India’s economy relies on agriculture, which employs half its workforce. Infrastructure, technology, and financing have plagued the industry. Indian agri fintech startups have offered farmers and stakeholders innovative financial solutions in recent years. These startups simplify rural agricultural finance with technology. In this post, We’ll talk about the Top 10 Best Agri Fintech Startups in India in 2024.
In India, a number of agritech startups have appeared to serve farmers’ needs and boost productivity by utilizing cutting-edge methods and tools like data analytics, machine learning, and satellite imaging.
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Startups simplify technology and funding for farmers. India still lacks technical infrastructure and financial services, despite its progress. Thus, farmers face many challenges.
These startups are dedicated to solving these problems and helping farmers succeed using technology and innovation. Many startups are helping farmers meet their basic needs, including financial ones. They provide agricultural solutions and work hard to improve farmers’ lives.
Best Agri Fintech Startups in India in 2024
Here is the list of the Top 10 Agri Fintech Startups in India in 2024.
Jai Kisan
The Jai Kisan rural fintech platform was founded in 2017 in Mumbai by Arjun Ahluwalia and Adriel Maniego to promote the development of rural Indians, particularly farmers. As a company, Jai Kisan places customer empathy at the core of business practices because we have first-hand knowledge of rural value chains.
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The startup wants to help small businesses and rural communities gain financial inclusion. It offers online and offline trade as well as rural trade, starting with credit for generating revenue.
Jai Kisan provides flexible and quick financing for agricultural equipment, dairy equipment, and other rural yield generational assets in comparison to other financing options currently available.
Arya.ag
Indian agritech company Arya.ag improves farmgate value chains. Last Mile fintech and agritech platforms. Arya stores over 5.0 million tonnes in 5,500 warehouses in 21 Indian states to help farmers, aggregators, FPOs, food processors, and end-user corporates avoid post-harvest losses.
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Arya.ag’s many agri-services connect demand and supply. Arya post-harvest credit prevents distressed sales. Loans exceed 4400 crores. Arya’s integrated, user-friendly platform connects produce to buyers through a strong technology-enabled back-end ecosystem and lets users choose ancillary services like warehouse management, financing, quality testing, and storage protection.
Samunnati
Samunnati is India’s largest agri enterprise that aims to unlock the trillion-dollar potential of Indian agriculture with a focus on smallholder farmers. The company offers Agri Commerce and Agri Finance solutions to affiliated Farmer Collectives and the larger agri ecosystem to increase efficiency and productivity.
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With its headquarters in Chennai, Tamil Nadu, Samunnati operates across more than 100 agri value chains in 22 states in India, facilitating over $1 billion worth of transactions. The company has access to over 1500 Farmer Collectives, representing over 6 million farmers, and aims to impact 1 in every 4 farming households by 2027. The company’s name, Samunnati, signifies collective growth and prosperity for the entire agri ecosystem.
Farmart
In 2015, Alekh Sanghera and Mehtab Singh Hans founded FarMart, a Gurugram-based company. FarMart has created one-stop hubs for farmers to acquire input and sell their produce nearby their fields by digitizing and rewarding rural agri-retailers. FarMart offers a micro-SaaS platform that enables retailers to run their existing businesses more efficiently while also digitizing their operations and increasing sales to farmers.
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The startup wants to improve food distribution in India so that it is fair, open, and profitable for the agribusiness sector. FarMart is honoured to have collaborated with and received support from illustrious venture capital firms like General Catalyst, Matrix Partners, Omidyaar Network, and Avaana Capital, all of which invest in cutting-edge tech companies with a sustainable and noble mission.
Unnati
Unnati is an agriculture technology startup based in Noida, Uttar Pradesh, India, founded by Ashok Prasad and Amit Sinha. Its mission is to empower farmers to become entrepreneurs by providing them with modern business tools such as bank accounts, working capital support, assistance in procuring agricultural inputs for production, expansion of markets for agricultural produce, and data-driven scientific knowledge.
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To achieve this, Unnati brings together agricultural input providers, farmers, and agricultural produce buyers on an AI-powered tech platform that increases productivity and efficiency for all stakeholders.
Soil data, field image data, access to real-time information, and leveraging transaction history for the farm and satellite data can provide farmers with actionable insights through advanced data analytics tools, allowing them to improve their agriculture Improvements may help. May be able to make more informed decisions about businesses. Unnati is dedicated to enabling farmers to make informed decisions and improve their overall livelihood.
Whrrl
Whrrl – A platform for financial inclusion lending to farmers called Whrrl uses blockchain technology. The company uses an innovative financial product called “Warehouse Receipt Loan” to enhance the income of farmers while simultaneously reducing the risk for banks. Whrrl is a blockchain-based B2B2C fintech startup that aims to decrease the millions of dollars in annual banking frauds in the warehouse receipt finance sector while also increasing farmers’ income.
