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Trade

In addition to this new $35 million revolving credit facility with CIBC, S&W maintains an AUD $15 million

S&W Seed Company has announced that it has closed a new $35 million asset-based revolving credit facility with CIBC Bank USA.

The new credit facility replaces an existing facility with a number of potential advantages to S&W including a reduction in the cost of capital, enhanced borrowing base structure, and increased flexibility to pursue its growth strategy. 

Matthew Szot, Chief Financial Officer of S&W Seed Company, commented, “We are pleased to have entered into this new revolving credit facility with CIBC which we believe has a number of advantages over our existing facility, including the reduction in our cost of capital, improvements to our borrowing base structure and greater financial flexibility. During the last several months, CIBC has demonstrated they have a strong understanding of our go forward business plan, which includes organic growth and opportunistic M&A to build upon the valuable infrastructure that has been created to date. We look forward to a long and mutually rewarding relationship with CIBC.”

In addition to this new $35 million revolving credit facility with CIBC, S&W maintains an AUD $15 million revolving credit facility for the Company’s Australian operations with National Australia Bank.

 

In addition to this new $35 million

Agro Universities, Nature

The MoU aims to demonstrate cost-effective and site-specific soil and water conservation measures ; capacity building of ETF on the different aspects of soil and water conservation and afforestation

 

 

The ICAR-Indian Institute of Soil and Water Conservation, Dehradun and 127 Infantry Battalion (TA) Ecological, Garhwal Rifles (Eco-Task Force – ETF) signed a Memorandum of Understanding (MoU) for the scientific planning, execution and monitoring of afforestation work carried out by the ETF. 

Dr P.R. Ojasvi, Director, ICAR-IISWC and Col. Vedvrat Vaidya, C.O., 127 Eco Task Force signed the MoU on the behalf of their respective organizations. 

The MoU aims to suggest the suitable species of trees, shrubs and grasses for the afforestation works on the different locations and sites selected by the ETF; demonstration of cost-effective and site-specific soil and water conservation measures in selected areas; capacity building of ETF on the different aspects of soil and water conservation and afforestation. This includes the nursery raising, soil working techniques, transportation of saplings, protection, etc.; impact assessment of earlier afforestation works of ETF in terms of carbon stock, diversity and other eco-system services and up-scaling of the validated interventions by the ETF. 

Dr D.V. Singh, Nodal Officer for the intended collaborative work, ICAR-IISWC, Dehradun outlined the vital points of the MoU. Major Vishal Raizada, Eco Task Force, Dehradun was also present during the occasion.

 

 

The MoU aims to demonstrate cost-effective

Agro chems – Pesticides, E-commerce, R&D

The power requirement after the expansion will be met from Dakshin Gujarat Vij Company Ltd (DGVCL)

Agrochemical firm UPL has received the environment clearance from the government for its Rs 353.43 crore pesticide unit expansion project in Bharuch district of Gujarat, according to official documents. 

The environment ministry has given the go-ahead to the company for the proposed expansion project based on the inputs of a green panel, the documents showed.

The approval has been given with some conditions which include that the company should neither produce banned pesticides/chemicals nor use any prohibited raw material for production of pesticides.

The proposed project is for expansion of the manufacturing capacity of existing products of pesticide technical grade, intermediate products and solid/liquid formulations and also for adding new products. 

The company plans to increase the capacity of pesticide unit from 1,520 tonne per month (TPM) to 4,720 TPM and pesticide-specific intermediate from 1,120 TPM to 2,100 TPM at Ankleshwar in Bharuch district. 

The expansion, which will be in the existing land area of 1.36 lakh square metres, is estimated to cost Rs 353.43 crore, the documents showed. The power requirement after the expansion will be met from Dakshin Gujarat Vij Company Ltd (DGVCL). 

At present, UPL has a production capacity of 6,910 TPM. It has 11 manufacturing facilities in Maharashtra, Jammu and West Bengal and marketing network in 133 countries.

