SBI Foundation & Villgro Launch 'Innovators for Bharat' to Foster Climate-Resilient Agriculture

In a significant move towards promoting climate-resilient agricultural livelihoods in India, the SBI Foundation, in collaboration with Villgro, a leading social enterprise incubator, has launched the 'Innovators for Bharat: Climate Resilient Agricultural Livelihoods' program. This initiative aims to support up to 15 high-potential startups dedicated to addressing critical development challenges in the country.

The program seeks to accelerate the growth of agricultural startups by providing them with essential resources, including equity seed funding, grant capital, and incubation support. This tailored support includes strategic mentoring for business scale-up, opportunities for field trials, access to rural distribution networks, guidance on quantifying and evaluating climate impact, and technical assistance for building carbon projects. Additionally, the initiative will focus on helping startups establish financially stable business models and access debt financing to facilitate their growth.

The 'Innovators for Bharat' program will deploy financial support totaling INR 3.25 crore through a combination of grants and equity. Villgro will play a pivotal role in program implementation, including startup selection through rigorous evaluation and due diligence, ongoing incubation support, and advocacy for startup success. SBI Foundation will provide financial support to selected startups and offer access to its network of banking experts for mentorship, civil society organizations, and other key stakeholders.

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Sanjay Prakash, Managing Director of SBI Foundation, emphasized the program's commitment to driving environmental transformations, with a focus on waste recycling/upcycling, CO2 emissions reduction, sustainable land and resource management, and improving the lives of 10,000 people in two years through job creation.

Maithili Rege, Associate Lead, Agriculture at Villgro, highlighted the program's importance in enhancing climate resilience in agriculture, especially in the face of unpredictable weather patterns and shifting climate conditions. The program stands out by offering strong support for market entry, readiness for debt financing, and dedicated advocacy for startup success.

The 'Innovators for Bharat' program is open to startups in the early Minimum Viable Product (MVP) stage or more mature enterprises in the growth stage. It welcomes applications from Agritech startups, Agri Fintech startups, and Climate Tech startups with a primary focus on themes such as climate-resilient agriculture, reducing post-harvest losses, waste-to-value, and carbon impact and measurement. Women entrepreneurs are also encouraged to apply.

The application window is open until October 11, 2023, and the startup selection process is set to begin in October, with the announcement of selected startups scheduled for November. The incubation period is planned to run from February 2024 to July 2025.

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Villgro, India's premier impact-first incubator, has a proven track record of supporting social enterprises in various sectors, including Healthcare, Agriculture, Climate Action, and Gender Inclusion.

SBI Foundation, the CSR arm of the State Bank Group, operates across 28 states and 7 union territories in India, focusing on initiatives related to rural development, healthcare, empowerment of Persons with Disabilities (PwDs), education, sustainability, livelihood and skill development, and more.

This collaborative effort between SBI Foundation and Villgro signifies a significant step towards fostering innovation and resilience in India's agricultural sector while addressing pressing climate challenges.

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