Agri10x, a startup, has raised a Seed round from Omnivore. It plans to use the funding to expand across eight more states, onboard one million farmers, and provide fintech solutions to buyers and farmers via NBFC partnerships.
Pankajj Ghode, Co-Founder and CEO of Agri10x, said Indian farmers face huge challenges bringing their produce to market and often receive suboptimal pricing as a result. “The platform we are building will address many of these challenges, and help farmers improve their incomes substantially. We are excited to partner with Omnivore as we streamline agricultural value chains across India while supporting farmers,” he said.
Jinesh Shah, Managing Partner at Omnivore, said Agri10x is providing farmers with direct access to multiple buyers across India, which will ensure competitive pricing and transparency for all parties involved. “In addition, by helping farmers to receive better pricing for higher quality, incentives are aligned for them to grow better quality food for all.”
The agritech provides a blockchain and AI-enabled e-marketplace that connects farmers directly with buyers, helping them sell their produce at competitive prices. Blockchain plays a critical role in Agri10x’s business model, ensuring that all transactions on their platform are traceable, transparent and tamper-proof. The platform also integrates affilitated services, including quality assessment, warehousing, cold storage and logistics to deliver a complete market linkage solution for Indian farmers.
The Pune-based startup intends to strengthen their exports operations across the Middle East and Southeast Asian countries, providing new markets for Indian farmers. In the near future, it wants to partner with leading agrochemical and seed companies, providing market linkage solutions for their farmer customers.
Agri10x, which was founded in 2018, operations are spread across Maharashtra, Bihar, Uttar Pradesh and Gujarat. Its working closely with the GoI’s Common Service Centres (CSC), a massive network of access points across rural India for delivery of e-governance services. The company appointed Village-level Entrepreneurs (VLEs) work in collaboration with CSCs to help farmers register on the platform. The startup believes that in a few years, it will employ tens of thousands of VLEs, actively contributing to rural employment generation.