The power requirement after the expansion will

Agro Universities, Cold Storage, R&D

Cold storage system is more helpful in completing the commodity chain until it reaches the consumers and helps in minimizing post-harvest losses.

National Institute of Technology and Indian Institute of Food Processing Technology (IIFPT), have jointly developed an energy-saving and cost-effective cold storage system. 2TR prototype solar-assisted mobile multi-commodity cold storage system to store fruits and vegetables is to be developed with DST (Department of Scientist and Technology) sponsorship.

Dr Mini Shaji Thomas, director of NIT-T said that “Their commitment is to bring farmers’ problem to the forefront.” She reminded the Institute tagline ‘locally relevant and globally competitive’ and insisted on impact education and sensitizing students towards agricultural problems. 

Trichy G Ajeethan, managing director of Tamil Nadu Banana Producer Company Ltd, said that this project is more helpful in completing the commodity chain until it reaches the consumers and helps in doubling the farmer’s income by minimizing post-harvest losses. 

About cold storage system

 N Sivakumaran, professor, event coordinator and one of the investigators of the project informed about cold storage system, “The storage system consists of two cold rooms and a chiller unit kept in between the cold rooms. The shelf life of fruits and vegetables can be increased by maintaining the temperature and humidity of the fruits and vegetables on the recommended range of standards. The uniqueness of the project is using the Low Melting Temperature Phase Change Material (PCM) to store and circulate in the cold storage rooms instead of direct evaporation of a refrigerant”.

The excess cold energy can be stored in the PCM and utilized in the absence of solar energy and grid. This is an energy-saving and cost-effective system when compared to the battery energy storage, he added.

 

 

Cold storage system is more

E-commerce, Nature, R&D

CEEW & Villgro launch “Powering Livelihoods”: a $2.5 million initiative to support clean energy-based livelihood solutions for uplifting the rural economy 

The Council on Energy, Environment and Water(CEEW)—a leading, independent policy research institution, and Villgro Innovation Foundation—one of India’s oldest and most renowned social enterprise incubators, have jointly embarked on a novel initiative “Powering Livelihoods”, with a vision to bolster India’s rural economy through the scaling up of clean energy solutions.

The initiative aims to provide dedicated capital, technical and sectoral growth support to at least five enterprises which are deploying innovative, clean energy-powered livelihood appliances, and shall enable them to undertake large-scale commercial operations over a period of next three years. The initiative boasts of having under its aegis investment partners like Caspian Debt, Upaya Social Ventures, among others. 

In an agrarian economy like India, whilst the energy needs for agriculture and irrigation is constantly on the rise, it is unfortunate to note that till date most of our farm machines are powered by fossil fuels. Likewise, in the highly-intensive textile industry, not many enterprises and business owners have so far realized that the reduction of energy use per unit output at the manufacturing level and further overall cost-cutting along the value chain can be achieved by shifting to an energy efficient and DRE-powered solution. According to recent Yes Bank report, “climate resilience” is increasingly becoming a major sustainability issue for Indian SMEs and small-scale rural industries, which are often negatively affected by fluctuations in energy-related costs, increasing frequency of extreme weather conditions, etc.

  

Speaking at the launch of the initiative, Arunabha Ghosh, CEO, Council on Energy, Environment and Water (CEEW) said, “India alone has more than USD 50bn worth of market for clean energy solutions for rural livelihoods; ‘Powering Livelihoods’ aims to catalyse the transformation of India’s rural economy by scaling up the accessibility and commercialization of clean energy-based solutions. By marrying CEEW’s deep expertise in evidence-based policy formulation and sectoral engagement with Villgro’s years of experience in growing businesses, the initiative will be highly significant in terms of capital, capacity building, and ecosystem support to help local enterprises in this domain survive and thrive, while escaping the ‘commercial valley of death’. We also firmly believe that the initiative shall be fruitful in unlocking crucial support from investors, policymakers, etc.as well as gather evidence to create a tangible and sustainable impact towards India’s rural development and climate change agendas.”

