Zurich, Switzerland and Mumbai-India-based agri-food venture capital firm and incubator, Pioneering Ventures, has launched a $70 million private equity fund - "Rural India Impact Fund" - to provide growth capital to the companies it has incubated in India, The Economic Times reported.

With Rural India Impact fund, the VC firm is offering investors to co-invest in its portfolio of growth companies at the same terms as the Promoter. Investment terms are the same as for the promoters and other parties

Focused on agriculture, farm credit and food supply chain, the 5 incubated startups are -- Desai Fruits & Vegetables, Citrus International, FarmLink, MilkLane and Samaaru.

While Desai Fruits & Vegetables is India’s largest exporter of bananas, Citrus International is one of the largest producer of citrus concentrate and its by-products in India, Middle East and South East Asia,

FarmLink is fruits and vegetables supply chain company and MilkLane is in dairy business. Samaaru is a technology-enabled value chain and financial services company, which is working for the inclusion and prosperity of farmers, rural communities and under-served entrepreneurs.

According to the VC, the five startup it has backed play an important role in building an end-to-end value chain in agri-food in India.

Pioneering Ventures plans to invest in capital expenditure of these firms over the next two years and expects their sales to triple to $300 million during the period. Across its five platforms, the fund employs 500 people in the country and aims to reach one million farmers through its ventures.

The investors of the new fund are largely European HNIs and family funds who have invested into the five businesses alongside Pioneering Ventures.

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