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<ul><li>The government of India has decided to set up a dedicated fund for agritech startups.</li><li>The finance minister also mentioned that the government intends to pay ₹2.7 lakh crore worth of MSP.</li><li>Like other sectors, the finance ministry has also proposed to further incorporate drones into the agriculture sector.</li></ul>The government of India has decided to set up a dedicated fund for agritech startups, Finance Minister Nirmala Sitharaman said while announcing the union budget for the year 2022-23. “A fund with blended capital, raised under the co-investment model, will be facilitated through NABARD. This is to finance startups for agriculture &amp; rural enterprise, relevant for farm produce value chain. The activities for these startups will include, inter alia, support for FPOs, machinery for farmers on rental basis at farm level, and technology including IT-based support,” Sitharaman said. The finance minister also mentioned that the government intends to pay ₹2.7 lakh crore worth of minimum support price (MSP) direct payments to wheat and paddy farmers. Besides this, the government is also looking to deploy drones for agriculture monitoring, crop assessment, digitisation of land records and spraying of insect pesticides. The share price of Zen Technologies — a publicly listed company that works on drone detection, classification and tracking — <a href="https://stocktwits.com/Dhwani1105/message/432213049">spiked </a>after the Sitharaman made this announcement. <div type="image" title="Dhwani Agri post" msid="89278267" hostid="261"></div> While the company doesn’t have agricultural operations, the spike of its shares was related to the wider scope of drones. “Startups will be promoted to facilitate Drone Shakti through varied applications and for a drone as a service," Sitharaman added. “The budget has covered multiple avenues for the drone industry to rise, the focus on promoting Agricultural Drones and the NABARD fund to support startups will result in ensuring that the Drone Industry reaches a new milestone. The development of 100 new cargo terminals in the next 3 years will also add to the growth of Drones enabled for cargo deliveries within the terminals and terminals to delivery locations,” Swapnik Jakkampuddi, cofounder of Skye Air Mobility, said. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/economic-survey-2022-highlights-that-delhi-not-bengaluru-is-the-startup-capital-of-india/articleshow/89249128.cms">Delhi, not Bengaluru, is the startup capital of India, says Economic Survey</a> <a href="https://www.businessinsider.in/budget/news/indias-defence-budget-allocation-as-per-experts/slidelist/89250030.cms" data-type="tilCustomLink">Allocation for India's defence may see a nominal increase</a> <a href="https://www.businessinsider.in/budget/news/the-government-is-expected-to-announce-1-3-lakh-crore-for-railways-under-the-national-infrastructure-pipeline/articleshow/89256692.cms" data-type="tilCustomLink">The government is expected to announce ₹1.3 lakh crore for railways under the national infrastructure pipeline</a>

A fund for agritech startup, inclusion of drones to boost Indian farming

<ul><li><keyword id="366603" type="COMPANY" weightage="20" keywordseo="Matrix-Partners-India">Matrix Partners India</keyword>, Ankur Capital, Better Capital and <keyword id="8830555" type="UNKNOWN" weightage="20" keywordseo="titan-capital">Titan Capital</keyword> also participated in the round.</li><li><keyword id="9611309" type="UNKNOWN" weightage="20" keywordseo="VeGrow">Vegrow</keyword> provides a technology platform to farmers, which can be used to get high quality farm inputs and best farming practices.</li><li>The <keyword id="3210932" type="PERSON" weightage="20" keywordseo="B2B-startup">B2B startup</keyword> is looking to expand to 100 cities, invest in technology and launch new products.</li></ul>Business-to-business (B2B) agritech startup for sourcing fruits and vegetables, Vegrow, has raised $13 million in a Series A round co-led by <keyword id="455799" type="COMPANY" weightage="20" keywordseo="Lightspeed-Venture-Partners">Lightspeed Venture Partners</keyword> and Elevation Capital. Existing investors Matrix Partners India, Ankur Capital, Better Capital and Titan Capital also participated in the round. The company had raised $2.5 million in a seed round in June 2020. Vegrow was founded in April 2020 by Indian Institute of Technology (IIT) alumni Praneeth Kumar, Shobhit Jain, Mrudhukar Batchu and Kiran <keyword id="50744" type="PERSON" weightage="20" keywordseo="Naik">Naik</keyword>, who have varying experience in the agri sector. Kumar and Jain started their career at fast moving consumer goods (FMCG) giant ITC’s agribusiness division, whereas Batchu and Naik were directly involved in farming. The company works with small-hold farmers on a profit sharing model and offers assistance across various stages of the farming cycle using technology. Vegrow provides a technology platform to farmers, which can be used to get high quality farm inputs and best farming practices. The platform also enables farmers to sell their harvest to the right buyers for the right price. The B2B startup claims to help farmers in getting higher returns, reducing supply-chain wastage and improving procurement for wholesalers. The company’s founders have emphasised that the new funding will help Vegrow to expand to 100 new cities, invest in technology and launch new products. The company claims to be one of the largest companies for pomegranates in the country in less than a year. Meanwhile, Lightspeed’s partner Vaibhav Agrawal said that companies building a tech-enabled marketplace between farmers and buyers could help eliminate inefficiencies and would have large market opportunities eventually. “Additionally, many marketplaces have scaled up on negative unit margins in this category, so we were really impressed by the growth and positive unit margin Vegrow has demonstrated using its technology-oriented approach to standardise quality, minimise inventory and retain farmers,” Agrawal added. Apart from Vegrow, other companies in India’s agritech space include Ninjakart, AgNext, Samunnati, Dehaat, Farmart, and WayCool. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/swiggy-raises-1-25-billion-in-a-mega-round-of-funding-led-by-softbank-and-prosus/articleshow/84578974.cms" data-type="tilCustomLink">Swiggy gets a $1.25 billion cheque from Softbank for the same reason Zomato went for an IPO</a> <a href="https://www.businessinsider.in/business/startups/news/globalbees-has-raised-150-million-in-few-months-of-launch-to-acquire-more-businesses/articleshow/84552291.cms">GlobalBees, a Thrasio-style startup launched by FirstCry and Edelweiss execs, raises $150 million in few months of launch</a> <a href="https://www.businessinsider.in/tech/news/how-to-find-out-if-your-phone-is-infected-by-the-pegasus-spyware/articleshow/84578193.cms">This toolkit will tell you if your phone is infected by the Pegasus spyware</a>

Agritech startup Vegrow raises $13 million Lightspeed, Elevation

New Delhi, Mar 25 () Agro-chemicals firm Dhanuka Agritech Ltd on Wednesday said it has temporarily shut down operations in all its three manufacturing units amid nationwide lockdown due to COVID-19 outbreak. In a regulatory filing, the company said this is in line with the directives issued by the respective state governments and authorities to prevent and contain the outbreak of coronavirus. The company has temporarily shut down its registered office, corporate office and operations at all its three manufacturing facilities located at Sanand (Gujarat), Udhampur (J&amp;K) and Keshwana (Rajasthan), it said. Furthermore, all other offices have been closed down and employees have been asked to work from home, the filing said. The company said it will resume operations and offices once the situation improves and suitable directions are issued by the central or state government. LUX SHWSHW

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A fund for agritech startup, inclusion of drones to boost Indian farming

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Agritech startup Vegrow raises $13 million Lightspeed, Elevation

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Dhanuka Agritech temporarily shuts down operations

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