 

In the recent past, more than four million rural micro enterprises in India have cited lack of reliable electricity as the top bottleneck for their businesses. Providing reliable energy access not only creates new livelihood opportunities but also improves productivity, product value, and incomes. Hence, supporting commercial deployment is expected to drive enterprise growth, thus enabling them to establish their business model and demonstrate a track record of operations, building a wider pool of investible opportunities in the sector.

 

 

 

In view of the above, the “Powering Livelihoods” initiative offers the following:

 

  • Non-dilutive capital support: ‘Tranched” grant support (up to USD 250,000) to each enterprise to help them kick-off the commercial deployment of their product/appliance and to allow financial leverage for further fundraise in the form of equity/debt.

 

  • Capacity building support: Based on needs assessment, enterprises would be provided support services (up to USD 100,000) through strategic partnerships. This includes mentoring, capacity building, financial planning and modelling, and assistance on compliance and legal issues, with an end-goal to scale up commercial deployment.

 

  • Sectoral growth support: This would create sectoral momentum and create a larger impact by collecting evidence from the deployments at scale and by disseminating the evidence among key stakeholders such as financiers, policymakers, investors and other market enablers.

 

 

The core focus areas of this initiative include:

 

Agriculture & allied value chain/ cold storage sector: Enterprises deploying appliances such as clean energy-powered and/or energy-efficient cold storage, commercial food processors, juicers, dryers, milk chillers, flour mills, milking machines, rice hullers, and oil expellers.

 

Textile sector: Enterprises deploying appliances such as solar charkhas, sewing machines, paddle loom, jute machinery, and silk reelers which could improve productivity and reduce drudgery without harming the environment.

CEEW & Villgro launch “Powering Livelihoods”: a

Acts & Schemes – Centre, Agrotech, E-commerce, Organic

Sikkim IFFCO Organics is formed to promote & market the organic produce of Sikkim and other North-Eastern states of the country.

Sikkim Chief Minister Prem Singh Tamang laid the foundation stone of Integrated Organic Food Processing units of Sikkim IFFCO Organics Ltd in Rangpo, East Sikkim on Sunday . ’Integrated Organic Food Processing’ units in Rangpo will be set up  with an investment of more than Rs 50 crores. 

Sikkim IFFCO Organics Ltd. is a joint venture between the world’s biggest fertilizer cooperative IFFCO and the Government of Sikkim. It is formed to promote & market the organic produce of the country, especially from the State of Sikkim and other North-Eastern states of the country. 

The major commercial crops in which Sikkim IFFCO will operate are Ginger, Turmeric, Large Cardamom and Buckwheat. The initial cost of the project is Rs 50 Crore. The manufacturing will start from December, 2020.  All SIFCO products will be certified 100 per cent  organic so it will be non-toxic in nature. 

First state to go 100 % organic

“Sikkim is the first state of India to go 100 per cent organic, committing itself to attain sustainable agriculture and to promote the Green Himalayan Economy”, said Tamang Chief Minister, Sikkim. He also added that the joint-venture is a step in the direction of a safer food supply chain and environment protection. 

Setting an example of organic farming

Tamang stressed that the joint venture will ensure that the state of Sikkim fulfils the mission of doubling farmers’ income highlighted by the Government of India. He urged farmers of Sikkim to establish the gold standards of organic farming for not only farmers of India but the farmers of the world by showing them how we can ensure a healthier world yet making profit through organic farming.

Boost for economy

 Union Minister of Agriculture Narender Singh Tomar appreciated IFFCO and Government of Sikkim’s initiative to strengthen organic agriculture in the country and honing its capability to provide livelihood to the local farmers. This will help  to boost economy of North Eastern states of India which are specifically  dependent on agriculture. 

