Guwahati-based Agri-fintech startup, Farmeasy Technologies (P) Ltd., raised an undisclosed amount of F&F (friends and family) equity round of funding from an HNI Hemanta Narzary.
Narzary is a retd. IAS officer who previously worked with the Govt. of Assam in the capacity of Principal Secretary for Handloom, Textile and Sericulture as well as for Water Resources and Irrigation Department; and has worked as the Commissioner Secretary in the Dept. Of Veterinary and Animal Husbandary, and at the Dept. Of Agriculture.
Speaking to the media, the CEO of FarmInfinity.com, Alok Ekka, an IIM Indore alumni, says that “Mr Narzary will be joining the company as a non-executive Director and his immense experience will help the startup grow and strengthen its governance”.
The company also announced that it has onboarded industry veterans like Dr Samir Baruah (retd. Corporate Banker) and Mr Vinay Peshwa (CEO, Maxsimos Techsoft, ex-Infosys) as Advisors in the company.
The company started in January 2020 and since then has developed Farm Infinity (farm∞), a cloud-based, mobile and web digital platform to facilitate easy access to affordable financial services for the 12.5 crore smallholder farmers and agribusinesses of India. Through their proprietary algorithm and creditworthiness scorecard, they are helping the financial inclusion of smallholder farmers of India. The company provides their technology platform to Banks, NBFCs, MFIs and Insurance companies dealing with agri-financing and agri-insurances, so that the Banking, financial services and insurance (BFSI) sector can determine the financial capability of their customers (farmers & agribusinesses) and mitigate risks of NPAs in their Agriculture financing portfolio.
The mobile application Farm Infinity, available in Google PlayStore, takes data from Farmer Collectives and analyses them to provide one-of-a-kind creditworthiness reports of farmers using multiple sets of data. Features of the mobile application include Aadhar enabled Digital KYC, 360-degree farm data like GPS Coordinates, Cropping pattern, livestock information and usage of farm inputs.
Alok Ekka informed that the fund will be utilised to strengthen their technology backend and file patents for their proprietary algorithm and credit scorecard.
Apart from Alok Ekka, the founding team comprises of IIT-IIM graduates like National Award-winning serial entrepreneur Gunajit Brahma, who is Alok’s batchmate from IIM Indore, NIT Durgapur graduate Ram Munda and IIT Kharagpur alumni Kaustav Gayon.
The company was recently selected for three Global Startup programmes like Startup Grind, Plug and Play, both based out of Silicon Valley, USA and at Hyper Accelerator, Canada. All these are invite-only programmes for Tech startups across the world. Earlier this year, the company was selected as one of the finalists from Asia-Pacific at the United Nations’ ITU Digital World Virtual SME Award 2020 Global competition under the Digital Finance category.
Farmeasy Technologies is incubated with Assam Startup, Govt. of Assam, and has previously raised a grant amount from them under the Idea2POC programme, and is virtually incubated with PwC-FiND & Mumbai Fintech Hub, Govt. Of Maharashtra & NASSCOM’s 10000 Startups, Mumbai Campus.