Nabventures launches maiden fund to back agri, food and rural start-ups

Nabventures, a subsidiary of NABARD, Monday announced its maiden fund to back agriculture, food and rural start-ups.

The fund -- NABVENTURES Fund I -- with a proposed corpus of Rs 500 crore has a greenshoe option of Rs 200 crore and has received an anchor commitment from NABARD, Nabventures said in a release.

The National Bank for Agriculture and Rural Development (NABARD) is a development finance institution.

"The fund plans to raise the resources from a mix of domestic as well as global investors. The fund is registered with SEBI as a Category II Alternative Investment Fund," it said.

NABARD Chairman Harsh Kumar Bhanwala said the fund is expected to provide a big boost to the investment ecosystem in the core areas of agriculture, food and improvement of rural livelihoods in India.

The impact potential of NABVENTURES Fund I is very high, he added.

As per the release, NABARD has contributed to 16 other alternative investment funds with an overall capital commitment of Rs 273 crore so .