IIM Kashipur Incubated Startup Himshakti Raises ~$99.8K (₹83 Lakh) in Pre-Seed Round led by EvolveX

The Uttarakhand-based startup is reviving economic prosperity at the grassroot level by fostering 12,000+ farmers with a remarkable majority being women

EvolveX, an early-stage program founded by We Founder Circle that has been providing high-impact acceleration to early-revenue startups from various sectors has announced its recent investment in Himshakti, an innovative startup dedicated to transforming the lives of remote Himalayan villagers through sustainable agri-produce. By fostering connections with over 12,000 farmers, with a remarkable majority being women, this Uttarakhand-based startup is making headway in reviving economic prosperity at the grassroot level.

Founded by Harshit Sehdev, Himshakti grabbed the attention of investors during its participation in EvolveX’s Cohort 3, launched in April 2023. Himshakti secured funding of INR83 lakhs(USD 99.8K approx.) in their pre-seedround, with EvolveX as the lead investor and We Founder Circle as a Co-investor. Additionally, VC fundssuch as Artha Venture Fund and Auxano, along with one of Uttarakhand’s leading construction companies VKJ Projects and marquee angel investors have also backed the startup in this round. The funds will be utilized for team expansion, sales&marketing, and the launch of new products. Himshakti’s ambitious roadmap includes establishing a commanding presence in over 1,000 premium stores across North India within the next three months.

Commenting on the investment, Bhawna Bhatnagar, Co-Founder of EvolveX, shared, “In the aftermath of the COVID-19 pandemic, there has been a palpable rise in the demand for healthier consumable alternatives. With this backdrop, the allure of pristine Himalayan agricultural products is unmatched. Himshakti’s offeringsalign perfectly with this growing consumer preference, providing a fitting solution to today’s health-conscious individuals. Particularly inspiring is Himshakti’s focus on women empowerment through itsconnections with over 12,000 women farmers. At EvolveX, we remain fully dedicated to supporting theirtransformative journey.”

Currently, incubated at IIM Kashipur and recognized by the Uttarakhand government, Himshakti is the first company in India to have launched India’s pink salt in partnership with Hindustan Salts Ltd & Sambhar Salts Ltd. The startup was handpicked by IIM Kashipur from a pool of 600+ startups under the RKVY Saksham scheme in 2019. This accolade provided Himshakti with a grant and a transformative two-month campus entrepreneurship training program.

Commenting on the investment, Harshit Sehdev, Founder, Himshakti stated,“Our vision at Himshakti is dedicated to establishing sustainable income avenues for remote Himalayan villagers and introducing the natural superfoods of the Himalayas to our consumers. This ambitious endeavor thrives on the support we receive, and I am profoundly grateful to EvolveX and WFC for nurturing our mission. Their commitment has ignited an extraordinary sense of enthusiasm and excitement within the Himshakti team and myself.”

The relentless efforts of Harshit Sehdev have earned him distinguished recognition, including Karmaveer Chakra (Bronze), Karmaveer Chakra (Silver), and KarmaveerPuruskar from the United Nations in partnership with the International Confederation of NGOs. Harshit also serves as a revered mentor for startups and a regular speaker at IIM, Kashipur, conducting workshops on emotional intelligence and rural development. Under his leadership, Himshakti’s overarching mission encompasses empowering Himalayan farmers with sustainable income sources while delivering the highest quality, wholesome, and nutritious food products to households across the nation.

EvolveX’s steadfast dedication to discovering and backing inventive startups like Himshakti stands as proof of its vital contribution to fostering India’s dynamic entrepreneurial landscape. Through its unwavering support and promotion of promising ventures, EvolveX is effectively opening avenues for revolutionary solutions across diverse industries.

About EvolveX

EvolveX is an early-stage program founded by We Founder Circle, that has been providing high-impact acceleration to early-revenue startups from various sectors since its inception in 2021. With a mission to take startups to the next level, EvolveX offers its extensive network of seasoned mentors and successful entrepreneurs to guide startups on their journey to success. The program offers a range of benefits, including one-on-one mentorship sessions with handpicked angel investors and industry experts, upfront funding of $30K, and $200K worth of credits. EvolveX is committed to providing a continuous opportunity for startups, and applications are accepted on a rolling basis. To know more, visit: https://www.evolvexaccelerator.com/

About Himshakti

Founded by visionary Harshit Sehdev, Himshakti is an innovative startup based in Uttarakhand, India, dedicated to empowering remote Himalayan villagers by promoting native agri-produce. With a vision to provide sustainable sources of income, Himshakti aims to revitalize Himalayan communities and bring the natural superfoods of the region to consumers’ homes. The startup’s efforts have garnered recognition from prestigious institutions, including incubation at IIM Kashipur and endorsement by the Uttarakhand government. To know more, visit: https://him-shakti.com/

CIIE.CO in Partnership with the Govt of Assam to Accelerate 100 Agri Startups of North East India

CIIE.CO, the Startup continuum of IIM-A in collaboration with the government of Assam, will be supporting 100 startups, particularly in the agriculture sector, originating from Assam and the North East region as part of the Assam Agri Growth Lab initiative. This initiative has received funding from the World Bank and has already demonstrated remarkable success, with its first-year cohort witnessing the successful acceleration of 25 startups.

As part of the initiative, Assam Agri-business and Rural Transformation Project (APART) and ICCSPL have launched the second cohort of their program, known as Cohort 2.0, for continued efforts in supporting agribusiness entrepreneurs. Building upon the success of the first cohort, which saw 25 startups achieve remarkable outcomes such as a 20% average turnover increase and mobilising INR 8.26 crore in finance, the program is now witnessing the participation of 29 enterprises in its ongoing second cohort. Notably, there has been a significant rise in women-led startups, increasing from 32% to 45%. Furthermore, the program has expanded its reach, now encompassing 12 districts.

The program further aims to highlight the thriving startup ecosystem in Assam and attract investors. The goal is to position Assam as a hub for entrepreneurial activity and gain national visibility for these entrepreneurs. It will assist in developing new products, adopting innovative technologies, and improving quality standards. It also provides guidance in refining business pitch, facilitating access to finance and streamlining licensing processes.

"The startup ecosystem in Assam is brimming with untapped potential. The AAGL Program aims to unlock this potential by equipping entrepreneurs with the tools and resources to thrive. By offering mentorship, access to funding, and industry collaborations, we are empowering startups to overcome barriers and accelerate their growth trajectory," said Chintan Bakshi- Partner- Incubation- CIIE.CO.

Over the course of eight months, the program provides a comprehensive range of support, including virtual diagnostic and mentoring clinics tailored to individual founders, focusing on areas such as packaging, distribution channels, communication, markets, quality, and other forms of technical assistance. Each year, the program extends its support to 25 agribusiness enterprises. As part of the second cohort, participants can anticipate a wealth of benefits, including entrepreneurial workshops, business sessions, technical assistance, guidance on compliance, market linkages, and access to finance. 

With this, CIIE.CO will aim to drive agri-based innovation, foster sustainable growth, and empower entrepreneurs in the agricultural sector. By providing comprehensive support and resources, the program will enable agri and allied enterprises to flourish, contribute to the local economy, and create lasting impact.

About Assam Agribusiness Growth Lab (AAGL):

Assam Agribusiness Growth Lab (AAGL) is an innovative program launched by CIIE.CO in association with APART and co-implemented by ICCSPL. It aims to support and accelerate the growth of agri and allied enterprises in Assam. By providing comprehensive assistance and resources, AAGL strives to create a thriving agribusiness ecosystem that drives economic growth and improves livelihoods in the region.

About CIIE.CO:

CIIE.CO is the Startup Incubator of IIM-Ahmedabad and a leading catalyst in India's entrepreneurial ecosystem. It nurtures innovative startups, provides them mentorship and support, and connects them with relevant stakeholders to accelerate their growth and impact.

India Has More Than 3000 Agri-Startups, Compared To 9 Yrs Ago

Webinar organized on budget announcements concerning agriculture-related Ministries

Government working towards providing farmers with easy access to domestic and international markets - Prime Minister

The Prime Minister Shri Narendra Modi, on Friday, addressed the post-budget webinar on 'Agriculture and Cooperatives'. This is the second in a series of 12 post-budget webinars organized by the Government with an aim to brainstorm ideas for effective implementation of the initiatives announced in the Union Budget-2023.

In his address, the Prime Minister said that like in the last 8-9 years, a lot of importance has been given to Agriculture in this budget also. The Agriculture Budget, which was less than Rs.25,000 crore in 2014, has now been increased to more than Rs.1.25 lakh crore.

