Intello Labs, an agricultural technology firm focused on artificial intelligence, announced the introduction of Praman, a trade exchange platform, as part of a larger goal to create a layer between farmers and traders through digital transformation.
The platform, which has been in stealth mode for the previous few months and includes integrated quality evaluation, now allows for spot trade and e-auctioning of agricultural commodities. Within a few months of its start, Praman had already reached a monthly gross transaction value (GTV) of $40 million. Agricultural trade is moving from physical to digital, according to the organisation, and Praman is speeding up the process.
"We're excited to give the entire trading process a digital facelift, allowing us to expand our geographic footprint and reach new markets. This project is another step toward Intello Labs' goal of becoming a leader in agritech and innovation Intello Labs co-founder and CEO Milan Sharma stated. "In the industry, we've paved the way for automation and standardisation. Praman's ease, speed, and efficiency are just a matter of time until they pave the way for the future of digital agri-trade."
Praman has re-engineered auctions and trade through AI-based quality assessment, transforming them into data-driven and digital processes that break the limitations of current manual processes by automatically generating quality reports that are fed directly into the exchange platform, according to the organisation. Praman also makes data on agri-produce quality available remotely, allowing traders to engage in real-time without having to be physically present at auctions or market yards.
Within the next two quarters, it expects the platform to reach a monthly GTV of $100 million, making it India's largest agri-trade exchange. Intello Labs was founded in 2016 and presently has offices in India, the United States, Europe, and Southeast Asia.
About Intello Labs
Intello Labs is a global, AI-powered quality-assaying agritech startup. With a presence in India, the United States, Europe, and Southeast Asia. Intello Labs utilizes computer vision, machine learning, and AI to digitize food quality assessment and control.
