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HomePosts Tagged "Ayekart"
Agrotech, Collaborations, Company News, Digital Technologies, India, Start ups

FPOs can use Ayekrishi for market linkage and to access supplier networks.

Ayekart, a leading agrifood fintech platform, has announced a strategic partnership with Grameen Foundation India. This collaboration aims to extend Ayekart’s Ayekrishi platform (PaaS) along with the market linkage services with embedded finance to Farmer Producer Organisations (FPOs) connected with Grameen Foundation in India, bolstering financial inclusion and enabling marginalized communities, mainly focusing on women. Ayekart, India’s foremost integrated tech platform in the food and agri value chain, is driving a transformation within the segment by unveiling a range of groundbreaking solutions.

Central to this transformation is Ayekrishi, the FPO management tool that is a beacon of efficiency, simplifying business processes and enhancing operational efficacy. FPOs can use Ayekrishi for market linkage and to access supplier networks. The platform includes planning features to aid FPOs in organizing their operations effectively and provides advisory suggestions to support FPOs in decision-making and strategy development.

The primary purpose of the collaboration between Ayekart and the Grameen Foundation in India is to integrate Ayekrishi for the market linkage activities and FPO management promoted by the Grameen. This collaboration will benefit the FPOs significantly, including access to different marketable commodities and support in the procurement & selling of produce based on demand and supply conditions. Grameen supports these efforts, aligning with its mission of linking farmers/FPOs with remunerative markets, the foundation’s involvement will ensure the FPOs have the necessary support and resources to leverage the Ayekrishi platform effectively.

Debarshi Dutta, Co-Founder & CEO of Ayekart, said: “Ayekart’s journey is rooted in our commitment to fuelling progress in the food and agri value chain. We are thrilled to partner with the Grameen Foundation India to extend our Ayekrishi services. This collaboration is a significant step towards enhancing the financial inclusion of the market reach of FPOs/Farmers. Together, we aim to create sustainable livelihoods and empower FPOs/ farmers and the MSMEs by leveraging digital technology.”

Bharati Joshi, Interim CEO of Grameen, said, “Joining hands with Ayekart allows us to further our mission of eradicating poverty and hunger by enabling the poor, especially women. We recognize the catalytic role of technology in bridging the gap between farmers and entrepreneurs on the one hand and the market (including technical service providers on the other). We are happy to find an institutional partner like Ayekart which is ready to put purpose before profits. We envisage Ayekrishi’s innovative solutions will help us deepen our impact in agriculture and livelihoods, fostering resilience and sustainable growth in the communities we serve.”

FPOs can use Ayekrishi for market linkage

Agribusiness, Company News, Finance, Funding, India, Start ups

The company plans to utilise the investment to enhance its technological capabilities and extend its operations nationwide.

Ayekart, a leading agrifood fintech platform, has raised USD 6.5 Million (Rs 53 Crore) in a Series A round led by Omnivore, Siana Capital and Unleash Capital. With this capital infusion, Ayekart aims to expand its operations nationwide and cater to a larger audience of FPOs (Farmer Producer Organizations), food manufacturers, distributors, and retailers.

Founded in December 2020, Ayekart launched its commercial operations in September 2021 with a team of six and has since expanded into a team of over 150 members across six locations. The startup provides fintech and supply chain solutions for traditional businesses in the agrifood value chain, boosting efficiency and convenience while preserving trust within the ecosystem. Ayekart today operates in 18 states, has over 9,000 active merchants on its platform, and has successfully facilitated more than 2.5 lakh transactions with over INR 21 billion lifetime GTV (Gross Traded Value). Moreover, Ayekart has been consistently profitable since inception, setting it apart from other agritech companies.

Debarshi Dutta, Co-Founder & CEO of Ayekart, stated, “Since the inception, our unwavering commitment to positively impact the lives of smallholder farmers, Farmer Producer Organizations (FPOs), and agrifood MSMEs across India has been the cornerstone of our journey. We understand the critical pain points that agrifood MSMEs face- the need for market linkages, access to finance, and an efficient technology ecosystem to enhance their businesses. To address these challenges, we have developed innovative fintech solutions tailored to empower FPOs and agrifood MSMEs. Ayekart is not just addressing gaps in the value chain but also driving meaningful change that empowers agrifood MSMEs and fosters sustainable growth across the value chain.”

Commenting on the round, Jinesh Shah, Managing Partner at Omnivore, said, “We are pleased to support Ayekart’s efforts in improving farmers’ lives and providing financial stability. Ayekart’s focus on empowering agrifood MSMEs with its cutting-edge technological approach resonates deeply with our investment philosophy. We are confident that this capital infusion will propel Ayekart’s advancement, stimulating noteworthy progress in both the agricultural and supply chain spheres.”

