SBI Foundation, under its flagship program, SBIF LEAP (Livelihood and Entrepreneurship Accelerator Program) today announced the launch of the ‘Innovators for Bharat’ initiative to support high-impact incubators providing incubation/acceleration to startups working to address pressing development challenges in the country.
SBI partners with Villgro
SBI Foundation has partnered with Villgro, an Indian social enterprise incubator to launch the ‘Innovators For Bharat: Climate Resilient Agricultural Livelihoods’ program.
According to the company’s statement, The initiative will support up to 15 high-potential startups, creating an impact on agricultural livelihoods, reducing agriculture’s climate footprint and enhancing the resilience of smallholder farmers to climate change.
How will the program benefit startups?
The program will accelerate agriculture startups to scale sustainably by providing them with Equity seed funding, Grant capital and Incubation support.
The customized incubation support includes strategic mentoring for business scale-up, opportunities for field pilots, access to rural distribution networks, guidance on the scientific quantification and evaluation of climate impact and technical assistance for building carbon projects.
The initiative will also focus on guiding startups to build financially stable business models and access debt financing to help them grow. In addition to this, this program will act as a platform to raise awareness about startup innovations through different channels.
SBI Foundation and Villgro to provide financial support
Through this high-engagement program, Villgro and SBI Foundation will deploy financial support of INR 3.25 Cr, through a combination of grant and equity.
Villgro will play a pivotal role in this initiative by designing the implementation of the program, selecting startups through rigorous evaluation and due diligence, providing ongoing incubation support, and championing startup advocacy.
On the other hand, SBI Foundation will be providing financial support to the selected startups as well as provide access to its network of banking experts for mentorship, Civil Society Organizations and other key Stakeholders.
Which startups are eligible for this program?
The program is open for startups in the early MVP stage or more mature enterprises in the growth stage. Agritech startups, Agri Fintech startups and Climate Tech Startups with a primary focus on themes such as Climate resilient agriculture, Reducing post-harvest losses, Waste to Value, and Carbon Impact and Measurement are eligible for this program.
The selection of the startups for the program will be based on their innovative solutions, the current stage of the enterprise, its business viability, team, and potential to create impact at scale.
The startup selection process is set to commence in October 2023, with the announcement of selected startups scheduled for November 2023. The Incubation Period is planned to run from February 2024 to July 2025.
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