IFA fund is one of the prime agriculture technology focus funds in India, which is sponsored by Sathguru Management Consultants. It primarily invests in an innovation-based start-up that is promising and has the potential for revolutionizing the agriculture sector and packaged food products. Earlier this investment, Sathguru invested $6 million in an Agri-tech start-up named Ecozen Solutions Pvt. Ltd in December 2019.
Agri-tech start-up Nu Genes Private Limited has raised $6 million from Innovation in Food and Agriculture (IFA) fund managed by Sathguru Catalyser Advisors.
“The motive behind this investment is to address the future needs of farmers for the adoption of climate change and furnish with seeds that can adapt in dry and humid lands by retaining their nutritious value”, informed Sathguru Catalyser chairman Krishna Kumar.
In 2004, Narayana Reddy Punyala founded Nu Genes Pvt. Ltd, which is formerly known as Nitya Seed Sciences Pvt. Ltd. Nu Genes produces seeds that have high climate tolerance and can adjust in every climate condition of Asia, and specifically, other tropical agriculture regions.
Nu Genes basically offer cereal, vegetable, and grain crops seed. The start-up is undergoing research in field crops like pearl millet, maize, sorghum, and paddy. On the other hand, research for vegetable crops like tomato, chili, okra, bitter gourd, bottle gourd, and watermelon are also under process.
According to a recent report of NASSCOM, agri-tech start-ups in India are on the rise. Around $66.6 million funding was raised in 2018 and $46.1 million funds in these start-ups in 2017. Moreover, Bijak, Ninjacart, Vegfru, WayCool CropIn, Lemon Leaf, DayBox, Crofarm, Fasal, and Kamatan Farm tech are the major companies in the agri-tech sector.