 

Dr U. S. Awasthi, MD, IFFCO said this is the beginning of a new era of organics at IFFCO. “Farmers can achieve any feat once they embrace food-processing with open arms as it ensures value addition to the crops, which in turn ensures farmers make most profit out of their produce”.

 Dr Awasthi also said that ,”It is IFFCO’s objective to begin this new decade with sustainable and environment-friendly agriculture for the farmers of the country. SIFCO will be capable of promoting these certified organic products worldwide and enhancing the 100 per cent organic image of Sikkim state globally, he added. IFFCO has made dedicated efforts to retain soil fertility and ecological health by introducing organic fertilizers also”. 

It bears recall that SIFCO has already signed two MoUs– one with Blossoms Biodynamics, USA for utilizing their marketing & distribution in the North American markets and the other with Centre Dr Rudolfa Steinera, Croatia for marketing its products in Croatia and the European Union.

 

 

 

 

Sikkim IFFCO Organics is formed to

Agrotech, Dairy

Around 5,000 participants out of which 50% will be from abroad are expected to attend the one-week event that will take place in September-October. 

India is currently working on developing a smart backyard dairying model near Delhi to exhibit in the World Dairy Summit that it will host in 2022.

 The annual flagship Summit of the International Dairy Federation or IDF is actually a platform for dairy stakeholders that include farmers, researchers, processors & marketers, to exchange knowledge as well as ideas on better dairying practices. 

For this, the government has involved the National Dairy Development Board or NDDB – the apex dairy development body in India, besides private players, cooperatives & Indian Dairy Association (IDA) as its stakeholders. In addition, an organising committee has been created with all the stakeholders as part of it. It is almost forty years since India hosted a global dairy summit. 

Dilip Rath, Chairman of NDDB, who is also part of the IDF India National Committee said, “We are working to establish a village to display our smart dairying practices. It is not only to showcase, but also to develop a sustainable dairy model for the future. For this a model village will be set up near Delhi in Haryana. India has been regularly taking part in the annual summit in other countries. In 2022, we will be the host country”. 

As many as 5,000 participants, 50% of which will be from abroad are expected to attend the one-week event that usually takes place around September-October. The summit will have exhibitions, technical sessions, farmer sessions, farm visits, social events and business engagements.

 This year (2019), the event was held in Turkey. The next summit is scheduled in September-October 2020 in Cape Town, South Africa. After that Purto Rico will host the event in 2021, followed by India in the year 2022 & China in 2023.

Around 5,000 participants out of which 50%

Acts & Schemes – Centre, Live Stock

The sheep have been imported at a cost of Rs 8.5 crore. 

The Uttarakhand government has imported 240 Merino sheep from Australia under the National Livestock Mission to improve sheep breeding in the state and increase production of quality wool. “This is a revolutionary and progressive step which will prove to be a boon for the farmers of the State”, said Trivendra Singh Rawat, Chief Minister Uttarakhand.

 The high quality Australian breed of sheep will be used for pure line and cross-breeding programmes under a well laid out breeding plan spread over five years, which will rid the state of the problem of inbreeding prevalent among sheep, Rawat added. 

Increasing high quality wool production

High quality germplasm will be made available to sheep breeders through use of modern artificial insemination in sheep and embryo transfer technology. Through use of technology, the State government aims to increase high quality wool productivity from 558 metric tonnes at present to over 1,000 metric tonnes. It will also help people in mountainous regions of the state to stay in their villages and engage in sheep breeding as a sustainable economic activity.

The 240 Merino sheep have been imported at a cost of Rs 8.5 crore, and 40 of them are male, while 200 are female, informed Meenakshi Sundaram, Secretory Animal Husbandry.

Sundaram also added that they have been quarantined currently at a village in Tehri district. They will be vaccinated in a month against foot and mouth disease and engaged in breeding activity in a phased manner after that,

 

The sheep have been imported at a

E-commerce, Trade

The clusters will ensure that the agriculture products meet the phytosanitary norms of developed countries. 

