Indian Government Is Ready To Invest In 346 Agricultural Startups

On August 6, The Ministry of Agriculture announced that it would invest 36.71 Crores in 346 startups all across India. Before this, they have already funded 11.85 Crores to 112 startups.

They will be investing in related sectors like digital farming companies, artificial intelligence, agro-processing, farm mechanism, waste to wealth, dairy, fisheries, and so on as a part of the “Component, Innovation and Agri-entrepreneurship development program.’ The initiative aims to support innovation in this field by funding budding startups.

“The Union government accords very high priority to the agriculture sector. To contribute directly and indirectly to enhance the income of farmers by providing opportunities to them and to provide employment to youth, start-ups are being encouraged,” says the Ministry of Agriculture.

The components include an orientation for two months followed by mentorship on technical, financial, intellectual property, and a stipend of 10K per month. They also provide funding up to 25 lakhs through their RKVY-RAFTAAR Agribusiness Incubators. The setup will also provide funding up to 5 Lakhs for pre-seed stage startups.

Some of the benefited startups are Vetzz from the Activx Animal Health Technologies platform, Innofarms, a company that processes fruit and vegetable pulp. EF polymer, an eco-friendly water retention company, Agsmartic Technologies, Kyari Innovations, and more. The Ministry firmly assures that these companies will help in improving the lives and revenues of the farmers by generating employment opportunities.