LAHORE – “Continuous innovation and development within the agricultural sector are vital for the economic development and sustainability of Pakistan”, said Zafar Masud, President & CEO of the Bank of Punjab.
Speaking at the ZarZaraat start-up competition at Pakistan Agricultural Coalition’s Agri-Connections 2024, he said that agriculture, as a sector, holds the key to prosperity, food security, and the socioeconomic uplift of rural communities.
RemoteWell, an IT device that offers wireless switching, scheduling, and controlling of watering systems of farms, Godaam Technologies, which aims to reinvent warehousing by digitalizing site availability and booking, and Digitt+ an Agri-fintech that aims to enhance financial inclusion and sustainable agriculture by leveraging innovative technology came out as the Top Ideas of the ZarZaraat start-up competition.
Maria Saleem of Fatima Group explained that 35 applications were received from various agri companies and shortlisted to seven which were then judged by a jury under the chairmanship of Yawar Ali of Nestle Pakistan.
The three companies shortlisted by the jury, Digitt+, Godaam Technologies, and RemoteWell, were invited to pitch in front of a group of investors representing various entities.
Each finalist got a chance to explain their product/service in front of this panel to raise investment for their venture and also received cash prizes sponsored by The Bank of Punjab.
Zafar Masud elaborated that the Bank of Punjab is also evaluating to support the shortlisted companies through concessional financing under the Punjab Rozgar and the PM’s Youth Business & Agricultural Loans schemes.
He also stressed the importance of giving the ZarZaraat platform to Agric companies to come and pitch their ideas and raise investments while giving examples of successful startups around the world which are transforming the global agriculture sector, such as Kiva, Hello Tractor in Africa, and Bigbasket in India, and others.
Navid Goraya, Chief Investment Officer of Karandaaz, an investment platform of the Bill & Melinda Gates Foundation, announced that each finalist will get one day of counselling and advice from Karandaaz experts to improve their business models and financability.