The Maharashtra Government have jointly planned with APEDA, to set up over 18 clusters in the State for export of chemical-residue-free vegetables and fruits. Phytosanitary measures are for the control of plant diseases and pathogens. Customs clearance at foreign ports is impossible without residue-free and phytosanitary certifications.

 “Maharashtra accounted for 65 per cent of the country’s fruit and 55 per cent of vegetable exports. Last year 2.5 lakh tonnes of grapes, worth about ₹2,300 crore, about 50,000 tonnes of mangoes (₹406 crore) and 67,000 tonnes of pomegranates (₹688 crore) were exported. Export of 15 lakh tonnes of onions earned ₹3,500 crore. The Maharashtra Government is keen to raise its exports”, informed Govind Hande Export Adviser to the Maharashtra Government.

 Assessment of infrastructure

The State Government in collaboration with APEDA — Agricultural and Processed Food Products Export Development Authority — will assess the agri export capability of every district, and help create infrastructure such as warehouses, distribution centres, pack houses and quality testing facilities.

 The EU, Japan, the US, Australia and many other advanced economies are wary of invasive species of insects and pathogens, which may come with agriculture produces. They also have low tolerance to certain agrochemical residue. These countries even insist on the wood used for packaging being free of insects and chemicals.

 Upgraded Infrastructure facilities

 While highlighting the use of latest technology for improving the infrastructure facilities Hande said, “In the last 10 years, several infrastructure facilities have been created including radiation and hot water treatment for mangoes and onions. The State also has15 labs, which can certify the absence of farm chemical residues. Of the total pack house in the country, 80 per cent are in Maharashtra. The idea is to further increase the number of such infrastructure facilities.”

The District Collectors will lead these clusters. Preliminary work has already started in Sangli, Solapur and Nashik, he added.

The clusters will ensure that the agriculture

Acquaculture, R&D

Scientists have developed low-cost, users’ friendly ‘Paper Strip Method’ for rapid detection of formaldehyde and ammonia in fishes 

 

 

 

With a path-breaking initiative, Indian Council of Agricultural Research (ICAR) -Central Institute of Fisheries Technology (CIFT) has recently developed a low-cost, users’ friendly Paper Strip methods for rapid detection of formaldehyde and ammonia in fishes, as the conventional techniques available for testing these harmful chemicals are time-consuming and erroneous also. Formaldehyde is a toxic aldehyde, listed as a cancer-causing agent by the International Agency for Research on Cancer and ammonia while ammonia can lead to hazardous health issues like injuries to mucous membranes of mouth, throat, esophagus, and stomach. Moreover, it’s a unique, simple, low-cost and easy-to-operate device to recognize the freshness of fish in the market.

 

As per reports, the paper-based disc can be used on packed fish and sell fishes. The paper disc is attached inside the pack without coming in contact with the fish. This will easily absorb the chemical compounds released during the storage period and changes colour. 

The colour change indicates the freshness of fish without any elaborate and costly laboratory tests, says CO Mohan, senior scientist, Fish Processing Division, CIFT.  Moreover, the cost of the test is nominal and will not affect the sale price of fish. This freshness indicator can be used on chilled, refrigerated and iced fish, he added.

The freshness of fish is either ensured by sensory attributes or by analytical methods, which is time-consuming, costly and not real-time, Mohan said.

As per reports, consumers who buy inferior quality fish come to know of it only while cooking or consuming. The availability of the low-cost and easy-to-use device will help consumers get good quality fish, while it is helpful for traders to maintain better conditions to retain the freshness.

 CIFT scientists K.Elavarasan, Pankaj Kishore, and SK Panda were part of the team that developed this great device. Moreover, the use of the freshness indicator is beneficial to both producer/manufacturer and consumer.

