The National Bank for Agriculture and Rural Development launched 700 crore rupees venture capital fund for equity investments in agriculture and rural-focused startups. Government-owned Nabard has been contributing to other funds and this is the first time that the rural development bank through its subsidiary NabVentures has launched a fund of its own.
Nabventures will support and invest in startups engaged in innovative, technology-led start-ups focused on agriculture, food & rural development space. Through the funding on startups, Nabard aims to improve the rural livelihoods. Nabard chairman Harsh Kumar Bhanwala believes that the fund will provide a boost to investment ecosystem in core areas of agriculture.
Nabventures was launched in January this year as a separate subsidiary of Nabard to support start-ups. The rural credits are disbursed through co-operative banks and regional rural banks. Nabard is responsible for regulating and supervising the functions of co-operative banks and RRBs. Nabard’s equity investment in startups in rural areas is expected to pave the way for development in rural agriculture sectors.
