The Delhi-based startup ‘TechnifyBiz’ professes to have expanded farmers’ net revenues by 200 percent. At present, TechnifyBiz offers 10 items: makhana, cashews, almonds, raisins, pecan, quinoa, chia, pista, sunflower seed, and watermelon seeds.
During the Union Budget this year, ‘agriculture’ and ‘agritech’ were in center, expressed on many occasions by Finance Minister Nirmala Sitharaman in her speech. It is not really amazing given that agriculture keeps on driving the Indian economy, with near 60 percent of the nation’s livelihoods subject to it.
Agritech, in the interim, is the new dear, and the administration needs to encourage the development of new businesses (around 450 of them) in the segment with different activities. Investors are likewise intrigued by the part, having siphoned over $248 million in agritech new businesses in H1 2019 alone, as indicated by an ongoing report by Nasscom. That is a 300 percent development over a year ago. The report includes that normal salaries of ranchers have become 1.7X in the most recent decade.
Presently, that is noteworthy, yet insufficient. Or then again so trust Akash Sharma and Abhishek Agarwal, Co-originators of TechnifyBiz, a B2B agritech startup, that vows to build farmer livelihoods by 200-300 percent. That might be a brassy case, yet not an inconceivable one.
Akash and Abhishek, both IIT graduated class, run a group of 16, are working with countless ranchers to make this a reality.
How TechnifyBiz guide commodity farmers
The pioneers propelled TechnifyBiz in mid-2017 to sort out the agri production network with the goal that the preparing of durable wares should be possible legitimately by ranchers. From that point forward, they are given forward market linkages that enable them to sidestep mediators and sell straightforwardly to any semblance of grocery store chains, prepared nourishment producers, and sweet shops, and in the long run, increment their salaries.
In two years, the Delhi-based startup professes to have expanded farmers’ net revenues by 200 percent. At present, TechnifyBiz offers 10 items: makhana, cashews, almonds, raisins, pecan, quinoa, chia, pista, sunflower seed, and watermelon seeds.
Co-founder and CEO Akash stated to YourStory, “We have plans to take it up to 50-60 commodities in the next two years with about 100,000 suppliers but we’ll stick to non-perishables because that sector is most fragmented.”
The middlemen that TechnifyBiz disposes of incorporate intermediaries, wholesalers, and mandi brokers. Ranchers can work out the day by day paces of products themselves and information them on the online stage made by the startup. Clients can see these rates continuously, and put in discount requests, which are then conveyed to their doorstep by the startup.
Operations, revenues, and partnerships
TechnifyBiz claims its clients incorporate nourishment industry heavyweights like Big Bazar, Metro Cash and Carry, Reliance Retail, Haldirams, Grofers, BigBasket, and Flipkart. Ranchers can sell straightforwardly, in mass, to these organizations, and acquire the best net revenues on each commodity.
Akash elaborates, “Our initial idea was to build a farm-to-fork venture. But then, we thought we could help farmers with their post-harvest commodities. We have had our fair share of learning in the past two years and are now looking to achieve three things: better utilisation of food processors, improved farmer incomes, and a well-distributed commodity ecosystem.”
TechnifyBiz claims a month to month run pace of Rs 7 crore and says it has developed at 70 percent in the last four to five months. “We’re targeting Rs 1,000 crore in two to three years,” unveils the co-founder.
The B2B startup is operational in six to seven agri bunches in Bihar, Karnataka, Rajasthan, Andhra Pradesh, affecting more than 15,000 rancher lives. More than 1,500 enormous requests have been handled on its stage up until now.
Not just has the organization improved rancher livelihoods, however it has additionally collaborated with undisclosed NBFCs and banks for item financing. Furthermore, by reserving in neighborhood, course explicit transporters and coordinations suppliers, it has guaranteed auspicious conveyances for the end client.
Akash says, “We do not want to create the [commodity] market, we are just organising it so that everyone is paying the right price for what they are getting,”
Overcoming challenges, and ecosystem support
Without a doubt, sorting out a “lopsided” advertise doesn’t come simple. “Reaching out to the right set of farmer groups has been our biggest challenge,” says Akash, including, “But, once you have certain use cases for even one commodity, the story gets circulated very quickly as it is a very small ecosystem.”
For TechnifyBiz, that commodity was makhana that built up its incentive to the two ranchers just as purchasers. “Now, almost all makhana farmers approach us,” Akash notes.
The startup started activities out of an unobtrusive level in Delhi’s Malviya Nagar. Be that as it may, when the organizers moved into the brooding space of Indigram Labs in August 2018, it scaled rapidly. Other than picking up from Indigram’s immense involvement in agritech, TechnifyBiz was likewise coached and upheld by R Narayan, Founder of Power2SME, and Rajneesh Gupta, Director at Aakash Namkeen (distributer of bites and savories).
It is hoping to close a Pre-Series A series of Rs 15 crore “in no time”. The startup intends to use the capital by putting resources into innovation, getting into more up to date wares, including providers, and improving business sector linkages for ranchers.
Discussion about challenge, Akash affirms, “In the organised market, there is no one. In the unorganised sector, competition comes from kiranas.”
In any case, for an organization that needs to change India from an agri economy to a “organised agri economy”, that is not really an obstruction!