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Nabard announces Rs 700-cr VC fund for agri, rural startups

Press Trust of India  |  Mumbai 

The (NABARD) Monday announced a Rs 700-crore fund for equity investments in agriculture and

has been contributing to other funds till now and this is the first time that the has launched a fund of its own.

The fund has been launched by Nabventures, a subsidiary of NABARD, and has a proposed corpus of Rs 500 crore with an option to retain over-subscriptions of Rs 200 crore, called as the greenshoe option, an official statement said.

has given an anchor commitment for the fund, which will be investing across startups engaged in agriculture, and rural development space, it said.

The statement said, the fund had its first close but details of the investments done by NABARAD and other limited partners, if any, were not immediately available.

The fund will have a high impact as it will provide a boost to investment ecosystem in the core areas of agriculture, and improvement of rural livelihoods, said.

is now scouting for equity investments in asset-light, innovative, in its focus areas, the statement said.

Till now, NABARAD has contributed Rs 273 crore to 16 alternate investment funds, the statement said.

NABARD is now 100 per cent owned by the government, which has been focusing on startups through a slew of measures.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, May 13 2019. 17:41 IST