The Agribusiness Incubator (ABI) at the International Crops Research Institute for Semi-Arid Tropics (ICRISAT) has called for applications from Agritech start-ups under the NIDHI-Seed Support Scheme (NIDHI-SSS) to spur commercialization in precision agriculture, farm mechanization, and climate resilience, among other areas.
The scheme has the support of the government's Department of Science and Technology.
"We are looking to work with early revenue stage start-ups that have product-market fit and a clear value proposition." "The seed fund will allow them to accelerate their commercialization activities," ABI-ICRISAT Head Aravazhi Selvaraj said in a statement.
The selected start-ups will receive up to 50 lakhs in funding. The application deadline is April 30, 2022. The incubator will prioritize start-ups in areas such as precision agriculture, food technology, farm mechanization, climate change and resilience, and supply chain management.
The NIDHI-Seed Support System is a project of the Department of Science and Technology's National Science and Technology Entrepreneurship Development Board (NSTEDB). There is a significant financial support gap for technology-driven start-ups in their early stages that is not being adequately addressed. The basic concept behind seed funding is to provide financial assistance to potential startups with innovative ideas and technologies.
The NIDHI Seed Support Program (NIDHI-SSP) aims to help startups with proof of concept, prototype development, product trials, market-entry, and commercialization, among other things.
NIDHI Seed Support Program Highlights:
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Grant-in-aid of up to Rs. 1000 lakhs to eligible incubators for disbursement to start-ups.
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Seed Support of up to Rs 100 lakhs per start-up under the NIDHI-SSP.
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Financing/investing in start-ups via a loan, equity, or equity-linked instruments.
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In the case of debt financing for start-ups, the lowest interest rate is only 2-3 percent.
About ICRISAT:
ICRISAT (International Crops Research Institute for the Semi-Arid Tropics) is a non-profit, non-political organization that conducts agricultural development research in Asia and Sub-Saharan Africa's drylands. The semi-arid or dryland tropics, which cover 6.5 million square kilometres of land in 55 countries, are home to over 2 billion people, with 644 million of them being the poorest of the poor.
Through better agriculture, ICRISAT and its partners assist these poor people in overcoming poverty, hunger, and environmental degradation. ICRISAT is based in Hyderabad, Telangana State, India, with regional offices in Nairobi, Kenya, and Bamako, Mali, as well as country offices in Niger, Nigeria, Zimbabwe, Malawi, Ethiopia, and Mozambique.
