DBS Bank India empowers five Indian start-ups with total grants of ₹2.2 Cr, accelerating their impact towards zero food waste
DBS Grants will boost the capabilities of the startups to build sustainable solutions aimed at raising the efficiency of food systems, while combating food waste.
DBS Bank India will mentor the startups and help accelerate their sustainability efforts
The United Nations Food and Agriculture Organization (FAO) reports that 1.3 billion tonnes of food are wasted annually. In India about 40% of food produced is lost in the post-harvest value chain leading to nutritional insecurity and income loss for farmers. Techtonic - Innovations Towards Zero Food Waste is a two-year program that identifies startups working to reduce quantitative and qualitative food loss and waste.
The five winning social enterprises are Temperate Technologies, Krimanshi, Fermentech Labs, Pequrel Technologies and Raheja Solar. The grant provided through this partnership will help the winners bring their vision of reducing food loss in the post-harvest value chain to life, thus driving a positive environmental, livelihood, and economic impact.
Temperate Technologies will develop an off-the-shelf refrigeration unit that would help reduce the cost of cold storage systems, thus making it affordable for small and marginal farmers. Fermentech Labs is working on a bioreactor to convert waste into enzymes to service pilots in the food processing (bakery/ juice making) industry.
Krimanshi will use the capital to launch poultry and aqua feed by processing waste using insects and rearing insects for protein. Pequrel Technologies is using its money to establish Advanced Adaptable Agriculture Systems (A3S) platform, which would provide seed-to-sale support for farmers and solve energy requirements. And Raheja Solar will give the farmers enhanced, low-cost, easy-to-use solar dryers that will help protect their products and increase their income.
Shoma Narayanan, Managing Director - Group Strategic Marketing & Communications at DBS Bank India, commented on the programme, saying "The Food and Agricultural Organisation (FAO) estimates that ~40% of the food produced in India is wasted every year due to a fragmented and ineffective supply chain. In addition, there is an increasing concern over the food security of nations in response to the acceleration of climate change and its effect on crop yields and farmer livelihoods. DBS Bank India has been committed to finding solutions to address the social, environmental and economic impact that food waste has on communities. We continue to support innovators and social entrepreneurs across Asia who are addressing the gaps in food and agri value chains, reimagining the way we produce and consume so that we can build a sustainable future together."
As a part of the program, aside from the grant, DBS Bank India will also provide training and mentoring support to these startups. In addition, the grants would also help these social enterprises conduct tests to validate their products, streamline operations, strengthen their marketing and branding capabilities, and scale up their business.
Manoj Kumar, Co-founder & Chief Executive Officer at Social Alpha, said, “‘According to the U.N, an estimated one-third of all food produced (valued at around $1 trillion) ends up rotting in consumers' and retailers' bins or spoiling due to poor harvesting practices, post-harvest storage, or transportation. Food loss and waste impact food security and lead to the perpetuation of poverty, malnutrition, and poor health outcomes. Moreover, our food systems cannot be resilient if they are not sustainable. Our partnership with DBS Bank India has enabled Social Alpha to create an innovation, curation and venture development programme to address some of these challenges through the power of entrepreneurship.’’
Aside from Techtonic, and in its commitment Towards Zero Food Waste, DBS has partnered with the Akshaya Patra Foundation (APF) to upgrade kitchen facilities in government and government-aided schools in Tamil Nadu, Andhra Pradesh, and Karnataka. Through this partnership, Akshaya Patra Foundation will be able to scale up its current facilities to serve an additional 175k+ meals daily (current capacity 90K). Akshaya Patra is committed to Zero Waste production policies across its kitchen facilities in India.
DBS Bank India also works with its business clients to provide financing solutions to support sustainable supply chains across sectors, reducing food wastage for suppliers and processors. Earlier this year, it partnered with Stellapps, a tech start-up, to provide farmers with access to digitisation, increasing yields and profitability of small dairies across India.
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About DBS
DBS is a leading financial services group in Asia with 19 markets. Recognised for its global leadership, DBS has been named “World’s Best Bank” by Euromoney, “Global Banks of the Year” by The Banker and “Best Bank in the World” by Global Finance. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for 14 consecutive years from 2009 to 2022. DBS was also ranked No. 1 on Forbes' list of the World's Best Banks in India for two consecutive years.
DBS Bank has been present in India for 28 years, opening its first office in Mumbai in 1994. DBS Bank India Limited is the first among the large foreign banks in India to start operating as a wholly-owned, locally incorporated subsidiary of a leading global bank. DBS provides an entire range of banking services for large, medium and small enterprises and individual consumers in India. In 2016, DBS launched India's first mobile-only bank, digibank, with ~1 million savings accounts. In November 2020, Lakshmi Vilas Bank was amalgamated with DBS Bank India Limited. The bank now has a network of nearly 525 branches across 19 states in India.
DBS provides a full range of consumer, SME, and corporate banking services. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region's most dynamic markets. DBS is committed to building lasting relationships with customers and positively impacting communities through supporting social enterprises, as it banks on the Asian way. It has also established an SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and Asia. In 2020, DBS introduced the “Towards Zero Food Waste” initiative as part of a global sustainability practice to encourage a shift in behaviours and mindsets to reduce food waste. In 2022, DBS committed an additional SGD 100 million to deepen the ability to create impact beyond banking, catalysing the bank’s various philanthropic and crisis relief measures.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit of our 30,000+ staff representing over 40 nationalities. For more information, please visit www.dbs.com.
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