Agtech’s Grow Indigo start-up, which focuses on nature-based solutions to address the challenges of climate change, raised more than $6 million in funding in its latest round of funding. As a result, the company has a total capital of over $13 million. The round attracted interest from investors from around the world, including Indigo AG, Mahyco and HNI.
Grow Indigo developed the concept of coal farming as a crop for small farmers in India. When implemented on 120 million acres (or about a third) of farmland in India, a 1% increase in soil carbon will remove more than 7 gigatonnes of carbon dioxide from the atmosphere.
First of its kind
Grow Indigo has built an alternative source of sustainable income for farmers by selling the carbon credits they generate by adopting regenerative practices. Being the first project of its kind for small farmers, launched in 2021, the company expects to register more than 3.5 million acres over the next two years, the company said in a statement.
As a new crop, coal could become the country’s fifth-largest agricultural commodity and is expected to generate $7 billion in additional income a year for small farmers by 2030. This will significantly reduce greenhouse gas emissions and help companies meet their climate commitments.
To facilitate and expedite this program, Grow Indigo has invested heavily in building an extensive library of useful microbes that enables farmers to reduce chemical inputs and increase their ability to generate carbon credits. Grow Indigo’s proprietary microbial consortia already cover 4 million acres. The Grow Indigo digital network and platforms already connect with over 1,000 retailers and FPOs and 10 million farmers.
“With sustainable development, Grow Indigo will continue to scale up carbon farming in India,” said Usha Barwale Zehr, Executive Chairman of Grow Indigo.