FarMart: Empowering Farmers and Agri-Businesses with Digital Solutions

FarMart is an India-based startup that aims to solve the problem of access to finance, market, and technology for farmers and agri-businesses. Founded in 2015 by alumni of IITs and IIMs, FarMart has developed a complete agri-fintech solution that offers a range of products and services to help farmers and agri-businesses improve their productivity, profitability, and sustainability. FarMart’s unique “Business in a Box” model provides an end-to-end solution to farmers and agri-businesses, enabling them to access low-cost digital loans, high-quality agri-inputs, fair market prices, and smart data insights.

FarMart

Details of the startup:

  • CITY : Gurugram
  • STATE : Haryana
  • STARTED IN : 2015
  • FOUNDERS : Alekh Sanghera, Lokesh Singh and Mehtab Singh Hans
  • NUMBER OF INVESTORS : 14
  • LATEST ROUND INVESTMENT : ₹2435.20M
  • TOTAL INVESTMENT : ₹3399.79M
  •   TOTAL SECURED LOANS AVAILED : ₹1495.00M

You can find their website here.

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What is FarMart and how did it start?

FarMart was started by three co-founders, Alekh Sanghera, Mehtab Singh Hans, and Lokesh Singh, who wanted to bring a change in the agri-fintech industry. They identified the need for a holistic and customized agri-fintech solution that could cater to the diverse and complex needs of farmers and agri-businesses, such as different crop cycles, cash flows, risks, and opportunities. They also realized the potential of using artificial intelligence and machine learning to provide personalized and evidence-based agri-fintech recommendations, based on the farmer’s profile, behavior, and feedback. This led to the invention of FarMart’s agri-fintech solution, which combines human intelligence, artificial intelligence, and gamification to create a seamless and efficient agri-fintech experience.

What is FarMart’s agri-fintech solution and how does it work?

FarMart’s agri-fintech solution is a cloud-based web and mobile platform that works on any browser or device. The solution consists of four main components:

  • FarMart Loans: A platform that allows farmers and agri-businesses to apply, receive, and repay low-cost digital loans, using a simple and quick process. The platform enables farmers and agri-businesses to access credit for various purposes, such as crop cultivation, farm equipment, agri-inputs, and market linkages. The platform also provides flexible repayment options, such as crop-based, income-based, and installment-based, to suit the cash flow and risk profile of the borrowers.
  • FarMart Inputs: A platform that allows farmers and agri-businesses to browse, buy, and subscribe to a large variety of agri-inputs, such as seeds, fertilizers, pesticides, and equipment. The platform enables farmers and agri-businesses to access high-quality, affordable, and timely agri-inputs, sourced from trusted and verified suppliers. The platform also provides delivery, installation, and after-sales services, to ensure the satisfaction and convenience of the customers.
  • FarMart Markets: A platform that allows farmers and agri-businesses to sell, buy, and trade their farm produce, at fair and transparent prices. The platform enables farmers and agri-businesses to access a large and diverse market, consisting of buyers, sellers, traders, and aggregators, across various channels, such as online, offline, and corporate. The platform also provides logistics, quality assurance, and payment services, to ensure the security and efficiency of the transactions.
  • FarMart Insights: A platform that allows farmers and agri-businesses to access, analyze, and act on smart data insights, related to their farm, crop, and market. The platform enables farmers and agri-businesses to improve their decision making, planning, and execution, using various features, such as crop advisory, weather forecast, pest alert, market trends, and performance dashboard.
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What are the benefits of FarMart’s agri-fintech solution?

FarMart’s agri-fintech solution offers several advantages over conventional agri-fintech methods, such as:

  • Accessibility: FarMart’s agri-fintech solution eliminates the need for physical documentation, verification, and intermediation, which can be cumbersome, costly, and unreliable. The solution provides farmers and agri-businesses with a one-stop-shop for all their agri-fintech needs, which can be accessed from anywhere, anytime, without requiring any app download or installation.
  • Affordability: FarMart’s agri-fintech solution reduces the cost of finance, market, and technology, by eliminating the need for expensive fees, commissions, and margins, which can be exploitative and unfair. The solution provides farmers and agri-businesses with low-cost, transparent, and fair agri-fintech products and services, which can save them money and increase their income.
  • Quality: FarMart’s agri-fintech solution ensures high-quality and effective agri-fintech products and services, using human intelligence, artificial intelligence, and gamification. The solution provides farmers and agri-businesses with reliable and proven agri-fintech products and services, which are based on scientific research and evidence, and are certified by various authorities.
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What is the impact of FarMart’s agri-fintech solution?

FarMart’s agri-fintech solution has the potential to transform the agri-fintech industry, especially in the fields of agriculture, finance, and technology, where the access and quality of agri-fintech products and services are critical for the performance and success of farmers and agri-businesses. By providing FarMart’s agri-fintech solution, farmers and agri-businesses can:

  • Improve productivity and profitability: FarMart’s agri-fintech solution can facilitate better farm management, crop cultivation, and market linkages, by providing affordable and accessible finance, inputs, markets, and insights, to farmers and agri-businesses.
  • Empower farmers and agri-businesses: FarMart’s agri-fintech solution can enable farmers and agri-businesses to take charge of their agri-fintech, by providing them with personalized and professional agri-fintech products and services, which can help them achieve their goals and aspirations.
  • Enhance agri-fintech delivery: FarMart’s agri-fintech solution can support agri-fintech providers, such as lenders, suppliers, buyers, and experts, to offer better and faster agri-fintech products and services, to farmers and agri-businesses, and reduce their workload and operational costs.
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What is the future of FarMart’s agri-fintech solution?

FarMart’s agri-fintech solution is on a mission to make agri-fintech easy and fun for everyone, everywhere. The company has already deployed its agri-fintech solution across various channels, such as online, offline, and corporate, and has received various accolades, grants, funding, and media coverage. The company is also working on enhancing and expanding its technology, product, and service, to meet the evolving needs and expectations of the agri-fintech industry. Some of the upcoming plans include:

  • Launching new products and features: FarMart plans to launch new products and features, such as insurance, savings, and investments, to provide a more comprehensive and advanced agri-fintech solution.
  • Scaling up in India and abroad: FarMart aims to scale up its operations and reach in India and abroad, by partnering with more agri-fintech providers, and by launching its own direct-to-consumer platform, where farmers and agri-businesses can access its agri-fintech solution from multiple channels and sources.
  • Creating systems change: FarMart aspires to create a lasting impact on the agri-fintech industry, by influencing policies, standards, and practices, and by collaborating with stakeholders across the value chain, such as agri-fintech providers, consumers, and regulators.

FarMart is not just a company, but a vision to democratize agri-fintech and empower farmers and agri-businesses to take charge of their agri-future. With its innovative technology, user-centric design, and social impact, FarMart is poised to become a leader in the agri-fintech industry. To learn more about FarMart and its agri-fintech solution, visit their website here.

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