Fintech platform for farmers and businesses in the agri and food value chain Ayekart reported a Gross Trade Value (GTV) of Rs 657 crores for the fiscal year in its annual general meeting for the financial year 2022–23, an increase of nearly 5X from last year.
The company claimed that since 2022, it has processed over 70,000 transactions and has more than 16,000 registered MSME partners. 75,000 farmers have been impacted thus far, and 135k metric tonnes of goods have been traded.
Ayekart reported Debarshi Dutta, Co-Founder & CEO of Ayekart, said, “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.”
In May of this year, the company announced a minority investment in Nature’s Fresh Express, a supplier and producer of exotic vegetables, to strengthen its retail offerings and expand its product line. Ayekart and Unnayan Bharat Finance Corporation Private Limited partnered in the same month to empower the food and agri value chain through technology and finance. Unnayan Bharat Finance Corporation Private Limited is an RBI-registered NBFC focusing on women micro-entrepreneurs in the agri value chain.
The company gathers agri-produce demand from food processors, millers, traders, or exporters, and supply is arranged through farmer producer organizations and farmer producer companies. It supports MSMEs and local manufacturers by facilitating distribution through the network of distributors and retailers.
According to data from Crunchbase, Ayekart has raised $6.7 million from Caspian Debt and the micro-finance firm Siply.
As businesses increase their investments in supply chain finance solutions for monitoring pre-trade, post-trade, and analyzing cross-asset and cross-market trades, the global supply chain finance market size is projected to increase at a CAGR of 8.55 percent from $6.68 billion in 2022 to $11.76 billion by 2029, according to strategic consulting and market research firm BlueWeave Consulting.