Scientists have developed low-cost, users’ friendly ‘Paper

R&D

Good Agricultural and Collection Practice (GACP) Certification Provides Ikänik with the Ability to Export Non-manufactured Pharmaceutical Grade Cannabis Products to International Markets

Ikänik Farms, Inc. (the “Company” or “Ikänik”) is pleased to announce that Pideka SAS (“Pideka”), a wholly owned subsidiary of the Company, has been issued a Good Agricultural and Collection Practice (GACP) for medicinal plants certification for its Casa Flores R&D and agronomic testing facility. The GACP for medicinal plants certification was issued by SGS Colombia, SAS (“SGS”).

With this new certification, Pideka will have the ability to export non-manufactured pharmaceutical grade cannabis products (i.e. seeds, tissue cultures, clones and biomass) to European markets from its state-of-the-art Casa Flores cannabis camp, currently under construction. “Our team has worked extremely hard over the last several weeks in Colombia to advance our overall mission. GACP certification for our R&D and agronomic testing facility is a testament to their efforts and is a positive milestone for the Company,” said Borja Sanz de Madrid, President of Ikänik Farms International, Inc. “We look forward to continuing to work alongside SGS as we pursue GMP-C certification for Casa Flores.”

 

Good Agricultural and Collection Practice (GACP) Certification

E-commerce, Machinery - Pre-harvesting, Machinery – Post-harvesting, R&D

The new age Mahindra Yuvo 575 DI 4WD, India’s first 4WD tractor comes with 15 Speed option in the 45 HP category 

 

 

Mahindra & Mahindra Ltd, the leading agri machinery manufacturer has recently showcased its wide range of Tractors and Farm Implements at KISAN 2019’, India’s largest Agri Show organized at Pune.

The new age Mahindra Yuvo 575 DI 4WD, India’s first 4WD tractor comes with 15 Speed option in the 45 HP category offers advanced technology comprising of a powerful 4-cylinder engine, full constant mesh transmission with all new features and advanced precision hydraulics. The tractor also offers highest PTO power of 45 HP and sealed.

The other advanced Agri machinery of the auto maker company includes The Mahindra JIVO 365 DI 4WD, a Lightweight tractor designed especially for application in Paddy fields. The JIVO 365’s advanced DI engine provides for unmatched Power and best-in-class, says official.

As per reports, the leading auto manufacture company showcased it’s advanced range of agri machineries including the Mahindra Bolero Pik up, 755 NOVO 4WD, 575 SP PLUS, YUVO 575 4WD, JIVO 365 4WD, JIVO225 4WD, Swaraj 742XT 2WD, Swaraj 744 FE 4WD, Swaraj 724 XM Orchard 2WD, the Earth Master backhoe loader equipment and standalone implement- Horticulture Planter. 

Moreover, the Mahindra Group is a USD 20.7 billion federation of companies that enables people to rise through innovative mobility solutions, driving rural prosperity, enhancing urban living, nurturing new businesses and fostering communities.

The new age Mahindra Yuvo 575 DI

Acquaculture, Acts & Schemes – Centre, Schemes - NABARD

The first tripartite Memorandum of Agreement was signed between the department of Fisheries Government of India, NARBARD and the Government of Tamil Nadu for the implementation of Fisheries and Aquaculture Development Fund (FIDF). 

 Speaking on the occasion Giriraj Singh, Union Minister for Fisheries, Animal Husbandry and Dairying said that a dedicated fund has been created namely the Fisheries and Aquaculture Infrastructure Development Fund with a total of Rs. 7522.48 crore to address the infrastructure requirement for fisheries sector.  He urged the coastal states to pay attention to deep sea fishing, post harvesting, and cage culture and export promotion. FIDF provides concessional finance to the eligible entities, cooperatives, individuals and entrepreneurs for development of identified fisheries infrastructure. The National Bank for Agriculture and Rural Development (NARBARD), National Cooperatives Development Corporation (NCDC) and all scheduled banks are Nodal Loaning entities (NLEs) to provide concessional finance under the (FIDF).