Sohil Shah, Founder & Partner at UNLEASH Capital Partners, stated, “We are proud to be part of Ayekart’s Series A funding, helping to leverage technology for enhanced financial solutions in the B2B supply chain. This investment is an important long-term step in helping Ayekart fulfill its mission to strengthen its market position and continue delivering value to its stakeholders and customers.”

Unitus Capital was the exclusive financial advisor to the company for the transaction.

The company plans to utilise the investment

Company News, India, People, Supply Chain

In his new role, Rajesh will lead initiatives aimed at driving scale and impact at Ayekart.

Ayekart, India’s first integrated supply chain platform that addresses the needs of the food and agri value chain, is proud to announce the appointment of Rajesh Jain as the company’s new President for Partnerships and Programs. With over three decades of expertise in developing and implementing large-scale projects across various sectors, Rajesh’s vast experience, strategic insights, and commitment to technological advancements will be pivotal in furthering Ayekart’s mission to revolutionize the agri-tech industry.

In his new role, Rajesh will lead initiatives aimed at driving scale and impact at Ayekart. He will enhance the scope and engagement with both new and existing partners, develop and implement impactful programs to achieve shared goals and establish effective communication channels to nurture productive and mutually beneficial relationships. Additionally, he will oversee all activities aimed at strengthening these connections in alignment with Ayekart’s overarching objectives and strategic goals. This will ultimately lead to a more inclusive digital empowerment journey for the rural community within Ayekart’s purview. Ayekart is currently experiencing improved inclusion of the rural community in its digital empowerment efforts.

Rajesh earned his M.Sc. in Applied Geology from IIT, Roorkee (1986-1988) and specialized training in Financing Agricultural Value Chains at KIIT-University, Bhubaneswar, in collaboration with FAO (Italy) in 2012-2013.He has over 30 years of diverse professional experience spanning not-for-profits, consulting firms, corporate foundations, institutes, and government roles. During his extensive career, he spent 15 years in government, gaining profound insights into social issues at both macro and micro levels in urban and rural communities. His expertise in leveraging Artificial Intelligence for Social Good offers a global perspective on technology’s potential for creating rapid, large-scale impacts and promoting development, further enhanced by his holistic 360-degree view of development models during his tenure at Swades Foundation. He also led the FPO movement in Rajasthan at ACCESS Development Services and was the state coordinator for SFAC.

Debarshi Dutta, Co-founder and CEO of Ayekart remarked, “We are pleased to welcome Rajesh to the Ayekart family. His extensive experience and industry insights will be a valuable asset as we persist in transforming the food and agriculture value chain. Rajesh’s deep understanding of technology’s transformative potential and his unwavering commitment to social impact align seamlessly with Ayekart’s vision of empowering businesses and enriching communities.”

Expressing his commitment to his new position, Rajesh Jain said, “I am truly excited to join Ayekart and be a part of this dynamic team. Ayekart’s commitment to innovation and positive social impact aligns with my passion for harnessing technology to create meaningful change. I look forward to contributing to Ayekart’s journey in revolutionizing the food and agriculture value chain.”

In his new role, Rajesh will lead

Agrotech, Company News, India, Start ups

The collaboration uplifts the coffee farming community and enhance their livelihoods by providing essential tools and resources.

Ayekart, a leading Food and Agri-FinTech and an integrated digital platform empowering Farmers/FPOs and MSMEs in the food and agri value chain, has partnered with CCL Products (India) Ltd., a renowned Instant Coffee Manufacturer, to bring positive change to the lives of indigenous tribal farmers in the picturesque Araku Valley of Andhra Pradesh. A step forward to Ayekart’s existing initiatives in the region for the past couple of years, this collaboration aims to uplift the coffee farming community and enhance their livelihoods by providing essential tools and resources.

Ayekart’s collaboration with these tribal farmers began in 2021 through the FPO – Visakha Manayam Farmer Producer Company Limited. Extensive training programs for the farmers focused on modern production and processing techniques were conducted. These programs included the utilisation of baby pulpers, proper drying techniques on elevated platforms, accurate measurement of moisture levels, and digital weighing of produce.

The partnership between Ayekart and Visakha Manayam Farmer Producer Company Limited has made a substantial social impact on the lives of indigenous tribes of the Araku Valley by equipping these farmers with the knowledge and resources required to secure fair prices and improve their livelihoods. As a result of these efforts, approximately 1,000 farmers have experienced improved income and enjoyed an enhanced quality of life in the previous coffee season.

Ashutosh Singh, COO and Co-Founder of Ayekart remarked, “We are elated to have successfully conducted extensive GAP (Good Agricultural Practices) training, encouraged collective bargaining and value-addition initiatives with the local tribal farmers through Visakha Manayam Farmer Producer Company Limited. By equipping these farmers with modern techniques and resources, we are helping farmers achieve higher yields and are also improving their income and preserving their unique heritage. Moreover, our collaboration is a testament to our dedication to sustainable development and improving the livelihoods of those in need. We believe that together, we can make a meaningful and lasting impact in Araku, fostering a brighter future for the local communities.”