PM Modi said, “In recent years, every budget has been called the budget for the village, poor and the farmers.” In the concluding session, Agriculture and Farmers Welfare Minister Shri Narendra Singh Tomar said that the country is benefiting from the vision of Prime Minister Shri Modi to organize a webinar after the budget.

In the keynote address at the beginning of the webinar, Prime Minister Shri Modi said that after Independence, our Agriculture sector remained under the pressure of scarcity for a long time. We depended on the world for our food security, but our farmers have not only made us self-reliant, but today because of them we have also been able to export. Today India is exporting many types of agricultural products. We have made it easy for farmers to access domestic and international markets, it is also to be kept in mind that whether it is self-reliance or exports, the target should not be limited to rice and wheat.

For example, in 2021-22, Rs. 17,000 crore was incurred on the import of pulses and spent Rs. 25,000 crores on import of value added food products, besides edible oil imports cost us Rs.1.5 lakh crore in 2021-22.

About Rs. 2 lakh crore was incurred on the import of so many items, implies so much money has gone out, which could reach our farmers, if we become AatmaNirbhar (self-reliant) in these products also. For the last few years, steps have been taken in the budget to take these sectors forward. We increased the MSP, promoted pulses production, increased the number of food processing food parks. Along with this, work is going on in Mission mode to become completely self-sufficient in the matter of edible oils.

In the keynote address at the beginning of the webinar, Prime Minister Shri Modi said that after Independence, our Agriculture sector remained under the pressure of scarcity for a long time. We depended on the world for our food security, but our farmers have not only made us self-reliant, but today because of them we have also been able to export.

Today India is exporting many types of agricultural products. We have made it easy for farmers to access domestic and international markets, it is also to be kept in mind that whether it is self-reliance or exports, the target should not be limited to rice and wheat. For example, in 2021-22, Rs. 17,000 crore was incurred on the import of pulses and spent Rs. 25,000 crores on import of value added food products, besides edible oil imports cost us Rs.1.5 lakh crore in 2021-22. About Rs. 2 lakh crore was incurred on the import of so many items, implies so much money has gone out, which could reach our farmers, if we become AatmaNirbhar (self-reliant) in these products also.

For the last few years, steps have been taken in the budget to take these sectors forward. We increased the MSP, promoted pulses production, increased the number of food processing food parks. Along with this, work is going on in Mission mode to become completely self-sufficient in the matter of edible oils.

The Prime Minister said that unless we address the challenges related to the Agriculture sector, the goal of all-round development cannot be achieved. Today, many sectors of India are progressing rapidly, our energetic youth are actively participating in it, but their participation in agriculture is less, while they also know about its importance and possibilities to move forward in it. Various announcements have been made in this year's budget to fill the gaps of private innovation and investment, for example, the promotion of open source based platforms in the Agriculture sector. We have put forth the digital public infrastructure as an open source platform. This is exactly the same as the open platform of UPI, through which digital transactions are taking place today.

Today, as revolution is taking place in digital transactions, in the same way immense possibilities of investment and innovation are being created in the Agri-Tech domain. It has the potential to improve logistics, it has the opportunity to make it easier to reach the mass market, it has the opportunity to promote drip irrigation through technology, as well as our youth can work to reach the right advice to the right person in time. Private soil testing labs can be set up in the same way as labs work in the medical sector. Our youth can become a bridge of information between the government and the farmer with their innovation. They can tell which crop can be more remunerative. They can use drones to estimate the crop cultivation. They can help in policy making. You can also provide real time information about the changes in the weather at any place. There is a lot for the youth to do in this sector, by actively participating in which they will help the farmers, as well as they will also get an opportunity to move forward.

The Prime Minister said that this year's budget has also made an important announcement about the provision of Accelerator Funds for agri-tech startups, we are not only building digital infrastructure, but we are also preparing funding avenues. Now it is the turn of our young entrepreneurs, they should move forward with enthusiasm and achieve their goals. It should also be kept in mind that 9 years ago there were very few Agri Startups in the country, but today they are more than 3,000. Still, we have to move forward at a faster pace.

He said that on the initiative of India, this year has been declared as the International Year of Millets. Millets getting international recognition means that the global market is getting ready for our small farmers. The country has now given the name of 'Shri Anna' to Millets in this budget itself. The way Shri Anna is being promoted, it will greatly benefit small farmers. There is an increased scope for growth of such startups in this sector, which make it easier for farmers to access the global market.

The Prime Minister said that a new revolution is taking place in the Cooperative sector. Till now it was limited to some states and some regions, now it is being expanded across the country. Important tax related reliefs have been given to the Cooperative sector in the budget. New cooperative societies forming will get the benefit of lower tax rate.. TDS will not be applicable on cash withdrawal up to Rs 3 crore by cooperative societies. There has always been a feeling in the cooperative sector that they are discriminated against in comparison to other companies, this injustice has been removed in the budget. In the important decision, tax exemption has been given by the sugar cooperatives on the payments made before 2016-17, due to which they will gain Rs 10,000 crore.

In areas where cooperatives do not exist, cooperatives related to dairy and fisheries will greatly benefit small farmers. In particular, there are huge opportunities for our farmers in Fisheries. Fish production in the country has increased by about 70 lakh metric tonnes in the last 8-9 years. Before 2014, it took about thirty years to increase production by that much. In this budget, Rs. 6,000 crore rupees has been allocated for PM Matsya Sampada Yojana as new sub-component, which will boost the market along the fisheries value chain and create new opportunities for fishermen and small entrepreneurs. We are also working fast towards promoting natural farming and reducing chemical based farming. PM Pranaam Yojana and Gobardhan Yojana will be of great help in this direction.

In the concluding session, Union Minister Shri Tomar said that it is easy to understand the ground reality through the post-budget webinar. A good government is the one which reduces doubts to zero, under the leadership of Prime Minister Modi, the government is doing this work very well. The more consultations are held on various forums, the more people's participation will take place. This practice also improves the quality of implementation. Many new initiatives have been taken in this budget. The budget is very good and far-reaching, important provisions have been made for agriculture and allied sectors.

Agri-Bio Startup, BioPrime Agrisolutions, Raises INR 9 Cr in Pre-Series A Led by Inflexor Ventures

Tech-focused VC fund, Inflexor Ventures, leads the Pre-Series A round of INR 9 Crore in Agbiotech startup, BioPrime Agrisolutions (BioPrime).The current round of funding also saw participation from its existing investor, Omnivore. Inflexor has invested in 10 companies so far since November 2020, from its Fund II, companies including Atomberg, GramCover and Kale Logistics.

The company aims to utilise the funds for their SNIPR Biologicals registrations, advancing the discovery platform, building a strong IP portfolio, increasing production capabilities, and expansion.

BioPrime, founded by Dr Renuka Karandikar, Dr Amit Shinde and Dr Shekhar Bhosle, develops affordable agribiologicals that modulate the basic physiological responses in crops using small biomolecules. These products improve crop resistance to insects/pests and help crops manage abiotic stress such as high temperature, excessive water, drought, etc. These products are not chemical based, are residue-free, organic, and are less expensive than chemical-based fertilisers and pesticides; thereby reducing the overall farm input expenses.

“Bioprime works to transform the way we grow crops making food more nutritious, and residue-free while restoring soil health using cutting-edge technologies and approaches, always keeping sustainability at our core. At Bioprime we are focusing on discovering fundamental aspects of plant communication, developing novel biologicals based on trait-modifying microbes and physiology-modulating molecules.”, said Renuka, CEO of BioPrime Agrisolutions.

“We believe that the stellar founding team of BioPrime is well equipped to solve the complex food security problem brought to the forefront by climate change. The IP-led, high-throughput biomolecule discovery platform will facilitate faster market access. Such a technology platform fits well with Inflexor’s investing thesis of backing impactful, pure science companies from the Indian deep tech ecosystem.”, said Pratip Mazumdar, Partner at Inflexor Ventures.

“BioPrime is our first investment under the OmniX Bio initiative, which backs early-stage agrifood life science startups. We started OmniX Bio with the knowledge that innovations in agrifood life sciences can be the most effective weapon to combat climate change. BioPrime is an excellent example of an invention designed to improve human and planetary health alongside farmer incomes and we are delighted to back them” said Jinesh Shah, Partner at Omnivore Partners.

