Agritech firm Arya on Tuesday said it has entered into a partnership with Canara Bank to help farmers and food processing units get finance against their agri-produce stored in warehouses managed by the startup. Canara Bank will be able to leverage the reach of Arya to over 3,50,000 farmers through the 450 FPOs, which the startup works with.
Arya said in a statement it has entered into a “strategic partnership with Canara Bank for collateral management and warehousing services to help farmers with effective market linkage.” The objective of the partnership is to extend finance to farmers, Farmer Producer Organisations (FPOs), processors, and various depositors stocking their agri-produce in warehouses managed by Arya across the country, a company statement said.
As a collateral manager, Arya would facilitate post-harvest credit for the bank through its digital platform across its network of 4,000 warehouses covering more than 3 million tonnes of agriculture commodities. Arya helps farmers, aggregators, FPOs, food processors and end-user corporates avoid post-harvest losses.