NewsVoir
Bangalore (Karnataka) [India], October 6: SBI Foundation, under its flagship program, SBIF LEAP (Livelihood and Entrepreneurship Accelerator Program) announced the Innovators for Bharat initiative to support high-impact incubators providing incubation/acceleration to startups working to address pressing development challenges in the country. SBI Foundation partnered with Villgro, one of India’s leading social enterprise incubators to launch ‘Innovators For Bharat: Climate Resilient Agricultural Livelihoods’ program. The initiative will support upto 15 high-potential startups, creating impact on agricultural livelihoods, reducing agriculture’s climate footprint and enhancing the resilience of smallholder farmers to climate change.
The program will accelerate agriculture startups to scale sustainably by providing them with Equity seed funding, Grant capital and Incubation support. The customized incubation support includes strategic mentoring for business scale-up, opportunities for field pilots, access to rural distribution networks, guidance on the scientific quantification and evaluation of climate impact and technical assistance for building carbon projects. The initiative will also focus on guiding startups to build financially stable business models and access debt financing to help them grow. In addition to this, this program will act as a platform to raise awareness about startup innovations through different channels.
Through this high-engagement program, Villgro and SBI Foundation will deploy financial support of INR 3.25 Cr, through a combination of grant and equity. Villgro will play a pivotal role in this initiative by designing the implementation of the program, selecting startups through rigorous evaluation and due diligence, providing ongoing incubation support, and championing startup advocacy. SBI Foundation will be providing financial support to the selected startups as well as provide access to its network of banking experts for mentorship, Civil Society Organizations and other key Stakeholders.
“As the funding and implementation partner, SBI Foundation is wholly devoted to empowering startups and cultivating an innovative culture within the agricultural sector. In collaboration with Villgro, our shared goal is to create a meaningful and enduring impact. Our dedication extends to driving substantial environmental transformations, with particular emphasis on waste recycling/upcycling, CO2 emissions reduction and removal, and the sustainable management of land and resources. With this program, we aim to improve the lives of 10,000 people in two years, including creating jobs for many of them,” says Sanjay Prakash, Managing Director, SBI Foundation.
Sharing about the program, Maithili Rege, Associate Lead, Agriculture, Villgro, said, “Climate resilience in agriculture has become crucial due to unpredictable weather, extreme events, and shifting climate conditions. The vulnerability of traditional farming practices to these climate-related disruptions leads to crop failures, reduced yields, and economic instability for farmers. The Innovators for Bharat program is a fantastic opportunity to harness innovation to improve the livelihoods of smallholder farmers while making agriculture more environmentally sustainable. The program stands out by offering strong go-to-market support to enterprises, enhancing startups’ readiness for debt financing, and providing dedicated advocacy for startup success. Villgro is dedicated to making the world better through social entrepreneurship, and we are excited to be part of this program as it aligns with our vision to nurture impactful startups that can make a big difference.”
The program is open for startups in the early MVP stage or more mature enterprises in the growth stage. 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 are invited to submit their applications for the program.
The program encourages women entrepreneurs to apply. The selection of the startups for the program will be based on their innovative solutions, the current stage of the enterprise, its business viability, team, and potential to create impact at scale.
The application window will remain open until October 11, 2023 – villgro.org/current-programs/#cause-20
The startup selection process is set to commence in October 2023, with the announcement of selected startups scheduled for November 2023. The Incubation Period is planned to run from February 2024 to July 2025.
Villgro is India’s foremost impact-first incubator with expertise in 4 sectors – Healthcare, Agriculture, Climate Action, and Gender Inclusion. Our mission is to make innovative, impactful businesses succeed. Since 2001, Villgro has supported 387 social enterprises that have raised over INR 4.7 billion in investments, created 8175 jobs and impacted over 20.8 million lives. Villgro was recognized as the “Top Incubator” in India by Invest India (DPIIT, GoI) in 2020 and won the DivHERsity awards in 2022 and ’23.
For more details: www.villgro.org
SBI Foundation is the CSR arm of the State Bank Group. True to the Bank’s tradition of ‘Service Beyond Banking’, the Foundation engages with communities in various focus areas, including rural development, healthcare, empowerment of PwDs, education, sustainability and environment, livelihood and skill development, and more. Operating across 28 States and 7 Union Territories of India, the Foundation undertakes initiatives to provide resources to vulnerable sections of society through strategic partnerships with impactful entities in the social sector. The Foundation believes in reflecting the ethos of the State Bank Group in running interventions that are ethical, promote growth and equality, and improve the socio-economic well-being of the society.
For more details: www.sbifoundation.in
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