURE’, with an initial corpus of Rs 750 crore for supporting agri start-ups and rural enterprises. The fund is expected to be launched in August.
Managed by NABVENTURES, a wholly owned subsidiary of NABARD, the fund is structured to support approximately 85 agri start-ups with investment sizes of up to Rs 25 crore each.The fund is being created with a contribution of Rs 250 crores each from NABARD and agriculture ministry with remaining Rs 250 crore coming 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. Its focus areas include promoting innovative, technology-driven initiatives in agriculture, enhancing the farm produce value chain, creating new rural ecosystem linkages and infrastructure, generating employment, and supporting Farmers Producer Organizations (FPOs).
“Additionally, the fund aims to encourage entrepreneurship through IT-based solutions and machinery rental services for farmers, driving sustainable growth and development in the agricultural sector,” said an official statement, released on the occasion of the NABARD’s 43rd foundation day on Friday.
“Credit alone will not solve the problem in the agriculture sector. Next level of growth will come from innovations that need to be co-partnered by public and private institutions. With this fund we aim to support early stage innovators and help farmers with viable, sustainable and durable tech solutions,” said Shaji K V, chairman of NABARD.
Managed by NABVENTURES, a wholly owned subsidiary of NABARD, the fund is structured to support approximately 85 agri start-ups with investment sizes of up to Rs 25 crore each.The fund is being created with a contribution of Rs 250 crores each from NABARD and agriculture ministry with remaining Rs 250 crore coming 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. Its focus areas include promoting innovative, technology-driven initiatives in agriculture, enhancing the farm produce value chain, creating new rural ecosystem linkages and infrastructure, generating employment, and supporting Farmers Producer Organizations (FPOs).
“Additionally, the fund aims to encourage entrepreneurship through IT-based solutions and machinery rental services for farmers, driving sustainable growth and development in the agricultural sector,” said an official statement, released on the occasion of the NABARD’s 43rd foundation day on Friday.
“Credit alone will not solve the problem in the agriculture sector. Next level of growth will come from innovations that need to be co-partnered by public and private institutions. With this fund we aim to support early stage innovators and help farmers with viable, sustainable and durable tech solutions,” said Shaji K V, chairman of NABARD.
