Srinagar (Jammu & Kashmir): In a groundbreaking development for Jammu and Kashmir's entrepreneurial landscape, Qul Fruit Wall, a horticultural startup based in the region, has successfully secured a significant foreign investment of Rs 60 crore. This milestone investment, contributed by Belgium-based impact investor Incofin and Indian growth capital platform Fiedlin, marks the first instance of a private sector enterprise in the region attracting substantial foreign funding.
Founded by Mir Khuram Shafi, an alumnus of Tyndale Biscoe School in Srinagar, Qul Fruit Wall has emerged as a trailblazing force in the region's horticulture industry. Khuram, who pursued higher education in the United States before returning to his roots, established India's first high-tech, high-density orchard in 2013-14, integrating cutting-edge technologies on a two-hectare land.
Mir Khuram Shafi expressed the significance of the investment, highlighting its role in unlocking opportunities for increased foreign institutional capital in Jammu and Kashmir. He emphasized the immense potential of the region's horticulture industry, which sustains the livelihoods of half of its population. Qul Fruit Wall's mission, he explained, is to transform lives by improving livelihoods and quadrupling apple yields within five years.
With plans to scale up operations and impact 30,000 farmers, Qul Fruit Wall aims to surpass revenues of Rs 1,000 crores in the next five years. The startup, currently employing over 600 individuals, covers the entire value chain from orchard installation and development to controlled atmospheric storage facilities and digital supply chain integration.
Khuram highlighted Qul's farmer-centric approach, empowering small and marginal farmers through precision farming techniques and AI/ML tools. Over the past four years, Qul has successfully transitioned over 5,000 farmers to high-tech, high-density farming, resulting in higher yields, better quality produce, and increased farmer incomes.
The enabling policy environment in Jammu and Kashmir, coupled with initiatives like the Mission for Integrated Development of Horticulture (MIDH) and the Holistic Agriculture Development Plan (HADP), further bolster Qul's efforts to revolutionize the horticulture sector in the region.
Khuram expressed optimism about the expansion beyond the apple value chain into other fruit categories such as cherries, plums, kiwis, and pears. He acknowledged the crucial role of youth in driving the horticulture industry's expansion, citing initiatives like the HADP that offer significant earning potential for young farmers in the region.
Incofin and Fiedlin's investment in Qul Fruit Wall not only underscores the startup's vision for a brighter and more resilient future for temperate crops in Jammu and Kashmir but also sets a precedent for private sector growth and investment in the entire Himalayan region.
Mir Khuram Shafi highlighted the substantial scope in the horticulture industry in Kashmir, emphasizing that the youth's potential could be explored on a larger scale, especially with initiatives like the Holistic Agriculture Development Plan (HADP) initiated by the Jammu and Kashmir Government. This plan promotes high-density apple orchards in the Himalayan region, offering significant earning potential for young farmers, with estimates ranging from 8-12 lakhs on 1 hectare of land.
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