Inflexor Ventures is a sector-agnostic VC firm that invests in deep and emerging technology start-ups from Pre-Series A to Series B stages. The team at Inflexor Ventures brings decades of experience in fund management and investments, serial entrepreneurship with exits to US-listed companies, and global technology and operational roles. Inflexor co-founders were early investors in start-ups like Atomberg, PlayShifu, Entropik, Bellatrix, and CloudSek via their Parampara Fund.

Omnivore is a venture capital firm, based in India, which funds entrepreneurs building the future of agriculture and food systems. Omnivore pioneered agritech investing in India, and over the past decade has backed over 40 startups which are making farming more profitable, resilient, sustainable, and climate-proof. For further information on Omnivore, please visit: http://omnivore.vc

About BioPrime Agrisolutions

BioPrime Agrisolutions develops agribiologicals that help make crops climate resilient, protecting yields and crops from fluctuating weather, untimely rains, and temperature stress. BioPrime has developed a patented high-throughput screening platform called SNIPR, which cuts research time from weeks to hours. Further, the company is developing Bionexus, a microbe discovery platform to develop next-gen microbes with the potential to manipulate plant traits such as drought tolerance, disease resistance, enhanced yields, etc.

CropIn Raises $20 Mn in Funding Led by Temasek backed ABC World Asia

Krishna

CropIn, a leading global artificial intelligence and data-led agri-tech organization empowering stakeholders to reimagine agriculture with data, has raised US$20 million in a Series C funding round led by ABC World Asia, an Asia-focused private equity fund dedicated to evidence-based impact investing.

Existing investors Chiratae Ventures, Invested Development and Ankur Capital also participated in this funding round. Other new investors in this round include CDC Group and Kris Gopalakrishnan’s family office Pratithi Investment Trust.

CropIn will use this capital infusion to focus on its global expansion, while continuing to innovate on its machine learning-based predictive analytics platform, SmartRisk to further strengthen its artificial intelligence capabilities. CropIn is also investing to penetrate deeper in its target markets globally. Recently, CropIn opened an Amsterdam office, and will be hiring local leaders to drive growth in the European market.

CropIn’s data-driven farming solutions enable agri-enterprises and growers to ‘maximize per-acre value’. Its farm data and agronomy management platform, SmartFarm, empowers stakeholders to improve efficiency, productivity, predictability, and sustainability of their crop value-chains. SmartFarm enables agri-enterprises to adhere to food safety standards thereby ensuring farm-to-fork traceability. The platform helps growers adopt sustainable farming practices to build long term economic viability and resiliency for local farming communities. CropIn has partnered with several global players in agriculture, including development finance institutions and government entities in 52 countries, to drive their digital and sustainability goals.

CropIn’s SmartRisk platform improves underwriting and risk assessment, enabling banks, insurance providers and other financial institutions to make informed underwriting decisions, identify new markets and expand product portfolios to service high-volume low-ticket opportunities. By analyzing and interpreting farm-centric data for over 388 crops with nearly 9,500 variants across trillions of data points that grow every day, SmartRisk helps achieve high prediction accuracy at a plot-level. It does this by combining computer vision with deep-learning algorithms, on multispectral imagery derived from aerial scouting (satellites and drones), field scouting data, and hyperlocal weather.

The SmartRisk AI has processed more than 160 million hectares of land area, and has the potential to impact 70 million farmers globally in the next 3-5 years. Thus far, CropIn has positively impacted 13 million acres and 4 million farmers through the SmartFarm and SmartRisk platforms. Smallholder farmers associated with CropIn’s clientele also observed their crop yields increasing by nearly 25% in the first year and subsequently experienced optimised yield improvements in the following years, by integrating the recommended advanced agricultural techniques and quality inputs into their farming practices through CropIn’s agri-tech platforms.

“The robust, predictive power of digitalisation offers tremendous potential for the agriculture industry to leapfrog its many challenges in the coming years. The industry is capturing more data than ever, on everything from agronomy, weather and logistics to market price volatility, which has helped reduce acute data gaps throughout the value chain. In order to improve yields, optimise production and improve resilience and sustainability, agri-businesses are increasingly relying on innovative agri-tech solutions like artificial intelligence, data analytics, and the internet of things. We, at CropIn, are excited to advance the ‘AI-Culture’ for Agriculture,” says Krishna Kumar, Founder and CEO of CropIn.

Based in Singapore, ABC World Asia invests in companies that demonstrate commitment to generating positive and measurable social or environmental impact, alongside the ability to deliver compelling risk-adjusted returns.

“Sustainable food and agriculture is a core investment theme for ABC World Asia. The agriculture industry is an important pillar of the global economy, in particular driving Asia’s growth and feeding the region’s rapidly increasing population. The industry now faces challenges more pronounced than before, with the COVID-19 global pandemic highlighting the vulnerability of global food supplies and impacting the livelihoods of many smallholder farmers. CropIn’s digital solutions will enable farmers to utilize real-time data for better decision-making and improved farm productivity. This investment underscores our support of such smart and sustainable agri-tech solutions that can build resilience in agriculture,” said David Heng, Founder and CEO of ABC World Asia. Ms Sugandhi Matta, Managing Director of ABC World Asia, will also join CropIn as a board member.

Existing investors of CropIn include BeeNext and the Bill & Melinda Gates Foundation’s Strategic Investment Fund (London and Seattle). Over the last year, CropIn has established an advisory board comprising Barrett Mooney (Chairman of Board at AgEagle), Ranveer Chandra (Chief Scientist at Microsoft), TVG Krishnamurthy (Member of the Board of Directors at Ola), and Dr Iya Khalil (Global Head of the AI Innovation Center at Novartis).

According to Karan Mohla, Partner, Chiratae Ventures India Advisors, “As active investors in the agri-tech space as well as in companies pioneering deep-tech and AI, we are truly excited about the innovative models that CropIn is building out in farm management and predictive analytics. In creating and building out a platform for multiple participants in the agriculture ecosystem, CropIn has established itself as a true global leader. With the leadership of Krishna and co-founder Kunal Prasad, they have built out a tremendous world-class team and advisory board and are on the precipice of achieving massive scale as a global company.”

Ambit Corporate Finance acted as the financial advisor to CropIn for this funding round. With this new round of investment, CropIn has raised a total funding of US$33.1 million to date.

About CropIn

CropIn is a leading global AI-driven agtech​ organization that provides SaaS and data solutions to ag-enterprises globally. CropIn enables businesses in the agriculture ecosystem to adopt a data-driven approach through its ground-to-cloud technology solutions. 

CropIn’s unique suite of platforms - SmartFarm and SmartRisk - enable various stakeholders to adopt and drive digital strategy across their crop value-chains and operations. The company empowers the ag-enterprises with data insights that help drive initiatives around Digitization, Predictability, Traceability, Financial Inclusion, Climate Smart Agriculture and Sustainability.

Please visit www.cropin.com for more information.

About ABC World Asia

Headquartered in Singapore, ABC World Asia is a private equity fund dedicated to impact investing. Impact investing encompasses the intention to generate positive, measurable social or environmental impact, alongside a compelling risk-adjusted return.

ABC World Asia was established by Temasek Trust, the philanthropic arm of Singapore headquartered investment company, Temasek. The fund’s investment strategy aligns with Temasek’s ABC Framework for an Active Economy, a Beautiful Society and a Clean Earth, building on the ideals of the 17 UN Sustainable Development Goals.

ABC World Asia will focus on themes including – financial and digital inclusion; better health and education; climate and water solutions; sustainable food and agriculture; and smart and liveable cities.
For more information, please visit www.abcworld.com.sg

Agri Ministry Investing ₹36.71 Crore in 346 Startups

The agriculture ministry has been funding startups in the agriculture and allied sectors under central scheme Rashtriya Krishi Vikas Yojana (RKVY). Under this scheme, the government has funded 12 startups already with an amount of Rs 11.85 crore.

On August 6, the ministry has made an announcement that it is planning to invest nearly 36.71 Cr in 346 agritech startups and startup working in allied sectors like agro-processing, artificial intelligence, digital agriculture, farm mechanisation, waste to wealth, dairy, fisheries, among others. The selected start-ups were trained for two months at 29 agribusiness incubation centres (KPs & RABIs) spread across India.  R-ABI is RKVY-RAFTAAR Agribusiness Incubators.

"In addition to 112 startups already funded for a sum of Rs 11.85 crore, 234 startups in the agriculture and allied sectors will be funded for a sum of Rs 24.85 crore," the ministry said in a statement.

