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Agritech Company Origo Raises $6.8 Mn To Support Rural MSMEs
Dec. 12, 2019
> Origo plans to continue investing in improving the rural financial ecosystem
> Origo also provides supply chain and warehouse facilities
Gurugram-based agritech company Origo has raised INR 48.5 Cr ($6.8 Mn) from Switzerland-based responsability, the Netherlands-based Oikocredit’s Indian subsidiary Maanaveeya, and IndusInd Bank.
With the recently raised funds, the company plans to continue investing in improving the rural financial ecosystem in the country. The company will do so by providing loans to agritech startups, agriculture-based MSMEs, among others.
Founded in 2010, Origo, through Origo Commodities and Origo Finance, provides solutions for reducing post-harvest losses in the commodity supply chain, including farmers, traders, processors, bulk buyers, warehouse owners and financial institutions.
Additionally, it also helps dairy and small enterprises in rural India obtain required financing to support their businesses. The company has a team of around 1,800 employees across 12 states in the country.
Venkatram Reddy, CEO, Origo Finance said that over the last 10 years the company has gained strength in rural India. “We cover multiple aspects of rural India including agriculture, dairy and micro businesses. With these investments, we hope to gain further inroads and provide stronger solutions across many more locations,” he added.
Sunoor Kaul, director of Origo Commodities, added that since its inception, Origo has led impact in agriculture and is now diverting in microloans in rural areas. “Origo has been responsible for facilitating storage of over 23 Mn metric tonnes, reducing post-harvest losses by 5%, providing additional food security to over 1 Mn people, and 35% of the new loans going to new to credit category,” Kaul claimed.
While Origo is giving Indian farmers and other farming community financial support, many other agritech startups are leveraging new-age technologies for bringing substantial changes in their lives.
For example, Fasal, which earned funding from Omnivore and other investors recently, targets high-value horticulture crops such as grapes and is looking to expand in this direction.
Similarly, seed-to-fork agritech startup Aibono targets highly perishable and short-cycle crops such as carrots, broccoli, lettuce and others. In time, there will be solutions that are geared for onion, which is considered the most staple of all vegetable crops in India.
Recently, New Delhi-based agritech startup Kamatan Farm Tech has raised INR 30 Cr equity and debt funding round to improve its logistics and supply chain.
Source: Inc 42
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