Proparco invests $5 Mn in Omnivore’s agritech and climate sustainability fund, marking its first venture capital fund commitment in India.
The investment aims to boost private sector development in emerging economies, focusing on agritech and climate sustainability, aligning with Proparco’s goals of reducing inequality and adapting to climate change in India.
This partnership between Proparco and Omnivore is expected to support entrepreneurs in boosting the agriculture, rural economies, and climate solutions across India and Southeast Asia.
French public entity Agence Française de Développement Group’s financing arm Proparco has infused $5 Mn (INR 42 Cr) into Omnivore’s third fund, the Omnivore
Agritech & Climate Sustainability Fund.
This LP investment also marks Proparco’s first VC fund commitment in India.
The infusion also aligns Proparco’s key pillars in India, reducing inequality and adapting to climate change, according to a statement.
Founded in 2011 by Mark Kahn and Jinesh Shah, Omnivore funds Indian startups in agritech and food systems. The VC firm has backed more than 40 startups, including DeHaat, Arya, Stellapps, Reshamandi, Ecozen, Aquaconnect and Pixxel.
Meanwhile, Proparco is a private sector financing subsidiary of AFD Group. It provides funding and support to both businesses and financial institutions in Africa, Middle East Asia and Latin America.
“Omnivore empowers entrepreneurs revolutionising agriculture, rural economies, and climate solutions. Proparco’s support will help these innovations scale globally, fostering resilient and equitable communities worldwide,” said Jinesh Shah, managing partner of Omnivore.
“This project is perfectly in line with our three strategic objectives in favour of a sustainable and resilient economy, for the protection of the planet and for the reduction of inequalities. By committing to climate-friendly investments that empower small-scale farmers to strengthen their resilience, Omnivore is pivotal in supporting sustainable development in India,” said Diane Jegam, South-Asia director of Proparco.
(The story will be updated soon)