The investment will be a part of a ‘component, innovation and agri-entrepreneurship development programme’ under RKVY to promote innovation and entrepreneurship in this domain by providing financial support and nurturing the incubation ecosystem. The programme will offer 2-months-long “agri-preneurship orientation” with a monthly stipend of 10,000, along with mentorship on financial, technical, intellectual property (IP) related issues and more.  

To Accelerate Tech Adoption among Aquafarmers Aquaconnect Launches Direct-to-Farmer 'Aquaconnect HUBS'

India’s Leading Aquaculture Technology Company, Aquaconnect announced the launch of Aquaconnect HUBS, a first of its kind Direct to Farmer initiative. The integrated HUBS will help to accelerate the technology adoption with aqua farmers, improve last mile connectivity and also source feed, health products & farm equipment. The first HUBS have been launched in the coastal cities of Andhra Pradesh - Bapatla, Ongole, and Avanigadda.

The company plans to launch 25 HUBS in the next two years in Tamil Nadu, Andhra Pradesh and Gujarat and aims to engage more than 45000 farmers.

Aquaconnect HUBS will also enable direct connection to Banks for farmers to secure loans. The company has empaneled leading Banks and facilitates aquaculture loans to the fish and shrimp farmers. The HUBS will provide farm advisory solutions and act as a diagnostic centre for aquaculture.

Aquaconnect witnessed 10x growth during the pandemic. Agri sector had a limited impact of COVID - 19 and it is the right time to improve the ecosystem for aqua farmers according to the company. The hubs will improve the support system for farmers and provide services on ground today.

The company will directly and indirectly employ 700+ people via the HUBS.

A World Economic Forum - Young Global Leader, Rajamanohar Somasundaram, CEO and Co-Founder of Aquaconnect said, “It is exciting to nurture a very underserved aqua-farmer market. A brick and mortar approach will bridge and accelerate technology adoption for aqua-farmers and encourage sustainable growth of the Seafood industry.”

“The industry is exploding with opportunities, and we believe that Aquaconnect HUBS will holistically serve the farmers to better their produce quality, output, and eventually farm income.”

India’s government has prioritized the fisheries sector in its 2020 annual budget, setting the target for fisheries production at 20 million metric tons (MT) by 2022-2023.

Aquaconnect works with more than 17,000 fish and shrimp farmers and helps them with its AI-powered farm advisory solution FarmMOJO which supports farmers to monitor and track farming activities such as a change in water quality, feed intake, shrimp growth, and disease occurrence

precisely. The full-stack aquaculture technology venture improves farm productivity and sustainability through AI and Satellite remote sensing technologies.

About Aquaconnect:

Headquartered in Chennai, Aquaconnect was founded by Rajamanohar Somasundaram, Sanjai Kumar and Shanmuga Sundara Raj in 2017. It is a full-stack aquaculture technology venture that works with shrimp and fish aquaculture farmers to improve their farm productivity and market linkage through AI and satellite remote sensing technology. Aquaconnect aims to promote sustainable aquafarming among the farming communities and works with 13,000+ farmers in various states of India. Aquaconnect is funded by HATCH Fund, Norway and India’s biggest Agritech venture capital Omnivore.

Aquaconnect is recognized as World Changing Idea 2020 by Fast Company. The company is also an Innovator at Seafood Innovation Project and Hatch Accelerator, Norwegian Seafood Innovation Cluster. Aquaconnect is a platinum winner of Agriculture insuretech award at World Bank Group.

Agri Finance and Tech Veterans Join Forces with Pioneering Ventures to Launch Farmer-Centric Agri Value Chain Services Platform

Samaaru, a portfolio company of Indo-Swiss agriculture platform Pioneering Ventures, aims to transform agri financial and value chain services with a technology-led open ecosystem model. 

Together with leaders from agri finance and technology industries, Pioneering Ventures has launched Samaaru, an innovative tech-enabled service provider that empowers small-scale farmers and rural entrepreneurs with farm advisory, supply chain services, market access and affordable finance (via lending institutions). 

The Indo-Swiss agricultural platform Pioneering Ventures is delighted to announce the launch of Samaaru, a farmer-centric agri finance and value chain services platform co-created with accomplished agri finance and technology industry leaders. The company recently started operations in West and South India, providing a closely integrated range of services across the food value chain. 

Michael Andrade, Co-founder, MD and CEO of Samaaru, said: “We are on a mission to make farmers prosperous and successful, thereby making farming a desirable occupation. With a combination of hi-tech and hi-touch, Samaaru offers farm advisory, warehousing and market access to small-holder farmers and our value chain partners together with affordable finance via our partners. We are setting up a tech-enabled open ecosystem business model and warmly welcome agri entrepreneurs, food companies, financial, technology and impact partners with a commitment to rural India to join us.” 

Michael elaborated: “Sandeep Raju and I are delighted to launch Samaaru’s operations together with our highly accomplished leadership team, which brings together deep experience and capabilities in technology, finance and agribusiness. We are particularly proud to have Deepak Goswami, Dinesh Poduval and Rochan S join us as C-level co-founders in this journey.” 

Sandeep Raju, Co-founder and Director, further emphasized: “Michael’s pioneering work in this sector has been truly inspirational for all of us to come together to prepare Samaaru’s launch over the last year. During this time, we have set up a technology foundation and roadmap to enable financial, farm and value chain innovation at scale. Our investments in building a farm-to-offtaker Samaaru Stack for dairy, crops and finance are de-risked by deep sectoral expertise and a robust demand book.” 

Ron Pal, Founder and Chairman at Pioneering Ventures, underlined the transformative potential of the venture, “Samaaru uniquely addresses one of the largest under-served rural markets in the world. The unfulfilled needs of over a hundred million small-holder farmer families offer a tremendous market and impact opportunity that can be addressed efficiently at scale. With Francisco Fernandez, Co-founder at Pioneering Ventures, we have one of the world’s most visionary and experienced fintech entrepreneurs in this field on board. Especially in the context of recent policy reforms, we look forward to moving the needle on this sector, delivering affordable finance and sustainable incomes for the farming community.” 

About Samaaru India 

Samaaru is a farmer-centric agri value chain services platform on a mission to make famers in India prosperous and successful, thereby making agriculture a desirable occupation. We are a close-knit team of agribusiness, finance and technology sector specialists with a passion for product innovation and efficient execution at scale. We currently serve farmers and rural entrepreneurs in West and South India from our offices in Pune, Bengaluru, Jaipur and Mumbai with support from our lending partners. 

About Pioneering Ventures 

Pioneering Ventures is a nutrition and tech platform company based in India and Switzerland. We are on a mission to reinvent the Indian food ecosystem to provide people with healthy food in a sustainable manner. We strive to generate superior financial and social returns for all our stakeholders through knowledge and data driven transformation from farm to fork. This is done by re-engineering the way food is produced and supplied and empowering and connecting all partners in the ecosystem. To know more, visit our website. To get in touch, please write to us at info@

Indigram Labs Signs MoU with a leading Agribusiness Incubator in Africa

Indigram Labs Foundation (ILF), a technology business incubator and accelerator has signed MOU with EXCEL HORT CONSULT AGRIBUSINESS INCUBATOR [EHCAI], Uganda during the World Incubation Summit, 2019 held at Doha, Qatar. The conference brought together an exclusive group of international incubators and accelerators, multinational corporations, and government innovation agencies seeking innovative ways to collaborate with each other. 

EHCAI, at Uganda, is an organization that provides Business Incubation Management, Agri-business enterprise development and agro industry value chain development services to local, national, regional and international organizations as well as private sector players. It is a 20 years old business Incubator from Africa. 

ILF is tying up with several international accelerators and incubators across the globe, which includes TBIs in Singapore, Australia, Uganda, Israel, Estonia etc. This is first time they have tied up with a Ugandan Organization considering the strategic advantages both the nations can have from each other.

 “The aim of the partnership is at fostering job and employment creation in Africa and India through business incubation and technology exchange. The collaboration will add value and boost growth and development of incubators and accelerators. Excel Hort Consult Agribusiness Incubator limited will tap into rich knowledge and expertise of Labs Indigram foundation to grow its business and support to start ups in Africa,” said Mr. Alex Ariho, Director General, EHCAI, Uganda.

The collaboration between EHCAI and ILF can be leveraged to facilitate international linkage opportunities for innovations and startups in both countries. The partnership will also serve as a platform for cross learning, sharing knowledge, best practices on innovation, and startup ecosystem development between Uganda and India. It will also allow technology-based universities and institutes to undertake collaborative research and development in areas like Agri-Tech, Agriculture, agri-business etc.

