The two companies will jointly incubate and encourage Indian Agritech startups to grow their business and sustainable agriculture.
IIT Madras Incubation Cell (IITMIC) has partnered with Samunti Foundation, a non-profit subsidiary of Samunti Financial Intermediation and Services Pvt. Ltd. to promote innovative technologies in agriculture and related fields in India.
The two organizations signed a memorandum of understanding to promote agritech startups to improve farmers’ incomes, reduce waste and promote sustainable agriculture. Through this partnership, companies will provide incubation support / facilities to the entrepreneurial enterprise, prepare location documents and offer policy recommendations.
This collaboration is related to the goals of the Samunti Foundation which makes a real difference in the lives of entrepreneurs in the unfamiliar / unfamiliar farming community. Through a partnership with IITMIC, Samunti aims to provide strategic and operational guidance, training, mentoring, networking and other necessary resources to help visionary Agritech startups in India establish themselves and scale their presence.
The key areas and technologies to be explored jointly, especially under sustainable agriculture are:
- Promotion of Alternative Crops – Promotion of buckwheat based menus through research on buckwheat varieties and commercialization of buckwheat food items.
- Adopt a green agricultural ecosystem – green agricultural machinery, solar pumps, money-related technology products, electric vehicles for agricultural transport
- Food Processing Technology – Focusing on locally developed medium-scale technology for pre-processing locally packaged food while maintaining nutritional value.
- Support services for the agricultural community – to see farmers assisting in the purchase and sale of goods, financing, insurance against price and weather fluctuations, agricultural consultancy, transportation and renting of agricultural machinery and enabling labor.