Agri and food businesses: Fintech platform for farmers and businesses in agri and food value chain Ayekart in its financial year 2022-23 annual general meeting reported a Gross Trade Value (GTV) of Rs 657 crores for the fiscal year, growing by nearly 5X compared to the previous year. Starting in 2022, the company said it has processed over 70,000 transactions and has over 16,000 MSME partners registered on its platform. It has traded 135k metric tons of goods and impacted 75,000 farmers so far.
Ayekart reported Debarshi Dutta, Co-Founder & CEO of Ayekart, said, “Our core focus on impacting the lives of marginal farmers, Farmer Producer Organizations (FPOs), and SMEs across India has been the bedrock of our success. The AGM solidifies Ayekart Fintech’s position as an industry frontrunner, poised to shape the future of financial technology.”
Earlier this year in May, the company had announced a minority investment in Nature’s Fresh Express, a producer and supplier of exotic vegetables to strengthen its product portfolio and expand its retail offerings. In the same month, Ayekart had partnered with Unnayan Bharat Finance Corporation Private Limited, an RBI-registered NBFC focusing on women micro-entrepreneurs in the agri value chain, to empower the food and agriculture value chain with technology and finance.
The company aggregates demand for agri-produce from food processors millers, traders or exporters and arrange for supply through farmer producer organisations and farmer producer companies. It supports MSMEs and local manufacturers by enabling distribution through the network of distributors and retailers.
Ayekart has so far raised $6.7 million from Caspian Debt and micro-finance service provider Siply, according to the data from Crunchbase.
Also read: Innovation in food processing industry: How SMEs are driving change
According to strategic consulting and market research firm BlueWeave Consulting, the global supply chain finance market size is forecasted to grow at a CAGR of 8.55 per cent from $6.68 billion in 2022 to $11.76 billion by 2029 with the increasing investments by businesses in supply chain finance solutions for monitoring pre-trade, post-trade, and examining cross-asset and cross-market trades.
