Ooty-based Lawrencedale Agro Processing (LEAF), an integrated agriculture technology player, has entered into a strategic partnership with agriculture-focused IFFCO Kisan Finance to provide organised financial services to marginalised farmers.
IFFCO Kisan Finance is a non-banking financial company (NBFC) promoted by Indian Farmers Fertilizer Cooperative Limited (IFFCO), a leading player in the agriculture inputs sector.
“We are driving transparency through our tech-enabled platform, LEAF Farmer Network (LFN), powered by Mastercard, which brings in complete visibility and makes the farmers credit-worthy for organised financial services. Our intervention through partnership with IFFCO Kisan Finance enables us to open new doors for farmers and empower them to lead their lives with dignity,” said Palat Vijayaraghavan, Founder and CEO, LEAF.
Alongside organised financial access, LEAF-IFFCO Kisan Finance will offer farmers scientific advisories to grow the best harvest possible, a LEAF release said.
Access to organised financial services is a key gap in the Indian agriculture sector, leading to prohibitively high-cost unorganised finance that pushes farmers into a lifelong debt trap, the release said.
“IFFCO Kisan Finance’s DNA is to bring in sustainable options to finance farmers’ income generating needs and enhance their livelihoods. We will support LEAF’s efforts in building customised products to ensure that marginalised farmers achieve sustainable livelihood growth,” Ranjan Sharma, MD, IFFCO Kisan Finance, was quoted in the release.
LEAF has structured a model through which agricultural inputs such as seeds, crop nutrition and protection products are provided through controlled dispensing, the company said.