THIRUVANANTHAPURAM: Kerala’s plan to promote agritech startups is likely to receive a boost with the Union Budget announcing an agriculture accelerator fund to encourage agri-startups by young entrepreneurs in rural areas.
Already, Kerala is ahead of its peers in startups focusing on agriculture and has a total of 300 agritech startups registered under the Kerala StartUp Mission (KSUM), sources said. According to Ashok Kurian Panjikkaran, Head of Business Development and Incubation, KSUM, the accelerator fund announced in the budget will further boost the agritech startup sector in the state, and it will also encourage the startups that have pitched innovative ideas.
“We welcome the Centre’s proposal to develop agri-tech startups. It will bring startups to the next level and be a game changer. Now, the accelerator fund will help startups develop innovative products. As part of it, we will take 10 selected agritech startups to Israel for deeper interaction with technology upgrades and product development with Israeli startups and accelerators.
They have chosen Israel because the West Asian country has the second-largest start-up ecosystem in the world after the United States. Unlike other technology startups, agritech startups will always have a market,” said Ashok. The accelerator fund is aimed at building innovative and effective agritech solutions for farmers to improve access to market linkages and yields.
Previn Jacob and Fariq Naushad, Founders of Greenikk Ventures (P) Ltd, a successful agri-tech startup in Thiruvananthapuram, welcomed the Centre’s support for agritech startups. “The accelerator funding will help the budding agritech startups that are operating in Tier II cities.
Not only does it help with funding, but it will also guide the startups to move forward with innovative skills,” they said. KSUM and the National Bank for Agriculture and Rural Development (NA BAR D) are engaged in establishing a connection between startups and farmers to ensure cutting-edge products and solutions play a critical role in the state’s agricultural development.