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The company does this by utilising Whrrl’s blockchain lending platform to make financing instantly available to farmers and by utilising blockchain technology to eliminate fraud risk for banks during the lending process.
Whrrl has partnered with 5 BFSI lending partners and is currently active across 1400 warehouses in 5 Indian states. In addition to issuing more than $1 million in online loans, the company tokenized $500 million worth of commodities. Whrrl aims to revolutionise the lending process for farmers and increase their financial inclusion through its cutting-edge platform, while also making the lending process secure and risk-free for banks.
ApnaGodam
The Jaipur-based agritech startup ApnaGodam offers farmers all over India access to online commodity financing and warehousing services. The business also provides an online platform that allows farmers, traders, and buyers to conduct commodity trading online. This platform aids in more accurate price determination and streamlines the marketing of agricultural products.
Previously, due to terminals’ remote locations from production areas, sellers lacked access to warehousing services and commodity financing. As a result, they were forced to sell their goods as soon as they were harvested at lower prices and did not profit from price growth.
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To solve this problem, ApnaGodam seeks out abandoned buildings, old sheds, and closed factories close to production areas and transforms them into agricultural terminals where vendors can store their agricultural products and apply for loans by pledging their stock. On the ApnaGodam portal, sellers can offer their stock to millers on an “as is, where is” basis when the prices of agricultural products are higher.
agrigator
Udit Sangwan and Charu Chaturvedi founded the Bhopal-based online market AgriGator in 2019. By connecting traders, processors, wholesalers, and carriers, the platform aims to streamline the unorganised grain trading value chain and improve the efficiency and transparency of the supply chain. The platform provides many different products, including logistics, a nationwide network, price discovery, review and credit ratings, forecasting and insights, and transactions.
On the AgriGator platform, verified buyers and sellers are permitted to expand their networks of commerce and generate new opportunities for growth.
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The second part of the grain supply chain, which includes FPOs, traders, nearby mills, companies, exporters, and distributors, is where AgriGator focuses its attention.
agdhi
Agdhi is a Bengaluru-based startup in the agriculture technology industry that was founded by Nikhil Das, Anshad Ameenza, Ashwin Kashikar, and Vaibhav Kashika.
The company aims to merge digital technology with human creativity to create sustainable agricultural methods. Agdhi has introduced machine learning and computer vision techniques to detect defects in seeds and crops, providing quality results within seconds instead of relying on traditional methods that take a longer time.
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In January 2021, the company announced the launch of its AI-based technology for checking seed quality, which employs photometry, radiometry, and computer vision to efficiently classify seeds and analyze their quality.
Hesa
The rural commerce ecosystem heavily relies on trust, personal relationships, and physical interactions. However, its potential remains largely untapped without a digital interface. Hesa is changing this by providing businesses with access to their target rural population through a social, digital, and physical platform. They are bridging the gap between rural India and the rest of the country by serving as a one-stop solution for corporates, SMEs, banks, government agencies, and NGOs seeking to access rural India for brand promotions, social responsibility initiatives, and buy-sell propositions.
Hesa also helps rural entrepreneurs, including farmers, to sell their products in the market. Hesa is proud of its user-friendly tech platform and the efforts of its Village Level Entrepreneurs, or “Hesaathis,” which enable clients to take their businesses and dreams to every village in India. This integrated last-mile access and connection to target customers is a winning proposition for businesses across categories and rural India.
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In conclusion, agri-fintech startups are helping farmers and other stakeholders by providing financial services. These startups offer rural communities affordable financial services using mobile apps, digital wallets, and machine learning algorithms. Agri-fintech startups are growing rapidly in India despite the challenges of scaling operations in a diverse and complex market. These startups could revolutionize agriculture, helping farmers increase productivity, profitability, and livelihoods by using technology. Agri-fintech startups can help Indian agriculture grow sustainably and inclusively with support and regulation.
This was our selection of the Top 10 Best Agri Fintech Startups in India in 2024. We hope this is useful to you. The order of this list is random.
Frequently Asked Questions (FAQs)
Which are the Top 10 Best Agri Fintech Startups in India in 2024?
Jai Kisan, Arya.ag, Samunnati, Farmart, Unnati, Whrrl, ApnaGodam, agrigator, agdhi, & Hesa are the Top 10 Best Agri Fintech Startups in India in 2024.
What is a fintech startup?
Startups in the financial technology industry that offer cutting-edge financial services to the agriculture industry are referred to as agri fintech.
What are the challenges facing agri-fintech startups in India?
Limited infrastructure, a lack of knowledge and trust, and regulatory barriers to expanding operations are some of the difficulties.
What is the potential impact of agri fintech startups on Indian agriculture?
Startups in the agri-fintech space have the power to completely transform the industry, enhancing farmer productivity, profitability, and quality of life while fostering inclusive and sustainable growth.
