Farmers Family, a Noida-based agritech startup, has signed a long-term memorandum of understanding (MoU) with IIM Lucknow-Enterprise Incubation Centre (IIML-EIC). The signing of the MoU marks a significant development in promoting entrepreneur development, startup incubation, and opening up investment avenues to the business.
According to the MoU signed with IIM Lucknow, Farmers Family will receive guidance from IIML-Incubator expert mentors, investors, experienced and successful senior business and corporate sector executives, and industry veterans on a broad range of topics, including the fundamentals of setting up a business, identifying suppliers, the appropriate location for the business, insights on emerging technologies, pricing of the product, marketing, developing effective business processes, among others.
Vikal Kulshreshtha, Co-founder & CEO, Farmers Family said, “After a good year in terms of scale even during the coronavirus pandemic, this MoU with IIM Lucknow - Enterprise Incubation Centre is an opportunity to the budding entrepreneurs like us. Our association with the world-class premier institute is not only fostering close linkages between academia and industry but will also open new avenues for resource sharing. We believe that this partnership has the real potential to make a deep and tangible impact on our business and enable us to reach milestones.”
“We are indeed glad to have inked this MoU with Farmers Family. This MoU will facilitate a collaborative exchange of ideas and knowledge between our start-up and our students and faculty. India is witnessing an unprecedented boom in the innovation start-up Agritech ecosystem of the country and in the current scenario the motto of "self-reliance" and 'Make in India' and start-up holds more prominence than ever before,” explained Arunodaya Bajpayi, COO IIM-Lucknow Enterprise Incubation Centre.”
Farmer's Family has also garnered funding from Neeraj Jindal, Piyush Jindal, the promoters of Safex Chemicals; some other investors also participated in the seed round. “We are excited to invest in this agritech start-up which is bridging the gap between consumer and farmers at the same time improving the lives of 1000s of farmers. The platform current founders have created looks very scalable and real work has been done towards connecting on-ground with farmers & building strong supply chains” commented Piyush Jindal.
CA Mayank Kulshrestha, Co-founder and Director - Finance, Farmers Family said, “The money raised would be majorly invested in technology and marketing activities and also to scale up operations of the company. With the current set of team and investors, the synergies created are huge and now we are focused on the addition of customers, providing more value to farmers and consumers, and raising more funds to scale our business in a fast yet sustainable way. We are continuously adding delivery areas and have started delivering in Noida Expressway Area and Raj Nagar Extension, Ghaziabad.”