“This is an important collaboration between the two incubators as this will help agri-business focused startups in India and Uganda to do and learn international business,” said Dr. Manisha Acharya, CEO, ILF.

Through this MoU, startups of both countries will get to know about the entrepreneurial university model and practices in different sectors like food technology, agriculture, etc. They can also, collaborate to explore new models of innovation by measuring the market potential in terms of desirability, feasibility, viability, and adaptability of the products. Startup interaction festival can be organized to bring together Ugandan startups and Indian startups to meet for discussion and exchange ideas, vision and business acumen with each other to get familiarize with the business environment, products, and services.

The establishment of collaboration will also, pave a way for the new collaboration opportunities with other reputed international organizations working actively in domains like agricultural technology, food technology, artificial intelligence, blockchain programming, etc.

This partnership can serve as a platform to promote, participate and engage diversified stakeholders like expert mentors, institutes/universities/faculties, investors, media etc. Also, various activities can be organized like international programs, business seminars, workshops, exhibitions, networking events, conferences/conclaves/summit, startup idea-exchange festivals, etc. Both the incubators (EHCAI and ILF) can also jointly participate in various events to meet with investors, learn from worldwide successful entrepreneurs, explore market and technology trends etc.

About Indigram Labs Foundation (ILF):

Indigram Labs Foundation is a technology-based incubator founded in 2015 with a vision to promote creativity and innovation in agriculture, renewable energy and rural healthcare industry. Notably, Indigram Labs is one of India’s leading agribusiness incubators based in New Delhi. ILF aims at fostering and nurturing viable business ideas through the process of consulting, mentoring, leveraging technology tie-ups and access to platforms. ILF has been supported by the Department of Science and Technology since September 2016, via the National Science and Technology Entrepreneurship Development Board, Govt. of India. Indigram as a group has 18 years of diversified & extensive on-ground experience & presence through its multiple entities & agencies.

Every 9th Agri-Tech Startup in the World is from India - NASSCOM

India currently hosts more than 450 startups in the agri-tech segment, and the sector has received more than USD 248 million funding in the first six months this year, IT industry body Nasscom said on Monday.

In a report titled 'Agritech in India – Emerging Trends in 2019', Nasscom said that growing at 25 per cent year-on-year, India currently hosts more than 450 startups in the agri-tech sector.

"Over the recent years, the agri-tech sector in India has witnessed some of the global and sector-focused funds directly investing in agri-tech startups ... As of June 2019, the sector has received more than USD 248 million funding, a massive growth of 300 per cent as compared to the previous year," it said.

Interestingly, every ninth agri-tech startup in the world is originating from India.

The report said there has been a 1.7-times increase in average farmer income in last decade, enabling farmers to try new tech solutions.

More than 50 per cent of agri-tech startups offer supply chain solutions like market linkage, better access to inputs etc.

"India's agriculture sector is advancing steadily towards its digital transformation and the startup ecosystem is playing a critical role here, bringing innovation and disruption in much-needed areas," Nasscom President Debjani Ghosh said.

Adoption of technology in agriculture has always needed a structured institutional focus and technology firms are trying to break into the agricultural landscape using newer business models, she added.

"The findings of the report are a testimony to the potential of the Agritech industry and the opportunities that India presents in the agriculture and farming landscape," Ghosh said. The report said Indian companies are increasingly looking at global markets to expand with focus on regions like Southeast Asia, Europe, Africa and South America.

According to the report, in the last five years more than five global agri-tech companies have ventured in India, as compared to more than 25 Indian agri-tech startups with global presence.

Also, new emerging areas like market linkage, digital agriculture, better access to inputs, FaaS (functions-as-a-service) and financing are attracting large traction.These technology adoptions are enabling numerous agri-tech startups to bring forth farming-related advanced technological mechanisms to help local farming become a sustainable and profit-yielding enterprise, it said.

The report pointed out that measures like setting up of micro-funds (ranging USD 2-14 million) to spur innovation, offering support in terms of incubation, acceleration, and catalytic funding, opening of incubation centres etc need to be implemented.

It is imperative that the ecosystem needs to focus towards driving innovation, data collaboration, easy working capital and providing digital infrastructure to enable real time access to farmers across the country.

Nasscom said it will continue its drive towards catalysing emerging tech startups, and work with the ecosystem to build category leaders and support startups to create not only for India, but also scale up and build for the world. PTI SR

For the 1st Time, India's 36-Yr-Old NABARD Bank Launches $100 Mn VC Fund for Agri & Rural Startups

India's apex development financial institution owned by the government, National Bank for Agriculture and Rural Development (NABARD), has launched ₹ 700 crore ( ~ US $100 million) venture capital fund for equity investments in agriculture and rural -focused startups.

Established in July 1982 and fully owned by Government of India, NABARD has been contributing to other funds till now and this is the first time that NABARD, through its subsidiary 'NabVentures', has launched a fund of its own, reported Business Line.

The VC fund, which already had its first close, will be used for investing across startups engaged in agriculture, food and rural development space.

Launched in January this year as a separate subsidiary of NABARD to support start-ups, NabVentures has a proposed corpus of Rs 500 crore with an option to retain over-subscriptions of Rs 200 crore, called as the greenshoe option or "over-allotment option".

Nabventures is now scouting for equity investments in asset-light, innovative, technology-led start-ups in its focus areas

For its first close, the details of the investments done by NABARAD and other limited partners were not idisclosed yet.

NABARD chairman, Harsh Kumar Bhanwala, said,"The fund will have a high impact as it will provide a boost to investment ecosystem in the core areas of agriculture, food and improvement of rural livelihoods."

In India, more than 50% of the rural credit is disbursed by the Co-operative Banks and Regional Rural Banks (RRBs) and NABARD is responsible for regulating and supervising the functions of Co-operative banks and RRBs. NABARD also provides recommendations to Reserve Bank of India on issue of licenses to Cooperative Banks, opening of new branches by State Co-operative Banks and RRBs.

Regarding NABARD's contribution in Indian startup ecosystem, the bank has contributed Rs 273 crore to 16 alternate investment funds. Aavishkaar Bharat Fund, which had invested ₹40 crore in GoBOLT, a Gurgaon-based logistic tech startup, is backed by NABARD among other investors.

Agritech Startup WayCool Foods Launches Outgrow program to Improve Farm level Profitability

WayCool Foods & Products Pvt. Ltd. has launched a unique farmer engagement program called Outgrow, which is aimed at transforming livelihoods of small-hold farmers by solving challenges faced during cultivation. At the pilot stage, the program has been launched at 6 regions across three states covering 61 acres of land cultivating mission-critical crops like, onion, potato, coriander, mint, cauliflower, okra, and watermelon.

Hingoli in Maharashtra, Sadali & Hoskote regions in Karnataka and Shoolagiri, Tindivanam, & Rasipuram regions in Tamil Nadu have been covered in the pilot. So far farmers have already seen substantial increases in both yield per acre and product quality, having a direct impact on their bottom line.

Commenting on the launch, Sanjay Dasari, Co-Founder, WayCool Foods said, “We source our fresh produce from a base of 35,000 small-hold farmers already and have conducted years of research to understand their individual farming P&Ls and the challenges they face. These include low productivity due to input usage, information asymmetry, and limited market access during cultivation. Our Outgrow program will play a key role in this ecosystem by systematically solving each of these challenges and transforming lives of small-hold farmers. Under this program we plan to cover 1,000 acres across several states and crops this calendar year, to bring the pilot to scale."

Backed by Aspada, an early-stage VC firm, WayCool had raised Rs 120 Crore in January this year, as a combination of equity and debt from LGT Impact, prominent angels, and institutional lenders, including Northern Arc Capital and Caspian.

The program facilitates small-hold farmers with some unique benefits like, better crop planning, improved produce quality & productivity, lower cultivation costs, assured returns, and fair pricing. Most importantly, the Outgrow program uses proprietary demand forecasting and supply planning tech, that ensures WayCool Foods can procure 100% of the stock coming from a farmer’s land while mapping it directly to a specific liquidation plan. Outgrow not only tells farmers how much to harvest, but works with farmers from a seed level to guide on how much to plant, when to plant, how to grow high quality products, and more.

WayCool is building a strong ecosystem comprising of key stakeholders in the food & agri ecosystem and leveraging technology to make Outgrow program effective, efficient, scalable and sustainable. Realtime advisory service based on closed loop monitoring, transparent pricing mechanism, and robust traceability platform, are some of the key features that will enable the program to scale-up across multiple regions and crops.