The Araku Valley is renowned for its Arabica Parchment and cherry coffee cultivation, serving as the primary source of income for the indigenous tribes residing in the region. Despite the region’s rich and fertile lands, commitment to organic farming practices, and the unique quality of its coffee, the farmers have long struggled to achieve fair pricing and economic stability. Intermediaries and local traders often exploit their vulnerability, leaving them with minimal income to support their families.

Praveen Jaipuriar, CEO of CCL Products (India) Ltd., expressed, “At CCL, we believe that businesses are responsible for uplifting the communities. Our collaboration with Ayekart in Araku Valley reflects our commitment to sustainable development, and we are proud to contribute to empowering these dedicated tribal farmers.”

The collaboration uplifts the coffee farming community

Agrotech, India, IT, Opinions, Supply Chain

 By Milind Borgikar, Chief Technology Officer, Ayekart

In today’s rapidly evolving world, the agriculture industry stands at a critical crossroad. As global population growth and environmental concerns continue to mount, farmers and stakeholders are grappling with the need for innovative solutions to meet the growing demand for food while minimising the impact on our planet. Fortunately, Artificial Intelligence (AI) has emerged as a powerful tool that holds the potential to reshape the future of agriculture, enabling farmers to optimise their practices, reduce waste, and increase productivity in ways never before imaginable.

Unlocking one of its remarkable advantages, AI revolutionises the assessment of crop quality. By employing sophisticated classification models, AI possesses the unique ability to detect defects, identify diseases, and accurately forecast yield. Through the analysis of imagery obtained from drones, cameras, and sensors, AI algorithms swiftly identify subtle changes in crop appearance, alerting farmers to potential issues before they escalate.

Anticipating Yield

AI’s predictive capabilities extend to forecasting agricultural yield with remarkable accuracy. By analysing data from diverse sources such as weather reports, soil sensors, and crop images, AI provides invaluable insights to farmers regarding optimal planting, harvesting, and crop distribution strategies. This enables farmers to avoid overproduction, reduce wastage, and enhance the profitability of their agricultural operations. With AI as their trusted companion, farmers navigate the complexities of the growing season, making well-informed decisions and reaping the rewards of increased efficiency.

Robotics

The marriage of AI and robotics is propelling agriculture into an exciting future, where precision meets productivity to shape a more sustainable and efficient farming landscape. These cutting-edge machines are revolutionising essential farming tasks, from seeding and spraying to harvesting, with unmatched accuracy. With tireless operations, they eliminate the need for breaks or rest, substantially reducing labour costs while accelerating work speed. By embracing automation, farmers can unlock a multitude of benefits, including enhanced productivity, optimised resource allocation, and streamlined operations.

Cattle Management

By leveraging a variety of sensors and tracking tools, AI algorithms continuously monitor the health and behaviour of livestock. This enables early detection of signs of illness and precise prediction of optimal birthing times. Automated livestock management brings a host of benefits to farmers, including improved animal welfare, reduced labor expenses, and enhanced overall efficiency.

Inventory Tracking

Maintaining optimal inventory management is paramount to ensure agricultural products reach consumers in their freshest state. Embracing image recognition tools, AI algorithms swiftly scan and record inventory levels. This empowers farmers to track their stocks, optimise supply chain operations, and significantly reduce waste.

Weather Prediction

Accurate weather prediction plays a pivotal role in enabling farmers to make well-informed decisions regarding planting, harvesting, and safeguarding their crops. AI-driven weather forecasting models offer farmers actionable insights into crop types and conditions based on precise weather patterns. Armed with this knowledge, farmers can optimise agricultural practices, mitigate losses due to adverse weather conditions, and enhance overall crop yields.

To read more click on: https://agrospectrumindia.com/e-magazine

 By Milind Borgikar, Chief Technology Officer, AyekartIn

Company News, Finance, India, Start ups

Ayekart’s dedication to fostering partnerships is evidenced by over 16,000 MSME partners registered on the platform.

Ayekart, a leading FinTech and integrated digital technology platform specialising in the food and agri value chain, announced significant milestones in the fiscal year 2022-2023 at its Annual General Meeting (AGM). The event highlighted the company’s achievements in facilitating financial transactions, empowering Micro, Small, and Medium Enterprises (MSMEs), and building strong customer connections.

Ayekart reported a Gross Trade Value (GTV) of Rs 657 crores for the fiscal year 2022-2023, astounding growth of nearly 5X compared to the previous year. The momentum continues in the current fiscal year, with the company already surpassing its previous GTV record.

