Agritech firm Unnati said its subsidiary Ora Finance has been awarded a license to operate an NBFC. Ora Finance can now cater to the financial requirements of the various players in agriculture ecosystem, while aiming to bridge the gaps in agri-financing currently prevalent.
Ora Finance will target its services to farmers, retailers, traders, distributors, food processors, manufacturers and brands focused on the agriculture sector the company said in a statement.
Unnati has a network of over one lakh registered retailers and traders who use its uStore app to engage with the farmers and manage their agri-business on a day-to-day business. These partners reach out to more than 1.3 million farmers through its apps. It will enable the network of Unnati to avail of various credit products which are simple, fair priced and easy to use. This will help make the availability of formal credit widespread which has been a challenge in the industry.
“With the NBFC license, our subsidiary Ora Finance will be able to widen the access to formal, easy to use credit to all the agri ecosystem players,” Ashok Prasad, Co-founder of Unnati said.