Agritech firm GreenSat Innovation Labs has signed a memorandum of understanding (MoU) with Gramin Vikas Trust (GVT), a rural welfare organisation and IndiaHub e-Governance, an impact-focused startup, as a technology partner for their smart FPO (Farmer Producer Organisation) initiative.
The initiative aims to develop a smart FPO model to offer low-cost user-friendly technologies to help farmers with crop management, gathering funds, ensuring adequate insurance cover, and market linkages for sales, according to a statement.
Under the initiative, GreenSat Innovation App will offer end-to-end support including precision farming, banking, market linkages, and crop insurance products. It will offer direct access to National Commodity and Derivatives Exchange (NCDEX) which will provide a commodity trading platform for bigger FPOs. This can help farmers directly access the market.
The app provides users with both precision farming services and an agri-banker solution, the statement said. Precision farming services include information on weather forecast, detection of diseases and pests, crop growth monitoring, nutrient tracking, irrigation management, and agri-doctor assistance. The agri-banker concept integrates all financial support services in one place, including, loans, insurance, sales, commodity research, and access to NCDEX.
The partnership targets 100 FPOs in the first year (2021-22) and plans to add 500 FPOs each successive year. The company claimed over 10,000 farmers have already signed up for the project and it expects to on-board an additional five lakh farmers by March 2022.
“This partnership is the result of our determination to offer complete end-to-end solutions for farmers where they can find information, finance, insurance cover, and a market for their products. Together, we hope to revolutionize farming as we know it, providing farmers with a single platform for all their requirements,” Deepak Yadav, founder, GreenSat Innovation Labs, said.
The project will initially be marketed in about 20 states including Haryana, Gujarat, Himachal Pradesh, Rajasthan, Uttar Pradesh, Madhya Pradesh, Chhattisgarh, and Bihar.