Govt to fund 234 more agri startups with ₹24.85 cr in FY’21

The agriculture ministry on Thursday said it will fund 234 more startups in the agriculture and allied sectors with a sum of ₹24.85 crore under a central scheme in the current fiscal. The government is promoting innovation and agripreneurship by providing financial support and nurturing the incubation ecosystem under the Rashtriya Krishi Vikas Yojana (RKVY).

"In addition to 112 startups already funded for a sum of ₹11.85 crore, 234 startups in the agriculture and allied sectors will be funded for a sum of ₹24.85 crore," the ministry said in a statement.

A total of 346 startups in the agriculture and allied sectors are being funded with a sum of ₹36.71 crore in this phase. The fund will be released in instalments, it said.

These startups, which were trained for two months at 29 agri-business incubation centres spread across India, lead to employment to youth. Besides, they directly and indirectly will contribute to enhancing the income of farmers by providing opportunities to them, it added.

According to the ministry, some startups being incubated offer different farm solutions.

For instance, Activx Animal Health Technologies -- branded as Vetzz -- is a network of Veterinary doctors which provides immediate connection with customers (animal owners) via real time tele-consultation and doorstep visits, it said.

Another start-up SNL Innovations InnoFarms provides fruit and vegetable pulp processed directly at the farm using an in-house developed monoblock fruit processing platform to convert fruits to pulp with shelf life of up to one year with complete traceability from farm to customer.

Whereas EF Polymer has developed an eco-friendly water retention polymer with an aim to solve the water scarcity crisis for farmers. This startup made a super absorbent polymer designed to absorb water in the soil, retain it for a long time, and supply to the crops as required.

Stating that the government is funding some startups led by women, the ministry said A2P Energy Solution is one such startup set up by women. This company uses artificial intelligence to track waste biomass and then works with farmers to collect it, the statement added.

The agri startups selected are working in the field of agro-processing, artificial intelligence, digital agriculture, farm mechanisation, waste to wealth, dairy and fisheries among others.