Samunnati, an agri-value chain enabler, has seen a surge in demand from FPOs for working capital requirements (farmer producer organizations). It stated that its new product, Samunnati Instant Pre-approved Loans (Sam IPL), which targets FPOs and farmer collectives, has received a positive response.
The loans, which are available without the need for collateral, have a maximum loan amount of 5 lakh and are available through a digital window.
Though it will not request collaterals, the digital platform will perform a quick CIBIL score check and PAN validation. Verifying the details and sending an in-principle sanction letter takes only a few minutes.
"We don't require any collateral." We were able to disburse 37 crores to approximately 600 FPOs in just nine months, demonstrating the demand for such loans," said Pravesh Sharma, Director of Samunnati Agro.
"While we finished the year with 33 crores, the momentum continued through April 2022, assisting us in crossing the 37-crore mark," he said.
Seeing a high demand for the working capital requirements of FPOs and farmers' collectives, the company intends to reach out to an additional 600 FPOs this year.
"It is clear that the next wave of the digital revolution will come from rural India, and our FPO Gateway aims to be at the forefront of enabling this revolution for FPOs," said Anil Kumar SG, Founder, and CEO of Samunnati Agro.
Over 1,500 farmer cooperatives have signed up for its FPO Gateway. The Chennai-based company has a presence in over 100 Agri value chains across 22 states in the country.
About Samunnati
It is started in 2014 as the only specialized Agri Value Chain Solutions provider, the organization is steered by one vision ‘to make market work for the smallholder farmers by making the value chains operate at a higher equilibrium. Headquartered in Chennai, Tamil Nadu, India, Samunnati has its presence in more than 54 Agri value chains spread over 19 states in India.
