Mumbai: To bolster innovation and sustainability in India’s agricultural sector, the Government is set to launch the ‘Agri Fund for Start-Ups & Rural Enterprises’ (AgriSURE). This initiative aims to support start-ups and agripreneurs through investments in sector-specific, sector-agnostic, and debt Alternative Investment Funds (AIFs), as well as direct equity support to start-ups working in agriculture and allied sectors. The Rs 750 crore Category-II AIF will offer both equity and debt support, particularly targeting high-risk, high-impact activities within the agriculture value chain.
The announcement was made during the Pre-Launch Stakeholder meet held at NABARD Headquarters in Mumbai. The event saw participation from key stakeholders, including financial institutions, investors, AIF managers, and agri-startups. Distinguished guests included Ajeet Kumar Sahu, Joint Secretary, DA&FW; Shaji K.V., Chairman, NABARD; Govardhan Singh Rawat, DMD, NABARD; and Dr. Ajay Kumar Sood, DMD, NABARD.
In his address, Ajeet Kumar Sahu highlighted the fund’s potential to create an ecosystem that enhances financing for the agriculture sector through innovative approaches, ultimately benefiting small and marginal farmers. Shaji K.V. emphasized the need for public and private sector collaboration to drive the next level of growth in agriculture through technological innovations.
Explaining the fund’s features, the CEO of NABVENTURES stated that the fund will be established with an initial corpus of ₹750 Crore, contributed equally by NABARD, the Ministry of Agriculture, and other institutions. The fund will focus on fostering innovation in agriculture, enhancing the farm produce value chain, creating rural infrastructure, generating employment, and supporting Farmers Producer Organizations (FPOs). It will also encourage IT-based solutions and machinery rental services for farmers. NABVENTURES, a wholly-owned subsidiary of NABARD, will manage the AgriSURE fund, which is designed to operate for 10 years, extendable by two or more years.
In a further commitment to fostering innovation, NABARD also announced the launch of the AgriSURE Greenathon 2024. This hackathon aims to address three key problem statements: “Smart Agriculture on a Budget,” which tackles the high cost of advanced agriculture technologies that hinder small and marginal farmers; “Turning Agri-Waste into Profitable Business Opportunities,” focusing on transforming agricultural waste into profitable ventures; and “Tech Solutions Making Regenerative Agriculture Remunerative,” which aims to overcome economic hurdles in adopting regenerative agriculture practices.
NABARD called upon young, innovative minds to contribute to the journey towards a ‘Viksit Bharat’ with their creative solutions to the pressing issues in agriculture.