Social venture capital firm Aavishkaar Venture Management has invested an undisclosed amount in Mumbai-based horticulture company Insight & Intellect (InI) Farms. The venture firm said that it will acquire a significant minority stake in Insight & Intellect Farms, engaged in developing modern horticulture farms and exporting the produce.
Aavishkaar has earlier invested in food and agri-related companies. It backed Zameen Organic, a marketing company for fairtrade, organic and pesticide-free cotton and Shree Kamdhenu Electronics Pvt Ltd, a company developing technology for the dairy industry.
Founded by Pankaj Khandelwal and Purnima Khandelwal, Insight & Intellect Farms grows horticulture products in India with improved farming practices, international quality standards, high productivity and world class technology. Currently Insight & Intellect Farms is developing pomegranate plantations in over 1,000 acres across Maharashtra and Madhya Pradesh. The project involves increasing the productivity by 2x of current average productivity and the export quality from 40% to 70%, said the statement.
"The association with Aavishkaar is a major step forward in realizing our vision of bringing modern agriculture practices to India, improving productivity and providing safe food. Aavishkaar's understanding of rural market, their extensive network and their socio-economic approach to investment makes them the ideal partner for this venture," said Pankaj Khandelwal, co-founder and CEO of the firm.
"Agriculture is core to India and to Aavishkaar. InI Farms as an investment provides us an opportunity to fund a very capable promoter team to demonstrate high quality production and supply chain management in the agriculture space," said Vineet Rai, Managing Director, Aavishkaar. Aavishkaar is currently raising two new funds for the bottom of the pyramid sector with aggregate capital of Rs 1,000 crore.