“Agricultural sector is key to prosperity, food security, and socio-economic development. Therefore, continuous innovation and development in agricultural sector critical to Pakistan’s economic growth and stability,” Zafar Masood Said. , President and CEO, Punjab Bank, speaking at the launch of the BoP-sponsored ZarZaraat competition at the Pakistan Agriculture Coalition 2024 conference and exhibition held in Lahore on 24 and 25 April 2024.
RemoteWell, an IoT device that wirelessly moves, schedules and manages the irrigation system of farmers, Godaam Technologies, which aims to digitize site access and ordering, end commodity visibility, and reinvent the warehouse for Digitt + Agri-fintech. Promoting financial inclusion and sustainable agriculture by using innovative technologies, improving operational efficiency, providing appropriate financial support to small farmers and encouraging innovative partnerships emerged as key ideas for the ZarZaraat startup competition at Agri-Connections 2024.
“We at the Pakistan Rural Coalition believe that the future of Pakistan’s agriculture lies in our farmers becoming entrepreneurs,” said Raashid Anwar, adviser to the Pakistan Rural Coalition, explaining the ZarZaraat segment.
Ms. Maria Saleem from Fatima Group said that 35 applications were received from various rural companies and seven were shortlisted and then selected by a panel of judges headed by Mr. Awawar Ali from Nestle Pakistan. Other judges included Mr. Sarfraz Hussain Bank Punjab, Ms. Naz Khan from IFC, Ms. Maria Saleem from Fatima Group, Mr. Muner Kamal from Pakistan Bankers Association, Mr. Kazim Saeed from Pakistan Agricultural Coalition and Mr. Hasan. Khurram Hanif, a progressive farmer.
The three companies shortlisted by the jury, Digitt +, Godaam Technologies and RemoteWell, were invited to pitch in front of a panel of investors representing various organizations including Mr. Asif Riaz from Bank Punjab, Mr. Naveed Goraya from Pencil, Mr. Subif Riaz. Habib Saqib from Fatima Gobi Enterprises, Mr. Kashif Thanvi from Acumen Foundation, Mr. Shahbaz Malik from Hilton Pharma and Mr. Khurram Jamali from Din Ventures. Each finalist gets a chance to pitch their product/service in front of this panel to invest in their business and receive a cash prize sponsored by Bank of Punjab.
Mr. Zafar Masood said that the Bank of Punjab, Punjab Rozgar and the Prime Minister’s Youth Business and Agricultural Loan scheme are appreciated for supporting shortlisted companies through concessional financing.
He also highlighted the importance of giving the ZarZaraat platform to Agric companies to come and propose ideas and increase investment, citing examples of successful initiatives around the world that are changing agriculture around the world, such as Kiva and Salam Tractor in Africa. and Bigbasket in India and others.
Naveed Goraya, Chief Investment Officer of Karandaaz, the investment platform of the Bill & Melinda Gates Foundation, announced that each finalist will receive one day of mentoring and advice from Karandaaz experts to improve their business model and funding.
