Catalytic loan will help scale government-subsidized livestock units for smallholder farming households
SANTA CLARA, Calif., JUNE 2, 2026 — Miller Center Capital, the impact investing arm of Miller Center for Global Impact at Santa Clara University, has provided a catalytic loan to Manikstu Agro, a Pune-based social enterprise transforming goat farming into a reliable livelihood for smallholder households across rural India. The investment was made in partnership with fund manager Beneficial Returns.
How Manikstu Agro Is Transforming Goat Farming Livelihoods in India
Founded in 2015 by Biren Sahoo and Jayanti Mahapatra, Manikstu began by operating their own goat farm, learning firsthand that rural livestock operations succeed or fail on the discipline of vaccination, health monitoring, and consistent care. That experience shaped the company’s core business model. Today, Manikstu delivers a government-backed end-to-end package, including a steel shed, starter herd, farmer training, remote monitoring, and para-vet support – which together equip families with a turnkey animal husbandry solution.
Across more than 800 villages in Odisha and Chhattisgarh, Manikstu’s model is already transforming livelihoods. Once a unit is operational, goat mortality falls to less than 10%, translating directly into higher, more predictable income for the women-led household enterprises the company calls “Goatpreneurs.” With nearly 8,000 sheds operational under India’s National Rural Livelihood Mission and demand spanning hundreds of villages in Raipur district alone, Manikstu is at an inflection point where an infusion of catalytic capital could mean the difference between incremental growth and impact at scale.
“After nearly 9 years of groundwork, we’re finally seeing the kind of traction we’ve long worked for—endorsement from government, institutional support, and real demand,” said Biren Sahoo, Co-founder and Director of Manikstu Agro. “But with that comes pressure: to recruit the right people, scale our tech stack, and build the on-ground infrastructure at speed. This investment is coming at exactly the right moment.”
Building the Right Support for Scale
Manikstu participated in the Miller Center Accelerator Program in 2024 and the In-Residence investment readiness program in 2025. The company has been accompanied throughout by start-up advisor and Miller Center executive fellow and mentor Swati Sinha, who deepened her commitment to Manikstu by participating in this catalytic investment alongside Miller Center Capital.
“What’s exciting about Manikstu is how they’re building a full goat management ecosystem,” Sinha said. “Manikstu is helping farmers not just manage their goats, but also access products, sell goat by-products, and even get trained to become entrepreneurs in the goat business. It’s tech meets impact, and it’s making a real difference on the ground.”
“Impact investing is evolving in a very meaningful way,” Sinha added. “It’s no longer just about providing capital — it’s about building stronger, more accountable social enterprises. The introduction of milestones, governance, and mentorship is helping entrepreneurs become more disciplined, market-focused, and scalable while staying deeply committed to impact. This is what we are witnessing at Manikstu. They are building the rural livelihood businesses that can deliver both measurable social impact and strong operational execution.”
Catalytic Capital Meets Hands-On Mentorship
The investment reflects Miller Center Capital’s broader approach to catalytic finance: pairing patient capital with hands-on accompaniment that includes mentorship, leadership development, and peer networks designed to strengthen enterprises at critical growth stages. “Miller Center has become much more than an accelerator for us,” Sahoo said. “More than just investors, we truly see Miller Center as advisors and thought partners in this journey.”
About Manikstu Agro
Manikstu Agro Private Limited is an Indian agri-tech company that improves the productivity and profitability of goat farming for smallholder households. Founded in 2015 and headquartered in Pune, the company reduces goat mortality, strengthens women-led household enterprises, and provides farmers with reliable market access through a guaranteed buyback program.
About Miller Center Capital
Miller Center Capital is the impact-investing arm of Miller Center for Global Impact at Santa Clara University. The Innovation Fund, managed by Beneficial Returns, is one part of this initiative, providing catalytic loans to early-growth-stage social enterprises that reduce poverty by advancing women’s economic power and building climate resilience. Founded in 1997, Miller Center has supported over 1,500 social enterprises in more than 100 countries.
About Beneficial Returns
Beneficial Returns is an impact investment manager that finances social enterprises working to alleviate poverty and protect the natural environment in Latin America and Southeast Asia. In addition, the firm serves as fund manager for Miller Center Capital where it provides investments to Miller Center graduates throughout the developing world.
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Media Contact:
Karen Carter
Director of Marketing Communications
Miller Center for Global Impact
kcarter1@scu.edu
Investment Contact:
Paul Belknap
Director of Impact Investing
Miller Center for Global Impact
pbelknap@scu.edu
