The tie-up between the agri-tech company Origo commodities and Fin-tech company Vivriti Capital would be useful in bridging the gap between the agri-producers and NBFCs by creating an opportunity for them to get greater and hassle-free access to financial support which would also aid banks to materialize Agriculture Priority Sector Lending.
The partnership aims to finance agri-producers up to 2 crores with convenient interest rates. They intend to venture deeper into rural India furnishing loans up to Rs 100 crores by March, 2023.
The E-MandiCash app is said to be first of its kind which facilitates a full cycle of supply chain including financing as an addition. The app connects suppliers from Mandis to reach out to banks and NBFCs through digital means which makes the process a lot more hassle-free. The E-MandiCash app is solely supplier focused.
Origo Commodities is one of India’s leading Agri-tech companies which has a large network of people engaged in the agri-sector with a presence in over 8 states. Sanya Agarwal, GM, Corporate Strategy, Origo Commodities stated that “With the Vivriti partnership, we plan to expand the supplier network who have credit lines accessible via us in order to ensure they have the required finance to grow their business,”
The company declared that even though the focus of the partnership aims to reach pan-India in the future, currently their target is projected mostly towards states like Bihar, Madhya Pradesh, Uttar Pradesh, Maharashtra, Gujarat, Haryana, Andhra Pradesh, Telangana, Karnataka, Rajasthan, Kerala and Tamil Nadu.
Vivriti Capital is a fintech company focusing on debt finance with primary target as middle-market companies. It has over 300+ companies across 20+ states in about 35+ sectors.
“We are excited to partner with Origo e-Mandi for supply chain finance of the entities on their platform. This will allow us to offer financing vendors/buyers, agri-suppliers, FPOs and FPCs in the agri value chain. Vivriti Capital’s mission is to enable debt funds for the Mid corporate enterprises (anchors) and their ecosystem.
The overall market potential is over $150 billion. Vivriti Capital has provided digital supply chain financing of over INR 1,500 Crores to 500+ dealers and vendors across India. We have been working with various anchors in manufacturing, services, trading, supply chain platforms.” as said by Vishal Suryawanshi, VP, Credit, Vivriti Capital.
