Tamil Nadu Govt Allocates ₹3.8 Cr to Support Agribusiness Startups

In a recent update, Tamil Nadu Agriculture University (TNAU) joined forces with the National Bank for Agriculture and Rural Development (NABARD) to allocate funds totaling ₹3.80 crore to around 20 startups from different regions of Tamil Nadu. This financial distribution occurred during an event organized by TNAU at the Agricultural College and Research Institute.

These startups, associated with the Madurai Agribusiness Incubation Forum (MABIF) since their inception, were carefully selected based on their recognition by the Department of Industry and Internal Trade (DPIIT). MABIF CEO K. Ganesh Moorthy explained that the selection process involved the submission of funding proposals by the companies.

One of the individuals benefiting from the funds is M.D. Vinod Kumar, who cultivates cardamom in Theni and owns E3 Agro Solutions. He was granted ₹20 lakh to set up a cardamom drying unit in the Idukki district of Kerala. Kumar shared his plan to utilize the funds for a specialized heat pump machine that efficiently dries moist cardamoms, outperforming the conventional manual techniques. He emphasized the importance of this machine in providing a cost-effective solution particularly beneficial for small-scale farmers.

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In another instance, the startup Maheesha Foods and Beverages, situated in Madurai, secured ₹25 lakh to enhance its beverage supply operations in Coimbatore. The owner, Prabaharan Venugopal, manages a website named Cuptime, through which he delivers tea and coffee to various commercial establishments.

The event also featured the launch of around 15 products developed by seven MABIF Farmers Producers Organisation (FPO) and three startups. Notable among these are value-added products such as millet biscuits and snacks. The funds disbursed included ₹3 crore from NABARD's Catalytic Capital Fund and ₹80 lakh from the Startup India Seed Fund Scheme (SISFS) of the Tamil Nadu government. This financial support aims to boost the growth and development of these promising agricultural startups.

In addition to the funding announcements, an upgraded website for MABIF was unveiled during the event. This enhanced platform is designed to facilitate direct communication between farmers, entrepreneurs aspiring to promote their agro-based businesses, and individuals interested in marketing agricultural produce.

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Geethalakshmi, Vice-Chancellor of TNAU and Chairman of MABIF, along with other dignitaries, graced the occasion and highlighted the collaborative efforts to propel the agricultural startup ecosystem forward.

Apart from revealing the funding details, a new and improved website for MABIF was launched at the event. This upgraded platform aims to make it easier for farmers, entrepreneurs looking to boost their agro-related ventures, and people keen on marketing agricultural products to directly connect and communicate.

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