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ICRISAT offers funding assistance for Ag-tech startups under GoI Program

by Diplomatist Bureau - 9 November, 2022, 12:00 174 Views 0 Comment

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).

This program is supported by the National Science & Technology Entrepreneurship Development Board (NSTEDB) and the Department of Science and Technology (DST), Government of India.

Indian Startups working on innovative technologies or business models in the agri-food and allied sectors are encouraged to apply. It is an ideal opportunity for startups 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,” said Aravazhi Selvaraj, Head, ABI-ICRISAT.

“We aim to support technology-driven startups in agriculture and allied sectors that can contribute to our mission of a food-secure and resilient drylands.”

” ICRISAT plays an important role in catalyzing 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,” added Victor Afari-Sefa, Global Research Program Director, Enabling Systems Transformation, ICRISAT.

Startups selected for incubation will be evaluated as per the scheme criteria to receive funding of up to ₹50 lakh. ​The last date for submission of applications is November 30 2022. Apply nowABI-ICRISAT | ABI-ICRISAT (thebizplanner.com)

About ABI-ICRISAT

Agri-business Incubator of ICRISAT (ABI-ICRISAT) was established in 2003 to support innovative technology-backed ag-tech startups and agribusiness enterprises working on solving dryland agriculture challenges. Over the years, ABI-ICRISAT has supported 118 startups, of which 98 have graduated from the incubator. Our startups have generated over 3000 direct jobs and raised over USD 57 million in follow-on funding.

About ICRISAT

The International Crops Research Institute for the Semi-Arid Tropics (ICRISAT) is a pioneering, international scientific research for development organization, specializing in improving dryland farming and agri-food systems.  The Institute was established in 1972, by a consortium led by the Ford and Rockefeller Foundation and with the support from the Government of India.  ICRISAT works with global partners to develop innovative science-backed solutions to overcoming hunger, malnutrition, poverty and environmental degradation on behalf of the 2.1 billion people who reside in the drylands of Asia and Sub-Saharan Africa.

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