Connect with:
Monday / December 23. 2024

logo
mobile-logo
HomePosts Tagged "Axis Bank"
Agrotech, Company News, Finance, India, Schemes - Banks

 This partnership will enable Axis Bank to reach out to the unserved and under-served farmers based across rural regions.

 Axis Bank, India’s third largest private sector bank today, announced its collaboration with ITC Limited to offer the Bank’s lending products and services to farmers who are a part of ITC’s agriculture eco-system. This partnership will enable Axis Bank to cater to the financial requirements of the unserved and under-served farmers based in the remote regions of the country. The Bank will offer a wide range of assets and liability products such as farmer loans, gold loans etc.

Axis Bank will leverage ITCMAARS (Meta Market for Advanced Agricultural Rural Services), a full-stack Agri-tech application for reaching out to the farmers and addressing their financial requirements. Additionally, it will also offer an extensive range of products and services to the farmers through its rural-urban and semi-urban (RUSU) branches located across 656 districts of India.

Through this initiative, Axis Bank aims to further scale up its Bharat Banking strategy by increasing the new-to-bank accounts in FY22-23. The Bank has delivered strong growth across key metrics. As on December 31st, 2022, its rural advances grew by 27 per cent YOY, disbursement increased by 12 per cent YOY and deposit grew by 16 per cent YOY. 

Speaking about the partnership, Munish Sharda – Group Executive & Head – Bharat Banking, Axis Bank said, ‘’At Axis Bank, we have been consistently working towards ensuring that all segment of customers based across the RUSU markets are provided with easy access to credit facility and banking solutions. This partnership is in alignment with our Bank’s Bharat Banking mission of extending our reach in the remote regions and providing them with seamless customer experience. With the help of ITCMAARS strong and enduring relationship with over millions of farmers, we believe that we can make a significant contribution in uplifting financial situation of the community thereby unlocking the true potential of Bharat.’’

Rajnikant Rai, Divisional Chief Executive, Agri Business Division, ITC Ltd said, “ITC has over the years spearheaded multi-dimensional interventions to transform the lives of farmers, powered by the ITC e-Choupal eco-system that connects with over 4 million farmers. Taking a step forward, to bring the power of digital revolution to farmers, we have now implemented ITC MAARS a phygital eco-system that provides a range of solutions through Hyperlocal and personalised advisory, Agri- Inputs, Financial services and Market linkages.”

 This partnership will enable Axis Bank to

Agro chems – Fertilizers, Agrotech, Finance, Seeds

The company plans to use the fund for talent acquisition, embedded fintech product development, and scaling up operations

AGRIM, a B2B platform for agri-inputs, has raised $10 million in Series A funding. The round was led by Kalaari Capital, with participation from existing investors Omnivore, India Quotient, and Accion Venture Labs. Axis Bank also joined the round as part of their Bharat Banking initiative.

AGRIM is building a digital platform for India’s $50 billion agri-inputs industry by connecting retailers directly with manufacturers and providing all parties with solutions for distribution, credit, logistics, and marketing. AGRIM works across agri-input categories, including seeds, fertiliser, crop protection, animal nutrition, and farm implements.

AGRIM currently works across 500 districts, with over 2,500 manufacturers and 170,000 retailers on the platform. AGRIM plans to use this funding for talent acquisition, embedded fintech product development, and scaling up operations. The startup expects to clock annualised GMV (gross merchandising value) of $100 million in 2022.

AGRIM plans to increase stock-keeping units by 10x, to reach 250,000 SKUs across agri-input categories, providing retailers with a vast selection on the platform. AGRIM will soon be launching financial services to ease their burden while ensuring optimum stocking.

The company plans to use the fund