Credit and Finance for MSMEs: Fintech platform for farmers and businesses in agri and food value chain Ayekart today announced that it has raised funding of $5.5 million which includes equity and debt from corporate lender Caspian Debt and micro-finance service provider Siply.
Ayekart, founded in December 2020, is a startup aimed at helping traditional businesses related to agriculture and food digitise their operations, raise credit and manage their supply chain.
The company said that the fund will help them reach out to more customers and move towards their goal of enabling technology and credit access for 10 million traditional businesses in the next five years. The aim is also to foray in the export market by end of this year.
Ayekart’s chief executive officer (CEO) and co-founder, Debarshi Dutta said the company will use the fund to strengthen its ecosystem for the benefit of small and traditional sellers, dealers, farmers, millers, processors, distributors and retailers (in food and agri sector). “This will further boost disbursements, given the various opportunities that we have at present,” he noted.
Sousthav Chakraborty, CEO and co-founder of Siply said they joined hands with the startup as they found Ayekart “extremely innovative” and “adding value” to agri-ecosystem through technology and expertise.
On the funding announcement, Caspian Debt’s Managing Director and CEO Avishek Gupta mentioned that Ayekart has been empowering small businesses in the agriculture value chain with new market avenues and payment assurances to the suppliers. “Their platform provides strength to the local ecosystem players (Processors, Distributors, and Retailers) helping them to grow the business without affecting their margins thus creating a positive impact,” he asserted.
Introduced to the market in September 2021, Ayekart managed a Gross Transaction Value (GTV) of Rs 139.5 cr in fiscal year 2021-22, with a positive profit after tax (PAT). They raised approximate Rs 5.5 crores in the angel round in the same month. They have reached the GTV of Rs 250 crores in the last 11 months, operating in 13 states across India with over 10,000 MSMEs and retailers onboard.