Samunnati, an agri-value chain enabler, has seen a huge demand for working capital requirements from FPOs (farmer producer organisations).
It said its new instrument, Samunnati Instant Pre-approved Loans (Sam IPL), which targets the FPOs and farmer collectives, has seen a good response.
The loans, which are offered without seeking any collateral, are capped at ₹5 lakh and offered through a digital window.
Though it won’t ask for collaterals, the digital platform has a quick check of the CIBIL score, validation of PAN details. It only takes a few minutes to verify the details and send an in-principle sanction letter. “We don’t ask for any collaterals. We managed to disburse ₹37 crore to about 600 FPOs in just nine months and it goes to show the demand for such loans,” Pravesh Sharma, Director of Samunnati Agro, told BusinessLine over phone.
“While we completed the year with ₹33 crore, the momentum continued through April 2022, helping us cross the ₹37-crore mark,” he said.
Seeing a huge demand for the working capital needs of FPOs and farmers’ collectives, the company is planning to reach out to another 600 FPOs this year.
“It is clear that the next wave of the digital revolution will be from rural India and our FPO Gateway aims to be at the forefront for enabling this revolution for FPOs,” Anil Kumar S G, Founder and Chief Executive Officer of Samunnati Agro said.
Over 1,500 farmer collectives have registered on its FPO Gateway. The Chennai-based firm has a presence in more than 100 agri value chains spread over 22 States in the country.
Published on
April 26, 2022
