The Indian government is set to launch a new initiative called the ‘Agri Fund for StartUps & Rural Enterprises’ (AgriSURE) to support agritech startups and agripreneurs. This fund, created by the National Bank for Agriculture and Rural Development (NABARD) in collaboration with the Ministry of Agriculture and Farmers Welfare, will start with an initial corpus of Rs 750 crore.
How Will AgriSURE Operate?
AgriSURE will be managed by NABVENTURES, a subsidiary of NABARD. The fund will receive Rs 250 crore each from the Department of Agriculture and Farmers Welfare and NABARD, with an additional Rs 250 crore raised through financial institutions. The fund aims to support approximately 85 agribusiness startups with investments of up to Rs 25 crore each, focusing on high-risk, high-impact activities in the agriculture value chain.
Enhancing the Farmer Value Chain
The primary goal of AgriSURE is to strengthen the farming value chain through direct equity support and investments in sector-specific, sector-agnostic, and debt Alternative Investment Funds (AIFs). By promoting innovative, technology-driven initiatives, the fund aims to enhance the value chain of farm produce and create new linkages and infrastructure in rural ecosystems. This initiative will also generate employment and support Farmers Producer Organizations (FPOs).
Additionally, AgriSURE seeks to encourage the adoption of IT-based solutions and machinery rental services, providing farmers with modern tools and technologies to improve productivity and sustainability.
Launching AgriSURE Greenathon 2024
Alongside the fund, NABARD has introduced the AgriSURE Greenathon 2024, an innovative hackathon designed to address three critical challenges facing the agricultural sector:
Smart Agriculture on a Budget: This problem statement focuses on the high costs of advanced agricultural technologies that often exclude small and marginal farmers.
Turning Agri-Waste into Profitable Business Opportunities: This challenge aims to transform agricultural byproducts into viable and profitable ventures.
Tech Solutions Making Regenerative Agriculture Remunerative: This problem seeks to make regenerative agriculture practices economically feasible, overcoming financial barriers to their wider adoption.
The AgriSURE Greenathon 2024 aims to harness creative and technological solutions to advance sustainable farming practices across India.
The AgriSURE fund is a significant step towards fostering innovation and sustainability in India’s agricultural sector. By supporting agritech startups and agripreneurs, the initiative aims to enhance the farming value chain, create new infrastructure in rural ecosystems, and promote modern agricultural practices.
With the launch of the AgriSURE Greenathon 2024, the Indian government is also encouraging technological advancements to address key challenges in agriculture, paving the way for a more sustainable and productive future for farmers across the country.
