Technology And Data - Agribazar's Way Of Empowering India's 126 Small Farmers By CIOReviewIndia Team

Technology And Data - Agribazar's Way Of Empowering India's 126 Small Farmers

CIOReviewIndia Team | Wednesday, 03 February 2021, 12:33 IST

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Agribazaar, an agritech startup which is located in Delhi-NCR, is connecting farmers, traders, banks, enterprises, and governments.

Amith Agarwal, the founder of the startup, previously founded StartAgri and StarAgri Finance and it was not an uncommon thing for him to venture out again in the agritech business.

With the previously founded startups, Amith had gathered incomparable experience in the field. He also had experience of working with small farmers and agri communities located in different parts of the country.

Along with his team, Amith acquired inexplicable knowledge about the different challenges that the farmers encounter. The challenges were not according to the farming size and resources.

Together, they noticed that technology solutions in the farming sector were mainly focused on the requisites of large farming. With minute technology solutions for small farming, Amith developed the idea of starting a tech venture for small farmers.

With dart-focus on creating a platform for the 126 million farmers in India, Amith envisioned for empowering farmers with efficiency, transparency, and traceability in the farming technology.

Amith founded Agribazaar in 2016 in Delhi-NCR, where he developed an online tool for connecting farmers, traders, banks, enterprises, and the governments. With feet on the development for the farming sector, Amith’s team created an award-winning e-wallet – AgriPay. In the stats present, AgriPay has provided solutions to $1 billion+ transactions.

In simple terms, Agribazaar enables the farmers to sell their productions through this platform. When a buyer completes purchasing, the platform solves the logistics problems and delivers the products to the buyers. Amith says that presently they are focused on solutions through AI-driven insights and analytics for offering customized credit-on-a-click, crop advisory, and equivalents. Agribazaar focuses on the transformation of the agri-value chain through technology. To the buyers, they provide assurance on quality and solve counterparty risk and enable payments through one nation and one market philosophy.

In the agri-value chain there are direct linkages which bring in efficiency, transparency, and traceability with added accuracy from previous solutions. According to Amith’s terms, they are on a mission towards empowerment of the small farmers and provide them with a better livelihood. It is the way to address the global food security challenge as says Amith.

Amith further adds that they have included more than three lakh users, 100 FPOs, and 33,000 listed auctions. The trade mark has crossed 50,000 tonnes and they are extremely positive of closing FY21 with GMV of Rs.20,000 crore.

Artificial Intelligence, Machine Learning, Big Data, Internet of Things, and drones are the equipment pieces which are primary weapons for accomplishing the mission as Amith explicated.

Agribazaar has created a replication of the physical mandi to an electronic e-mandi aggregator mode. On the farmers' registration and product upload on e-mandi, merchants, traders and corporates will be able to fill their carts for completing purchase.

When the deal completes, the logistics professionals will pick the products for delivery from the farmers’ pickup point and deliver them to the buyers’ destination.

Currently, the entire process is contact-free and Agribazaar is at the front-gate of helping the Indian farmer to connect with the buyers through digital platforms while maintaining the social distancing rules and regulations.

Agribazaar is closely working the farmers, state government, institutional buyers, and procurement agencies for helping farmers in downloading the Agribazaar application and engage in trading without hassling from their homes.

The farmers receive the payments online in their respective bank accounts within the stipulated time using e-payment transactions.

Agribazaar’s initial product, the application, and the almost 18 months for completion, though it is still a continuous process.

Amith and team are continuously adding new features, new commodities, and better user experience and have invested in a dedicated engineering and R&D team of almost 50 employees.

Agriculture bestows on continuous investments in the development of small scale farming and is regularly spending on customer acquisition marketing by venturing out to new states and onboarding new farmers.

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