Debarshi Dutta, Co-Founder & CEO of Ayekart, expressed his commitment to advancing technology, nurturing partnerships, and driving financial empowerment. He stated, “Our growth has been marked by remarkable progress, and our unwavering commitment to empowering traditional businesses and enriching communities is evident. Our core focus on impacting the lives of marginal farmers, Farmer Producer Organizations (FPOs), and SMEs across India has been the bedrock of our success. The AGM solidifies Ayekart Fintech’s position as an industry frontrunner, poised to shape the future of financial technology.”

Since its inception in December 2020, Ayekart Fintech has processed over 70,000 transactions, exemplifying its essential role in empowering businesses of all sizes. With a thriving ecosystem and advanced technology, the platform has facilitated a robust financial landscape for entrepreneurs and farmers.

Ayekart’s dedication to fostering partnerships is evidenced by over 16,000 MSME partners registered on the platform. This accomplishment reflects the company’s mission to drive financial inclusivity and prosperity.

Dutta further added, “Ayekart’s strength lies in nurturing connections with customers. By understanding their unique needs, we are committed to enhancing businesses through technology and finance, solidifying our role as a trusted partner for sustainable growth. Since inception, our strategic vision has ensured consistent profitability, contributing to our ability to innovate and deliver value to stakeholders.”

Starting with a team of 30 employees in 2022, Ayekart now boasts over 130 professionals. The expansion to six locations, including four new offices in Pune, Araku, Lucknow, and Gangavaram, has broadened the company’s reach and impact.In July, Ayekart moved to a new head office in Mumbai, aligning with the company’s commitment to delivering unparalleled services and fostering a productive and collaborative work environment.

Ayekart's dedication to fostering partnerships is evidenced

Agrotech, Company News, Finance, India, Supply Chain

Enabling smoother financing and advanced technology for food and agri businesses.

 Ayekart, India’s First Integrated tech platform in the food and agri value chain and UBFC (Unnayan Bharat Finance Corporation) has announced their plan to join forces to empower the food and agriculture value chain with technology and finance. The respective managements of both companies have approved the acquisition of a majority stake in UBFC by Ayekart, subject to regulatory approvals.

This strategic acquisition between the two companies will help them ramp up their growth ladder and support each other in enhancing their food and agriculture value chain business with their expertise and services.

Ayekart is known for offering market access, digitising the Agri-value chain, and providing trade credit. Meanwhile, UBFC works in dairy value chain and provides small loans to borrowers who own livestock. The combined strengths of Ayekart and UBFC will help create a more equitable ecosystem for the food and agriculture value chain, providing improved market access, advanced technology, and simplified financing to underserved communities involved in the food and agriculture sector.

Delighted to partner with UBFC and strengthen the overall food and supply ecosystem,  Debarshi Dutta, Founder and CEO of Ayekart, said, “Our vision at Ayekart is to strengthen traditional businesses in the Agri-value chain through finance, technology, and supply chain management. We are excited about this collaboration with UBFC, which will help us propel our efforts in enabling the MSMEs and FPOs, the important pillars of India’s resilient story.”

Together, the two companies will leverage their expertise to enable the food and agriculture value chain with technology and finance, making it easier for businesses to access markets, scale their operations, increase income, and create more job opportunities.

Further to the collaboration with Ayekart, Avneesh Trivedi, Co-founder of UBFC, added, “UBFC has always aimed to adopt a more dynamic approach through a phygital model to address the problems faced by micro and nano businesses in smaller towns and cities. We found synergy with Ayekart, which operates in similar geographies, to fulfil the needs of small businesses across the nation. This partnership will help us achieve mutual objectives.”

Enabling smoother financing and advanced technology for

Agrotech, Company News, Finance, India, Start ups

 The funds will be utilised to provide financial and technological assistance to elevate traditional agri businesses

Agri-fintech startup Ayekart announced that the company has secured $5.5 million in equity and debt fund. The funding was co-led by corporate lending financial service firm Caspian Debt and individual focused micro financial platform Siply.

The raised funds will be utilized to provide financial and technological assistance to elevate traditional agri businesses and accelerate their growth, the company said in release.

Founded in 2020, Ayekart helps agri business through a set of services including finance, tech, and supply chain management. It also enables credit through non-banking financial corporations (NBFCs) and other lenders for pre-shipment finance, distributor & dealer finance. It also allows manufacturers to find new markets.

Ayekart claims to have helped over 10,000 businesses and facilitated 130 crore valued transactions in FY22 with the Ayekart platform. The company claims a gross transaction value (GTV) of Rs 139.5 crore in FY22 with operations across 13 cities. Going forward, it aims to enable 10 million traditional businesses to embrace technology & hand hold them financially along with expanding its reach to 15 countries in the next 5 years.

 The funds will be utilised to provide