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Consulting firm HexGn and AFC India have joined hands to promote agriculture-related entrepreneurship in India and aim to promote 1,000 agritech start-ups in the country over the next five years.
AFC India Ltd (formerly Agricultural Finance Corporation Ltd) is a multi-disciplinary cross-functional development organisation providing consulting, advisory and implementation support for agriculture, rural development and other strategic socio-economic sectors in India. It is wholly-owned by commercial banks, NABARD and EXIM Bank.
As part of the partnership, HexGn will host a series of programmes and initiatives to increase the capabilities and skills of first-generation technology entrepreneurs in the agri-tech domain, a statement said.
AFC, along with HexGn, intends to support, handhold and build a community of entrepreneurs in the field of agri-tech that will, in turn, create immense economic value and employment/self-employment opportunities, it added.
“AFC in the last 50 years has played a pivotal role in developing and shaping India’s agriculture scene,” AFC India Ltd Managing Director B Ganeshan said.
He added that in the next 10 years, technology will transform agriculture and its allied fields, and we at AFC are delighted to partner with HexGn to fast-track and nurture 1,000 agritech start-ups from India.
AFC looks forward to developing a cohesive system to nurture, coach and develop agri-entrepreneurs towards making a new self-reliant India, he added.
The agri-tech sector has picked up pace in the last two years with a 40 per cent increase in the funding raised by Indian agri-tech ventures.
According to the HexGn Agritech Startup funding report 2019, the total funding in 2019 by Indian agri-tech organisation was at about $28 million.
“Strong foundation is being laid for introducing smart digital technologies and AI to transform Indian agriculture and doubling farmers’ income.
“Modernisation of agriculture and agri-trade in the next 10 years will impact 60 crore people or about 58 per cent of the total population of India, who are dependent on agriculture,” HexGn CEO Jappreet Sethi said.
He added that small and incremental improvements in the farm-to-fork supply chain will immensely help the small farmers in Indian villages.
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