Mr. Sendhil Kumar, head of Outgrow program said, “The Outgrow program drives the adoption of agriculture as a business to drive productivity and profitability using information flow, technology, and analysis of industry best practices. We hope this becomes the next revolution in Indian Agriculture and our program Outgrow aims at guiding and supporting farmers to achieve this."

WayCool currently serves a network of around 5,000 clients with 200 tonnes of food products every day from a base of 35,000 farmers.

WayCool Foods, founded in July 2015 by Sanjay Dasari and Karthik Jayaraman, is a growing food development & distribution platform leveraging innovative technology to scale-up and operate a complex supply chain. The company operates a full-stack, broadline product range across multiple channels and categories like fresh produce, staples and dairy serving over 8,000 clients in the general trade, modern trade, and food services space.

Online Market for Farm Products DeHaat Raises $4 Mn in Funding from Omnivore, AgFunder

Gurgaon-based DeHaat, a technology based farmers’ marketplace that offers complete seeds-to-market end to end services to farmers​, has raised US$4 million ( ~₹30 crore) in a pre-series A round of funding led by impact investor Omnivore.

US-based agriculture investor AgFunder and several angel investors also contributed to the round, which was the first institutional round of DeHaat.

The startup will utilize the fresh funds in reaching out to over 250,000 farmers over the next 12 months. It also plans to set up 14 regional warehouses to store inventory and after a year or so expand to Rajasthan, Maharashtra and Madhya Pradesh.

Earlier in 2016, DeHaat had raised about ₹50 lakh from the IIM Calcutta Innovation Centre. Prior to this, it has raised ₹50 lakh in 2014 from angel investors.

Founded in 2012, by IIT Delhi graduate Shashank Kumar, DeHaat aims to maximize farmers'​ income through technology-led interventions by offering all agricultural needs of farmers under one roof in an accessible and affordable way.

Through DeHaat platform, farmers, on one side get access to best quality input (seeds, fertilizers, crop protection, agri-equipment, credit, etc.),while on the other side they also get access to institutional buyers for their produce (grains, F&V, pulses, spices and medicinal herbs).

DeHaat now intends to reach out to over 250,000 farmers over the next 12 months with the fresh capital. It also plans to set up 14 regional warehouses to store inventory although it won’t own any, Kumar said. After a year or so, it plans to expand to Rajasthan, Maharashtra and Madhya Pradesh.

Recent Activity in Agri-Tech Space

Earlier in January, Chennai based Agri-tech start-up WayCool had raised $17 million, as a combination of equity and debt from LGT Impact, prominent angels, and institutional lenders, including Northern Arc Capital and Caspian.

In the same month, agrifood tech accelerator Gastrotope announced the names of 5 startups in its first cohort of its program. Gastrotope was launched in September last year by Taizo Son’s Mistletoe, GSF, and Infobridge.

In December, Bangalore-based Ninjacart, an agri-marketing platform that connects farmers with retailers, had raised ₹250 crore in series B round of funding from venture capital firms Accel Partners (US), Switzerland-based Syngenta Ventures and Neoplux, a South Korean private equity firm.

Recently, Saas-based agri-tech firm CropIn announced that it has grown by 300% during the last 15 months. CropIn is backed by Chiratae Ventures (formerly IDG Ventures India) and the Bill & Melinda Gates Foundation Strategic Investment Fund (London & Seattle).

Source - LiveMint
Top Featured Image - YourStory.com

Agritech Startup CropIn partners with the Central Govt for Accurate Crop Cutting Experiments (CCE)

The Central government has partnered with SaaS-based agri-tech startup CropIn, along with nine other research institutions and private agencies, to make the Crop Cutting Experiments (CCE) more accurate, swift and scalable. The CCE optimization initiative using cutting edge technologies was carried out by the Pradhan Mantri Fasal Bima Yojana (PMFBY), Centre's flagship crop insurance programme, and monitored by Mahalanobis National Crop Forecast Centre (MNCFC).

The Crop Cutting Experiment (CCE) is a process used to analyse the over all yield of the village in order to obtain fair, precise and accurate estimate of yield of principal crops.

The objectives of these pilot studies were two-fold: (1) Optimisation of number of crop cutting experiments to bring it to more manageable levels, (2) A robust and self managed claim dispute resolution mechanism which enables swift resolution of claim disputes. The pilot studies, were initiated in September 2018, and concluded with the CCE of Rabi crops in Feb 2019.

The PMFBY requires the states to carry out minimum four crop-wise CCE in every gram panchayat for the submission of the yield data to insurance companies within 30 days of harvest. The government has traditionally been using a random survey method to estimate the crop yields of a given location. However, considering that there are 2.5 lakh gram panchayats in India, it is challenging to conduct reliable and accurate CCE in the country at scale within a short harvesting window. Applying technology to the otherwise rudimentary and time-consuming process of CCE will expedite risk assessment when processing insurance claims and loan applications made by farmers under the PMFBY.

CropIn is currently conducting CCE through its scalable yield mapping technology through remote sensing in the Koppal and Bellary districts of Karnataka. CropIn's SmartFarm and SmartRisk collectively enables accurate and efficient execution of CCE, resulting in timely clearance of claims. Given that India is a country of small-hold/marginal farmers, CropIn's technology can also be used to evaluate varied/smaller unit areas, thereby rationalizing the entire process of CCE.

For conducting CCE experiments that are a lot more scientific and less arbitrary, SmartRisk™, an award winning AI- and ML- powered digital platform by CropIn, makes use of ground-level data and satellite imagery to identify the plots that are apt for these experiments. Millions of data points are analysed and run through proprietary AI & ML models to zero in on farm plots that will represent the most accurate sample for the region. With the help of this data, government officials can easily identify the right plots that should be included in the study, removing all ambiguity from the process of selection. The benefits of technologically-aided CCE are not just limited to choosing the right sample for study. Apart from offering a more optimized method of plot selection, this platform also helps in providing the government and insurance companies with scientific, scalable, and accurate reports for processing of insurance claims and crop yield assessments.

SmartFarm—CropIn’s digital farm management solution—captures the precise location and size of the farm and the details of the farmer at the time of conducting the CCE. This ensures the field data is accurate, enabling complete visibility and transparency in the CCE process.

CropIn improves the operational efficiency of CCE at scale by providing centralized access to regional/unit area data points to government and insurance companies. The company applies complex algorithms for the smart-sampling of crops. CropIn's Smartfarm gives complete control of the process to all stakeholders. Right from identifying the crop being grown in a unit area, harvest readiness of the crops to determining the optimal crop yield points, stakeholders can leverage the data points to carry out CCE effectively. The CCE process is executed by field agents and the data is updated to SmartFarm for the perusal of government. Based on the crop insurance guidelines defined by PMFBY, a crop yield threshold is adhered to for claim clearance.

Even though Indian farmers have access to subsidized insurance policies, claiming coverage or availing credit is not without challenges. CCE needs the intervention of technology to make the process, objective, accurate and fair. Government and private agtech companies are teaming up to solve these challenges jointly.

About CropIn

CropIn is a leading full-stack agri-tech organization that provides SaaS solutions to agribusinesses globally. CropIn’s unique suite of products enable various stakeholders in the agri-ecosystem, including the farmer, to adopt and drive digital strategy across their operations.

In November, CropIn had raised $8 million in a Series B financing from Chiratae Ventures (formerly IDG Ventures India) and the Bill & Melinda Gates Foundation Strategic Investment Fund (London and Seattle).

Using cutting-edge technology like big data analytics, artificial intelligence, machine learning, and remote sensing, CropIn creates an interconnected network of all these stakeholders at different levels of the agriculture ecosystem, enabling clients to analyze and interpret data to derive real-time actionable insights on standing crop. Businesses can thus leverage technology to effectively drive their initiatives around Digitization, Compliance, Sustainability and Traceability.

With the vision to ‘maximize per acre value’ and the mission to ‘make every farm traceable’, CropIn adds value to agri-businesses by increasing efficiency, scaling productivity, and strengthening sustainability across the board. Thus far, CropIn has digitized over 5 million acres of farmland and enriched the lives of nearly 2.1 million farmers, while gathering data on 265 crops and 3,500 crop varieties in 30 countries. The SaaS solutions offered by CropIn are crop and location agnostic, and are available on web and mobile devices.

