Apna Godam has raised Rs. 2 Crores from Angel Investors in its seed round. The company will use the funds to strengthen the team and the Technology.
The company is a one-stop solution for the farmers for all post-harvest problems in the non-perishable category. Services include Agri Warehousing, Commodity Finance, Online Mandi, and Logistics. All services are provided through a single mobile application and settlement through its wallet.
Warehousing: The company uses closed factories and old sheds and converts them into Agri warehouses. This way the warehousing operations are asset-light.
Anaj ki Ola Uber: Company has a unique product where the farmer can sell his agri-produce lying on the farm to buyers across the country wherein the logistics are managed by Apna Godam.The unique algorithm automatically calculates the transport cost in every deal on the basis of the distance between the buyer and the seller. This way the farmer is able to figure out the net realizable value with every buyer and can make his choice.
Digital Commodity Finance: From its NBFC arm, the company gives short-term credit to the depositors of commodity in the warehouse. Even the customer can choose other lenders from the shelf there. This helps to figure out the best suitable lender according to the needs of the customer.
Read also – How Apna Godam brings Mandi at the door step of the farmer
Logistics Vertical: With “Just in Time” delivery mechanism, Apna Godam has launched Logistics as its new vertical of which customers can take advantage in transporting goods from the warehouse to their factory and vice-versa at a much cheaper rate.
Special Features – Triparty Settlement
When small and marginal farmers deposit the commodity in the warehouse, they are caught in the egg-chicken dilemma. They are asked to closed the loan first before selling the produce and they don’t have any source of funds except to sell the commodity.
Apna Godam solves this puzzle with Tri-party arrangement between its online mandi and the lending arm and the user. The depositor can put the commodity on auction even if loan has been taken on it because the sales proceeds will be first received by the trading platform which will recover the loan amount and interest due to its own lending arm or any other lender.
This way Apna Godam is the first company in the country which has been notified as an Online Mandi in Private Sector by the Government. Just like Stock Exchanges, it can empanel as many members who can work as a franchise of the entire tech system.
Read also – [Funding alert] Cheelizza raises Rs 4.11 Cr in a seed round led by IAN
About Apna Godam
Apna Godam is a post-harvest solution company working mainly in the non-perishable category. It is the first notified online Mandi in Rajasthan as well as India. Apart from facilitating spot trading of commodities, it also provides Warehousing, Commodity Finance and Logistic services as value-added services.
The farmer can sell the commodity to any buyer in the country without going anywhere. The logistics are managed by Apna Godam with the help of a network of Logistic partners.