The Government of India is set to launch the ‘Agri Fund for Start-Ups & Rural Enterprises’ (AgriSURE), an initiative designed to accelerate innovation in agritech and support rural enterprises. The Rs 7.5 billion Category-II Alternative Investment Fund (AIF) will offer a blend of equity and debt investments to foster the growth of startups and agripreneurs operating within the agricultural sector.
The announcement was made during a pre-launch stakeholder meeting at the NABARD Headquarters in Mumbai. The event was attended by key figures from the agritech industry, financial institutions, and government bodies, including Shri Ajeet Kumar Sahu, Joint Secretary of the Department of Agriculture and Farmers Welfare (DA&FW); Shri Shaji KV, Chairman of NABARD; and Dr Ajay Kumar Sood, Deputy Managing Director of NABARD.
Shri Ajeet Kumar Sahu emphasized the fund’s potential to drive technological advancements and innovation in the agricultural sector, particularly benefiting startups focused on creating cutting-edge solutions for farming challenges. Shri Shaji K.V. stressed the importance of collaboration between public and private sectors to elevate agritech growth and efficiency through advanced technologies.
The AgriSURE fund will be established with a total corpus of Rs 7.5 billion, comprising Rs 2.5 billion each from NABARD and the Ministry of Agriculture, and an additional Rs 2.5 billion raised from financial institutions. Managed by NABVENTURES, NABARD’s dedicated subsidiary, the fund will prioritize investments in agritech solutions aimed at enhancing farm productivity, developing rural infrastructure, and supporting Farmers Producer Organizations (FPOs). Additionally, the fund will promote innovations in IT-based solutions and machinery rental services for farmers.
In line with its commitment to fostering agritech innovation, NABARD also launched the AgriSURE Greenathon 2024. This hackathon will focus on solving key challenges in the agritech sector, including: “Smart Agriculture on a Budget,” which addresses the affordability of advanced farming technologies; “Turning Agri-Waste into Profitable Business Opportunities,” which seeks to capitalize on agricultural waste; and “Tech Solutions Making Regenerative Agriculture Remunerative,” which aims to overcome economic barriers to adopting regenerative farming practices.
NABARD is calling on tech innovators and entrepreneurs to contribute their solutions and help shape the future of agritech in India, supporting the country’s goal of a more sustainable and technologically advanced agricultural sector.