Govt Launches ₹100 Cr Startup Fund to offer Cheaper Loans to Startups in Cooperative Sector

India's Union Agriculture Minister Radha Mohan Singh has announced the launch of a credit scheme called 'Yuva Sahakar-Cooperative Enterprise Support and Innovation Scheme' that aims to provide cheaper loans to startups in the cooperative sector and those having innovative projects costing up to Rs 3 crore.

Created and implemented by National Cooperative Development Corporation (NCDC), the scheme is linked to ‘Cooperative Start-up and Innovation Fund (CSIF)', a dedicated fund having an annual corpus of ₹100 crores.

Loan, under this scheme, will be given for 5 years including 2 years moratorium on payment of principal with 2% interest less than applicable rate of interest.

Cooperative startups operating for at least for one year and having a positive net worth are eligible to avail credit under the scheme for new and innovative project ideas.

The cooperative sector can be defined as that sector of the economy carried out by cooperatives i.e. -- f individuals with small means working together to accomplish the common goal of their common economic, social, and cultural needs. This include industries such as dairy, sugar, agriculture, rural banking and housing among others.

Giving wings to young #entrepreneurs in #cooperatives ! pic.twitter.com/22xTMrDwq9

— Radha Mohan Singh (@RadhamohanBJP) November 14, 2018

As an incentive, the loans under this scheme will be provided at 2% less than the applicable interest rate on term loan for the project activities. The interest rate incentive would be applicable only for timely re-payers.

The credit scheme would have more incentives for cooperatives of North Eastern region, Aspirational Districts and cooperatives with women or SC or ST or PwD members. The funding for the project will be up to 80% of the project cost for these special categories as against 70% for others.

The project cost should not exceed Rs 3 crore and there will be two years moratorium on payment of the principal amount, he said, adding that the period of moratorium may vary depending on the type of project and ability to generate revenue.

The scheme would be liberal to cooperatives in the northeastern region, those registered and operating in 'aspirational districts' identified by NITI Aayog, a govt of India's policy maker, as well as cooperatives which have 100% women and SC/ST members.

Asserting that the Modi government is strengthening cooperative institutions, Singh said, "We are not just strengthening on paper, but working hard on the ground in every state."

Consequently, the loan amount sanctioned by NCDC has been on the rise since 2014 when the present government came to power.

In the previous regime, about Rs 5,000 crore loans were sanctioned annually by NCDC, but it has doubled in the last four years, he said.

According to the minister, NCDC has sanctioned Rs 12,965 crore loans till November 13 of the current fiscal.

Last month, Madhya Pradesh had also announced a startup loan scheme under which youths of the state will be provided loan up to Rs 10 lakhs without interest as a seed capital for startups.

In the same month, digital payment firm Mobikwik has launched a service called ‘Boost’, that offers instant loan approval and disbursal of loans up to Rs. 60,000 in 90 seconds.

Source - Press Information Bureau

[Top Featured Image - Ishant Mishra on Unsplash]

Agri-Tech Startup Eggoz Raises Rs 1.2 Crores Funding from Clutch of Angel Investors

Kurawar, Madhya pradesh-based egg producer and agri-tech startup Eggoz has raised Rs 1.2 crores from clutch of angel investors including Narendra Sankar, Sunil Mishra, Vishal Sharma, Anurag Jhanwar and Mohini Jhanwar.

Founded by IIT Kharagpur alumni Abhishek Negi, Uttam Kumar, Aditya Singh and Pankaj Pandey in December 2017, Eggoz operates a network of egg poultry farm spread across Bihar and Madhya Pradesh. It is a full-stack egg producer using cutting-edge technology to produce high quality and nutrition-rich eggs. Eggoz farms are run with higher efficiency with smart technology and processes.

Eggoz runs network of multiple farms at various locations; producing predictable quality eggs. The company has total bird capacity of 1,00,000 hen with 65,000 hen operational farms and remainder under construction.

The company intends to use the capital to expand their business in states Madhya Pradesh and Bihar. The funds will also be used to build a company-owned farm in Nalanda, Bihar which will act as a model farm to attract clients, and for research and development. The company aims to scale operations to 5,00,000 hen capacity by 2020 with focus on Northern states.

Commenting on the development, Mr Abhishek Negi, Co-founder of Eggoz, said, "India has a “serious” hunger problem and ranks 100th out of 119 countries on the global hunger. Egg is a wholesome nutritious food which is available at affordable price. We saw huge gaps in the market with Southern states producing close to 70% of India’s total production. So, we started Eggoz to revolutionise egg industry and contribute in eradication of malnutrition by bringing fresh & nutrition-rich eggs to everyone. Going forward, we see a huge scope for innovation in production of raw ingredients as well as retail of eggs and processed items."

Pankaj Pandey, Co-Founder of Eggoz added, “At our current running capacity, we have a daily demand of 10MT maize and 2MT of soybean that we are currently sourcing directly from farmers and providing them higher returns than market. Going forward, we plan to adopt some villages and equip farmers with modern farming practices with the best possible guaranteed returns for their crops. Eggoz is just the beginning of a new agriculture era and we strive to take Indian agriculture to the next level.

Mr Narendra Sankar, an investor in Eggoz said, “With the continuing growth of the human population towards 9 billion by 2050, there is significant pressures to feed this growth using limited resources. Villages across India and other rapidly urbanizing economies are losing their ability to enable economic incentives, using their valuable land, to provide sustenance to the local and regional populations. Eggoz is one of the emerging class of companies that is using sensible technology to enable sustained and economical use of this land to provide the key needed nutrition for the children of the region, resulting in significant financial as well as developmental benefits.”

Notably, Before Eggoz, an another Madhya Pradesh based agriculture startup Carmel Organics had raised an undisclosed amount from Ankur Capital, in March this year. Carmel is a poducer & supplier of world class medicinal herbs, organic herbs and spices.

In February, Ankur Capital had invested in agritech startup, Agricx Lab, which has developed an AI-overlayed imaging technology for agri-produce quality assessment.

Of late, a lot of action can be seen in the field of agri-tech in India, as last month Israel's Tel Aviv University and Tata Trusts launched the Indian Centre for Agri & Allied Tech (I-CAT) that will bring Israeli know-how and innovation to the farmers of the state of Andhra Pradesh in southern India.

In the same month, government of India's policy think-tank NITI Aayog has partnered IBM to develop a crop yield prediction model using artificial intelligence (AI) to provide real time advisory to farmers in backward states of India.

Agri-Tech Startup Eggoz Raises Rs 1.2 Crores Funding from Clutch of Angel Investors

Kurawar, Madhya pradesh-based egg producer and agri-tech startup Eggoz has raised Rs 1.2 crores from clutch of angel investors including Narendra Sankar, Sunil Mishra, Vishal Sharma, Anurag Jhanwar and Mohini Jhanwar.
Founded by IIT Kharagpur alumni Abhishek Negi, Uttam Kumar, Aditya Singh and Pankaj Pandey in December 2017, Eggoz operates a network of egg poultry farm spread across Bihar and Madhya Pradesh. It is a full-stack egg producer using cutting-edge technology to produce high quality and nutrition-rich eggs. Eggoz farms are run with higher efficiency with smart technology and processes.

Eggoz runs network of multiple farms at various locations; producing predictable quality eggs. The company has total bird capacity of 1,00,000 hen with 65,000 hen operational farms and remainder under construction. 

The company intends to use the capital to expand their business in states Madhya Pradesh and Bihar. The funds will also be used to build a company-owned farm in Nalanda, Bihar which will act as a model farm to attract clients, and for research and development. The company aims to scale operations to 5,00,000 hen capacity by 2020 with focus on Northern states.

Commenting on the development, Mr Abhishek Negi, Co-founder of Eggoz, said, "India has a “serious” hunger problem and ranks 100th out of 119 countries on the global hunger. Egg is a wholesome nutritious food which is available at affordable price. We saw huge gaps in the market with Southern states producing close to 70% of India’s total production. So, we started Eggoz to revolutionise egg industry and contribute in eradication of malnutrition by bringing fresh & nutrition-rich eggs to everyone. Going forward, we see a huge scope for innovation in production of raw ingredients as well as retail of eggs and processed items."

Pankaj Pandey, Co-Founder of Eggoz added, “At our current running capacity, we have a daily demand of 10MT maize and 2MT of soybean that we are currently sourcing directly from farmers and providing them higher returns than market. Going forward, we plan to adopt some villages and equip farmers with modern farming practices with the best possible guaranteed returns for their crops. Eggoz is just the beginning of a new agriculture era and we strive to take Indian agriculture to the next level.

