New Delhi: The Government is set to launch the 'Agri Fund for Start-Ups & Rural Enterprises' (AgriSURE) aimed at supporting 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. This initiative aims to foster innovation and sustainability in India's agricultural sector with a Rs 750 crore Category-II Alternative Investment Fund (AIF). The fund will provide both equity and debt support, specifically targeting high-risk, high-impact activities in the agriculture value chain.
The announcement was made during the Pre-Launch Stakeholder meet held at NABARD Headquarters in Mumbai. Key stakeholders, including financial institutions, investors, AIF managers, and agri-startups attended the event. 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, 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.
CEO of NABVENTURES briefed that the fund will be set up with an initial corpus of ₹750 Crore, with ₹250 crores each from NABARD and the Ministry of Agriculture, and ₹250 crores from other institutions. The fund will focus on 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 AgriSURE. The fund is designed to operate for 10 years, extendable by two or more years.
NABARD also launched the AgriSURE Greenathon 2024 to foster innovation further. The hackathon aims to address three key problem statements: "Smart Agriculture on a Budget," tackling the high cost of advanced agriculture technologies hindering 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.
/BI
