SBI Foundation and Villgro Launch 'Innovators for Bharat' Program to Empower Agritech Startups This initiative is designed to support 14 innovative agritech startups with an initial funding pool of INR 3.25 crore, unlocking a total of INR 6 crore in partnership with NABKISAN, a non-banking financial company (NBFC).
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
In a significant move to bolster the agricultural landscape in India, SBI Foundation and Villgro have joined forces to unveil the 'Innovators for Bharat' program. This initiative is designed to support 14 innovative agritech startups with an initial funding pool of INR 3.25 crore, unlocking a total of INR 6 crore in partnership with NABKISAN, a non-banking financial company (NBFC).
The program aims to tackle pressing agricultural challenges and address the impacts of climate change, ultimately benefiting smallholder farmers across the nation.
Sanjay Prakash, Managing Director and CEO of SBI Foundation, said, "SBI Foundation's vision is to support early and growth-stage startups that tackle the challenges associated with agriculture and the impacts of climate change," he stated. "By promoting these tech solutions, we aim to improve the income of smallholder farmers and make their businesses more profitable and sustainable. Together, we can drive meaningful change in the agricultural sector and contribute to a more resilient future."
The 14 agritech startups selected for this initiative include a diverse range of innovative firms focused on enhancing agricultural practices. Among them are Bharat Rohan, RAAV Techlabs, Navork Innovations, Marut Drones, GreyMatter (Upaz), Carbon Masters, Raheja Solar, Ekosight, Pasidi Panta, Agrosperity (Kivi), Krimanshi, RuKart, GreenSupply, and E-Feed. These startups are committed to reducing post-harvest losses, utilising agricultural waste, and mitigating CO2 emissions, contributing to sustainable agricultural practices.
The program aims to make a tangible impact over the next two years, targeting the enhancement of 10,000 individuals' lives, promoting sustainable practices across 60,000 acres of land, and preventing 15,000 tonnes of CO2 emissions.
Maithili Rege, Associate Lead of Agriculture and Climate Action at Villgro, highlighted, "Through this initiative, we aim to coach agritech startups, help embed their solutions in the market, and provide access to innovative financing to supplement what they currently lack from the VC ecosystem."
The Innovators for Bharat program encompasses more than just funding. SBI Foundation will provide a robust network of banking and financial institutions for mentorship, alongside partnerships for field trials, thereby ensuring that startups have the necessary resources to succeed. Villgro, with its extensive track record, has previously supported 323 social enterprises, enabling them to raise over INR 438.8 crore in investments and create nearly 5,000 jobs, positively impacting more than 20 million lives.
Through this collaborative effort, SBI Foundation and Villgro are poised to drive innovation in agritech, support sustainable agricultural practices, and uplift smallholder farmers, ensuring a brighter and more sustainable future for India's agricultural sector.