Mr Narendra Sankar, an investor in Eggoz said, “With the continuing growth of the human population towards 9 billion by 2050, there is significant pressures to feed this growth using limited resources. Villages across India and other rapidly urbanizing economies are losing their ability to enable economic incentives, using their valuable land, to provide sustenance to the local and regional populations. Eggoz is one of the emerging class of companies that is using sensible technology to enable sustained and economical use of this land to provide the key needed nutrition for the children of the region, resulting in significant financial as well as developmental benefits.”

Notably, Before Eggoz, an another Madhya Pradesh based agriculture startup Carmel Organics had raised an undisclosed amount from Ankur Capital, in March this year. Carmel is a poducer & supplier of world class medicinal herbs, organic herbs and spices.

In February, Ankur Capital had invested in agritech startup, Agricx Lab, which has developed an AI-overlayed imaging technology for agri-produce quality assessment.

Of late, a lot of action can be seen in the field of agri-tech in India, as last month Israel's Tel Aviv University and Tata Trusts launched the Indian Centre for Agri & Allied Tech (I-CAT) that will bring Israeli know-how and innovation to the farmers of the state of Andhra Pradesh in southern India.

In the same month, government of India's policy think-tank NITI Aayog has partnered IBM to develop a crop yield prediction model using artificial intelligence (AI) to provide real time advisory to farmers in backward states of India.

Agriculture Startup Carmel Organics Raises Funding from Ankur Capital

Madhya Pradesh based agriculture startup Carmel Organics, a supplier of world class medicinal herbs, has raised an undisclosed amount from Ankur Capital, an India focused VC fund with a significant Agritech portfolio. The funds shall be utilized by the company to scale-up its business, with special focus of targeted global markets.

Carmel, a Forbes 30 under 30 awardee in 2018, was founded in 2012 by Shailendra Dhakad and Rajesh Sagitla with the aim of helping small farmers in India increase their incomes by organic herbs and spices production. Based in Madhya Pradesh, Carmel has developed a world class integrated supply chain to deliver traceable, organic, functional herbs to the world.

The company works directly with more than 1,500 farmers, educating and training them on practices that will yield produce that meet the quality requirements for certified organic produce across major global markets. In turn, farmers realize significant income gains from this association.

It may be recalled that in last September Caramel was among six startups shortlisted by Jaipur's Startup Oasis for receiving Rs.1.7 crore funds.

“We were attracted by Carmel Organics' positioning as a quality supplier of medicinal herbs and its traction in markets like Europe and Australia.” - said Krishnan Neelakantan, Senior Investment Director at Ankur Capital. Speaking of Carmel founders, Shailendra Dhakad and Rajesh Sagitla, Krishnan said, “In the founders, we saw a great combination of strong on-ground connect with farmers as well as drive to build a global scale company”

“We have been associated with Ankur Capital for several years as the partners have served as valuable advisors while Carmel has grown to its current scale. Their support and strong understanding of agricultural value chains made them our first choice when we developed our growth plans.” says Shailendra.

Ankur Capital is an early stage venture capital fund that invests in opportunities created by rising aspirations and digital access for the next billion Indians. Ankur Capital invests in technologies and product innovations in agriculture, healthcare, education and other areas with potential to create large scale impact.

Earlier this year, Ankur Capital had invested in agritech startup, Agricx Lab which has developed an AI-overlayed imaging technology for agri-produce quality assessment.

With this investment, Ankur Capital’s AgriTech portfolio increases to eight. From agri-SaaS (Cropin Technologies), online agri-input distribution (BigHaat); sustainable bio-inputs (Suma Agro), cleantech cold chain (TESSOL) and super foods (Health Sutra), Ankur Capital’s portfolio companies are at the frontier of the new face of agriculture.

To recall, last September government had announced its plan to work with agritech startups in the country that can help them in efficiently implementing some of its flagship programmes like soil health card, irrigation and crop insurance, among various others. Prior to this, the govt. had also launched AGRI-UDAAN programme to boost food and agriculture startups in the country.

In January, Cambridge and Pune-based agri-tech startup KisanHub had raised $2.43 million in pre-Series A funding led by UK-based B2B tech venture capital firms Notion Capital and IQ Capital.

In November 2017, Bengaluru based agri-tech startup KrishiHub raised undisclosed seed funding from IIT-Kanpur INVENT accelerator and Villgro Innovation Fund.

In the same month, an another agri-tech startup Farmlink had raised seed funding from Pioneering Ventures, a Swiss-based incubator and investment firm, and Syngenta, a Swiss agribusiness firm. The startup is based out of Mumbai. Additionally, in the same month, Jindal Stainless launched accelerator program for agri-tech startups India, in association with Japan’s ANEW Holdings

In last August, Gurgaon-based agritech startup Crofarm had raised Rs 5 crore in a pre-Series A round from Rajan Anandan, Google India MD, and Jitendra Gupta, and PayU India MD, among others.

Top Image (L-R) - Shailendra & Rajesh

Agriculture Startup Carmel Organics Raises Funding from Ankur Capital

Madhya Pradesh based agriculture startup Carmel Organics, a supplier of world class medicinal herbs, has raised an undisclosed amount from Ankur Capital, an India focused VC fund with a significant Agritech portfolio. The funds shall be utilized by the company to scale-up its business, with special focus of targeted global markets.

Carmel, a Forbes 30 under 30 awardee in 2018, was founded in 2012 by Shailendra Dhakad and Rajesh Sagitla with the aim of helping small farmers in India increase their incomes by organic herbs and spices production. Based in Madhya Pradesh, Carmel has developed a world class integrated supply chain to deliver traceable, organic, functional herbs to the world.

The company works directly with more than 1,500 farmers, educating and training them on practices that will yield produce that meet the quality requirements for certified organic produce across major global markets. In turn, farmers realize significant income gains from this association.

It may be recalled that in last September Caramel was among six startups shortlisted by Jaipur's Startup Oasis for receiving Rs.1.7 crore funds.

“We were attracted by Carmel Organics' positioning as a quality supplier of medicinal herbs and its traction in markets like Europe and Australia.” - said Krishnan Neelakantan, Senior Investment Director at Ankur Capital. Speaking of Carmel founders, Shailendra Dhakad and Rajesh Sagitla, Krishnan said, “In the founders, we saw a great combination of strong on-ground connect with farmers as well as drive to build a global scale company”

“We have been associated with Ankur Capital for several years as the partners have served as valuable advisors while Carmel has grown to its current scale. Their support and strong understanding of agricultural value chains made them our first choice when we developed our growth plans.” says Shailendra.

Ankur Capital is an early stage venture capital fund that invests in opportunities created by rising aspirations and digital access for the next billion Indians. Ankur Capital invests in technologies and product innovations in agriculture, healthcare, education and other areas with potential to create large scale impact.

Earlier this year, Ankur Capital had invested in agritech startup, Agricx Lab which has developed an AI-overlayed imaging technology for agri-produce quality assessment.

With this investment, Ankur Capital’s AgriTech portfolio increases to eight. From agri-SaaS (Cropin Technologies), online agri-input distribution (BigHaat); sustainable bio-inputs (Suma Agro), cleantech cold chain (TESSOL) and super foods (Health Sutra), Ankur Capital’s portfolio companies are at the frontier of the new face of agriculture.

To recall, last September government had announced its plan to work with agritech startups in the country that can help them in efficiently implementing some of its flagship programmes like soil health card, irrigation and crop insurance, among various others. Prior to this, the govt. had also launched AGRI-UDAAN programme to boost food and agriculture startups in the country.

In January, Cambridge and Pune-based agri-tech startup KisanHub had raised $2.43 million in pre-Series A funding led by UK-based B2B tech venture capital firms Notion Capital and IQ Capital.

In November 2017, Bengaluru based agri-tech startup KrishiHub raised undisclosed seed funding from IIT-Kanpur INVENT accelerator and Villgro Innovation Fund.

In the same month, an another agri-tech startup Farmlink had raised seed funding from Pioneering Ventures, a Swiss-based incubator and investment firm, and Syngenta, a Swiss agribusiness firm. The startup is based out of Mumbai. Additionally, in the same month, Jindal Stainless launched accelerator program for agri-tech startups India, in association with Japan’s ANEW Holdings

In last August, Gurgaon-based agritech startup Crofarm had raised Rs 5 crore in a pre-Series A round from Rajan Anandan, Google India MD, and Jitendra Gupta, and PayU India MD, among others.

Top Image (L-R) - Shailendra & Rajesh