Omnivore launches new $130mn venture fund focused on agritech and climate sustainability

Omnivore, India’s leading agritech venture capital firm, announced on April 4 the launch of its third fund with a target corpus of USD 130mn (Rs 1000 crore). The new fund will continue to invest in early-stage start-ups developing breakthrough technologies for agriculture, food, climate, and the rural economy. Omnivore generally invests in Seed, Pre-Series A, and Series A rounds with follow-on capital for future growth.

Originally founded by Jinesh Shah and Mark Kahn in 2010, Omnivore pioneered agritech investing in India, and over the past decade has backed over 35 start-ups that are making farming more profitable, resilient, sustainable, and climate-proof. 

It is targeting a first close of the new fund by September 2022 and a final close by June 2023.  With this new fund, Omnivore expects to make 25 to 30 new investments over the next four years, continuing to fund entrepreneurs building the future of Indian agriculture and food systems.

Omnivore Fund 3 will have a sharper focus on catalyzing climate action in agriculture, backing start-ups addressing both climate mitigation (reducing India’s GHG emissions) and climate adaptation/resilience (securing a future for India’s farmers). 

Along these lines, earlier this year, Omnivore launched the OmniX Bio initiative to provide additional support to agri-food life science start-ups, initially targeting the fields of agricultural biotechnology, novel farming systems, bioenergy and biomaterials, as well as innovative foods, including alternative protein.  With the new fund, Omnivore aims to deepen the reach and impact of OmniX Bio, and help reboot the agri-food life sciences ecosystem in India.

Mark Kahn, Managing Partner of Omnivore, stated, “For over a decade now, we have been a part of the evolution of the agritech ecosystem in India. Through Omnivore’s investments, we have touched the lives of almost 7mn smallholder farmers, improving their profitability and resilience, while creating value for our investors.  We believe agritech is just getting started, and we look forward to supporting a new generation of entrepreneurs building a future for rural India.”

Omnivore currently manages Rs 936 crore across two funds, the most recent having closed in April 2019.  Some of Omnivore’s leading portfolio companies include DeHaat, Arya, Reshamandi, Stellapps, AgNext, Bijak, Ecozen, AGRIM, Eruvaka, Pixxel, and Animall. 

Omnivore’s investment approach is aligned with 9 of the 17 UN Sustainable Development Goals (SDGs), and the firm is a signatory to both the UN Principles for Responsible Investment (PRI) and the Operating Principles for Impact Management (OPIM).