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Supporting innovative start-ups in the agriculture sector in India

Project

Agriculture and agri-food
Signature date
Location
India
Financing tool
Equity investment
Financing amount (Euro)
5400000
Financing details
USD 5m Equity Investment
Customer
OMNIVORE AGRITECH & CLIMATE SUSTAINABILITY FUND 3
Type of customer
Investment fund
Country of headquarters
India
Project number
PIN1127
Environmental and social ranking
IF-B
Climate co-benefits
Project with climate co-benefits
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This information is given at the time of signature, without prejudice to any developments in the operation/project.

Proparco has invested in Omnivore Fund III which will support start-ups and employment.

Client presentation

Omnivore is a manager founded in 2011 by Mark KHAN and Jinesh SHAH. It started out as a corporate venture capital (CVC) branch of Godrej Agrovet, one of the largest agribusiness companies in India. The first venture capital fund manager dedicated to agritech in India, it has helped more than 40 business start-ups develop over the last decade.  The investments of the funds managed by Omnivore have generated significant impacts, with the Funds I and II reaching a total of 12 million smallholder farmers, USD 1.3bn of economic value created for the smallholder farmers, and 14.7 million tons of greenhouse gas emissions avoided.

Project description

Proparco has invested USD 5m in Omnivore Fund III, a USD 215m venture capital fund dedicated to supporting business start-ups developing breakthrough solutions for the agriculture sector in India. The fund will invest in the following segments: farmer platforms/fintech, precision agriculture, B2B agri marketplaces, life sciences, post-harvest technologies.

Project impact

The expected impacts of the project are as follows:

  • 28 start-ups supported at an early stage of their development, in particular by helping them develop their business strategy, facilitating mutually beneficial partnerships and collaborations with other portfolio companies and players in the ecosystem, and providing technical assistance 
  • 16,400 jobs created or maintained in the investee companies over the life of the fund

The project will contribute to the following Sustainable Development Goals: SDG n° 8 “Decent work and economic growth”, SDG n° 9 “Industry, innovation and infrastructure”, and SDG n° 13 “Climate action”.