Agri-fintech startup OneImpact Technologies Pvt Ltd, which enables dairy farmers with credit accessibility, announced it has raised an undisclosed sum in a seed round from CIIE.CO, a start-up incubator set up by IIM Ahmedabad. The company plans to use the funds to scale up loan disbursements to dairy farmers and validate proof of concept.
Founded by Maharshi Thaker, a second-year student at IIM-A, OneImpact uses digital technology, artificial intelligence and machine learning capabilities for identification, risk profiling and diversification of credit portfolio. The company aims to create improved mechanisms for lending and make it easier for farmers to access formal lending services.
Currently, the agri-financing market in India is led by public sector banks, with a chunk of loans dispersed through a single product — the Kisan Credit Card.
“We at OneImpact are on a path to revolutionise agri-lending in India via digital technologies,” said Thaker, CEO of OneImpact. Thaker is an alumni at the CIIE.CO’s IIMAvericks’s programme, which provides graduating students and budding entrepreneurs prototype grants, stipends for living expenses, training, workshops and acceleration. Over the last five years, IIMavericks has supported over 60 alums with fellowships and 35 students with an idea validation summer internship at startups such as Finshots, Zouk and Reculta.
“We understand that the most critical period for any entrepreneur is the first two years of business challenges. Identifying this need gap, we launched the IIMAvericks programme to provide mentorship and financial support to graduating students to help them sustain during the initial period of their venture. Happy to extend the same support and guidance to OneImpact,” said Vipul Patel, Partner - Seed Investing at CIIE.CO.