Deadline: 30-Nov-22
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.
Focus Themes
- Precision Agriculture
- Urban Farming
- Farm Mechanization
- Precision Food & Animal Diagnostics
- Agri- Fintech
- Supply Chain & Traceability
- Alternate Protein
- Farm Mechanization
- Ag- Biotechnology
- Food Technology
- Climate Change & Resilience
- Value Addition Innovation
Funding Information
- Startups selected for incubation will be evaluated as per the scheme criteria to receive funding of up to ₹50 lakh.
Fund usage
- Product development: Procurement of equipment and tools, prototyping, testing and trials, raw material and consumables, fabrication, outsourcing of technical supports and services for the company’s product.
- Manpower: Salaries for team members can be apportioned.
- Marketing: For test marketing, sales, and promotions of companies products and services including traveling only for business and product promotion.
- Mentoring: Seeking professional mentoring assistance.
- Professional services: For legal, accountancy, IP, marketing, strategy, regulatory compliance, certification, or any other justifiable professional services.
- Contingencies/Overrun: This shall not exceed 10% of the seed support.
- For any other business operations purpose which needs to be justified in the application itself and as recommended/ approved by the Investment committee from time to time.
ABI-ICRISAT is seeking applications from start-ups working on innovative technologies/business models in:
- Precision agriculture
- Farm mechanization
- Ag-biotechnology
- Urban farming models
- Alternate protein
- Climate change and resilient models
- Supply chain and traceability
- Agri-fintech
- Precision food & animal diagnostics
- Farm inputs
- Food technology
- Value Addition Innovations
Eligibility Criteria
- The fund is available only to registered start-ups as a private limited company with a minimum of 51% ownership by Indian citizens. Under the NIDHI-SSP, a company will be a start-up as per definition given by DPIIT.
- Start-up should be incorporated as a private limited company
- Turnover should be less than INR 100 Crores in any of the previous financial years
- An entity shall be considered as a start-up up to 10 years from the date of its incorporation
- Start-up should be working towards innovation/ improvement of existing products, services and processes and should have the potential to generate employment/ create wealth.
- An entity formed by splitting up or reconstruction of an existing business shall not be considered a “Start-up”
- Support is not meant for-Indian subsidiaries of MNCs/foreign companies
- Overseas Citizens of India-OCI and Persons of Indian Origin-PIO are considered as Indian citizens for the purpose of this scheme
- Start-up which has already received NIDHI seed funding from any other incubator will not be eligible for seed fund
- Funding for capital expenditure may not be encouraged
- Minimum 3 months of incubation (mandatory) with ABI-ICRISAT at the time of SSMC pitch.
For more information, visit https://pressroom.icrisat.org/icrisat-offers-funding-assistance-for-ag-tech-startups-under-goi-program