The Department of Fisheries, Ministry of Fisheries, Animal Husbandry and Dairying under the FIDF provides interest subvention up to 3 percent  per annum for providing the concessional finance by the NLEs at the interest rate not lower than 5 percent  per annum.

Tamil Nadu Government to get Rs 420 crore for development of three fishing harbours

The Government of Tamil Nadu has signed the first Tripartite MoA for availing the initial concessional finance of Rs 420 crore from NARBARD for development of three fishing harbours in the State namely, (i) Tharangampadi in Nagapattinam district, (ii) Thiruvottriyur Kuppam in Tiruvallur district and (iii) Mudhunagar in Cuddalore district. These will create safe landing and berthing facilities for a large number of fishing vessels plying in the area, augment fish production in the regions, facilitate hygienic post–harvest handling of fish, stimulate growth of fisheries related economic activities and employment opportunities.

 

NABARD as one of the Nodal Loaning Entities (NLEs) provides concessional finance for development of fisheries infrastructure facilities through State Governments/State Entities under the FIDF, after execution of the Tripartite MoA. Proposals to the tune of Rs.1715.04 crore received from various State Governments and other Eligible Entities (EEs) have been recommended as date by the Central Approval and Monitoring Committee constituted in the Department for consideration under FIDF. The project proposals of Government of Tamil Nadu and Andhra Pradesh for development of fishing harbours in their respective States form the major part of these recommended projects.

 

Rajni Sekhri Sibal, Secretary, Department of Fisheries, Government of India, Dr Harsh Kumar Bhanwala, Chairman, NABARD, Dr J Balaji, Joint Secretary (Fisheries),  Sagar Mehra, Joint Secretary (Fisheries), Principal Secretaries and Secretaries in charge of fisheries of various States and other senior officials in the Department of Fisheries were also present during the function.

The first tripartite Memorandum of Agreement was

Finance, Seeds, Start ups, Trade

Funds will be used to expand its presence and take its agriculture-based products to the global level. 

Agri-tech start up Nu Genes Private Limited has raised $6 million from Innovation in Food and Agriculture (IFA) fund managed by Sathguru Catalyser Advisors.

“The motive behind this investment is to address the future needs of farmers for the adoption of climate change and furnish with seeds that can adapt in dry and humid lands by retaining their nutritious value”, informed  Sathguru Catalyser chairman Krishna Kumar.

About Nu Genes

 In 2004, Narayana Reddy Punyala founded Nu Genes Pvt. Ltd, which is formerly known as Nitya Seed Sciences Pvt. Ltd. Nu Genes produces seeds that have high climate tolerance and can adjust in every climate condition of Asia, and specifically, other tropical agriculture regions.

Nu Genes basically offers cereal, vegetable, and grain crops seed. The start-up is undergoing research in field crops like pearl millet, maize, sorghum, and paddy. On the other hand, research for vegetable crops like tomato, chili, okra, bitter gourd, bottle gourd, and watermelon are also under process.

Start-up funding in India

In India, the IFA fund is one of the agriculture technology focus funds, which is sponsored by Sathguru Management Consultants. It primarily invests in an innovation-based start-up that is promising and has the potential for revolutionizing the agriculture sector and packaged food products. Earlier this investment, Sathguru invested $6 million in an agri-tech start-up named Ecozen Solutions Pvt. Ltd in December 2019. 

According to recent report of NASSCOM, agri-tech start-ups in India are on the rise. Around $66.6 million funding was raised in 2018 and $46.1 million funds in these start-ups in 2017. Bijak, Ninjacart, Vegfru, WayCool CropIn, Lemon Leaf, DayBox, Crofarm, Fasal, and Kamatan Farm tech are the major companies in the agri-tech sector.

 

Funds will be used to expand its