Yes Bank launches start-up enabler programme for food and agri sector

Private sector lender Yes Bank has launched a programme for digital financing solutions in the food and agriculture sector under its start-up enabler initiative, and it will also infuse equity capital in select ventures under this initiative.

Announcing the launch of an annual start-up enabler programme, 'Yes Bank Agri Infinity', the bank seeks to co-develop digital financial solutions for the food and agriculture ecosystem by mentoring entrepreneurial ventures in this field.

Early- and growth-stage start-ups interested in exploring tech-enabled financial innovations in the agri space are invited to apply with their proposals, Yes Bank said in a statement on Tuesday.

Those meeting the eligibility criteria will receive the guidance and support necessary to develop their solutions and apply them across the agricultural value chain.

A select cohort of start-ups will receive mentoring by veteran bankers for experiential co-development, as well as access to Yes Bank's digital banking infrastructure and network, collaborative opportunities to pilot new solutions and fundraising advisory.

"Fintech (financial technology) innovations in agribusiness are central to advancing sustainable growth of the Indian agri-food industry.

"By facilitating the exchange of knowledge and development of tech-enabled financial solutions for scalable agribusiness models, our programme aims to open a door for entrepreneurs to a thriving innovation ecosystem," Prashant Kumar, MD and CEO of Yes Bank, said.

The learning and collaborative opportunity built into the programme will work towards helping the participants build and test their solutions in the market, with subsequent support on scaling the solutions, the lender said.

Those start-ups applying under the scheme will also get access to the opportunity to partner for piloting new innovative solutions, as well as equity infusion in the bank in select start-ups with matching value propositions.

Among others, they will get access to the bank's customer network, assistance in design and prototyping of innovative digital financial solutions, as well as analytical solutions for the start-ups current digital financial solutions.

Agri-fintech start-ups working on financial innovations across the food and agriculture value chain are eligible to apply under this programme, the lender said.

Those involved in originations, farmer on-boarding, farmer KYC, credit scoring, risk assessment, monitoring and mitigation, disbursement and recovery solutions and cash management system, among others, can apply.