Agritech start-up Unnati is introducing the ‘pay later’ option to farmers for purchasing the inputs such as seeds and agrochemicals on its platform.
Unnati has partnered with a non-banking financial company (NBFC) for interest subvention. The ‘pay later’ facility is being introduced for farmers in Uttar Pradesh and Bihar, where the company has already captured data of large user base.
“We are already piloting the pay later facility with our retailers and traders and the same would be extended to farmers in the forthcoming rabi season,” said Amit Sinha, Co-founder, Unnati. The interest subvention can also be done by the agri-input brands, which the farmer is purchasing, Sinha said.
Scheme features
Farmers can buy inputs such as seeds, pesticides and equipment accessories from the dealers registered with Unnati and pay for it through equated monthly instalments. “Farmers can also book in advance their requirement for seeds and other inputs through the platform or dealers,” Sinha said.
Unnati has a network of 16,000 retailers and traders through which the farmers registered on its platform can buy inputs and also sell their produce.
Sinha said that about 2.75 lakh farmers are registered on the Unnati tech platform through which the company also offers financial services and farm advisory. Unnati has partnered with Paytm Bank to drive financial inclusion among the farming community.
“We are using multiple parameters to build the credit profile of our farmers members. The parameters include the size of landholdings, the transactions carried out on the Unnati platform among others,” Sinha said.
Unnati currently operates in parts of Uttar Pradesh, Madhya Pradesh, Maharashtra and Bihar and proposes to expand its operations to Andhra Pradesh, Telangana and Rajasthan this year.