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ICRISAT offers funding assistance for ag-tech startups under GoI programme
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Friday, 11 November, 2022, 08 : 00 AM [IST]
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Our Bureau, Bengaluru
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The Agribusiness Incubator (ABI) of the International Crops Research Institute for the Semi-Arid Tropics (ICRISAT) has launched a second call for applications from eligible ag-tech startups under the National Initiative for Developing and Harnessing Innovations-Seed Support Program (NIDHI-SSP). Startups selected for incubation will be evaluated as per the scheme criteria to receive funding of up to Rs 50 lakh.
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The programme is supported by the National Science & Technology Entrepreneurship Development Board (NSTEDB) and the Department of Science and Technology (DST), Government of India. The last date for submission of applications is November 30, 2022.
Indian start-ups working on innovative technologies or business models in the agri-food and allied sectors are encouraged to apply. It is an ideal opportunity for start-ups to raise funds without any equity dilution. ABI-ICRISAT will provide debt-based funding at the prevailing repo rate.
ABI-ICRISAT will offer incubation services for business development and scaling up activities, access to mentor and investor networks and ecosystem service partner packages.
“We received an overwhelming response to our last call for applications under the NIDHI-SSP, look forward to receiving applications from innovative ag-tech startups responding to our second call. “We aim to support technology-driven start-ups in agriculture and allied sectors that can contribute to our mission of a food-secure and resilient dry lands,” said Aravazhi Selvaraj, head, ABI-ICRISAT.
According to Victor Afari-Sefa, global research program director, enabling systems transformation, ICRISAT, the institute plays an important role in catalysing the growth of early revenue-stage startups by strengthening the product-market fitness and clarity on their value proposition. This seed fund support will help in graduating them to the next levels of growth and fundraising.
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