Prateek Toshniwal announces fund to help start-ups based on agriculture
- ByStartupStory | November 24, 2022
Entrepreneur and angel investor Prateek Toshniwal has announced a $0.5 million investment to support India’s startup ecosystem. Startups operating in industries such as agriculture, clean technology, and Web 3.0 are eligible to apply for the fund.
“Agriculture is one of the primary sources of income for the government in our country. India is an agricultural-centric country, with over 70 percent of its substantial revenue generated from cultivated lands. With numerous start-ups and enterprises venturing into the agricultural landscape, it is the best time to invest in the sector to mark and celebrate the agricultural profession in India. Also, the IT sector has been on a persistent rise in India for the last two decades. The world-wide-web revolution has morphed IT services universally, with Web 3.0 being the latest stage of web evolution. The financial investments in clean tech will ensure the steady progress of the industry in the times to come,” Toshniwal said.
He has previously invested in a number of businesses, including ReshaMandi, Agrimarg, Indeanta, and Zappfresh. Additionally, he has worked with several Indian founders.
After raising $296 million through 27 private equity and venture capital agreements in the first half of this fiscal year, investors are giving agri-tech start-ups in India a boost. According to Venture Intelligence, this is almost twice as much as the $157 million raised through 23 deals during the same period in FY22. Ajinkya Rahane, a cricketer, has established a Rs 1 crore seed fund for start-ups in the agri-tech industry. While talking about this investment, he said, “I have made some investments prior to this fund. However, I was looking for an institutionalized and structured form of funding for agri-tech start-ups. Even though the funding will be in the form of equity, I am not looking at monetary returns but want more in terms of a higher direct monetary positive impact on farmers.”
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