Agriculture finance startup Samunnati is a Chennai based company that provides lending facilities to farmers. Recently, they managed to raise $20 million from the United States Development finance corporation. The recent funding will help them improve their lending capabilities and better assistance to poor farmers.
How Samunnati wishes to use the funding?
By improving their lending abilities, they wish to provide an even better service to small farmers. Due to the complex policies and conditions of loans, it is difficult for small farmers to acquire one. Using technology like satellite imagery and soil testing, agriculture finance startup, Samunnati will provide loans to these low-income and small farmers.
Comments of the CEO of Samunnati and the investor
Anilkumar SG, founder, and CEO, Samunnati said, “Samunnati is working with many FPOs on the supply side and Agri enterprises on the demand side across 19 states in India. We are delighted to partner with DFC as this will help us further offer customized financial solutions. By using social and trade capital, to FPOs and SMEs, enabling the Agri value chain to operate at a higher equilibrium.”
While commenting on the investment Ajay Rao, Managing Director of South Asia Region, DFC, said, “The DFC is proud to work together with the experienced team at Samunnati. We look forward to collaborating in scaling up the breadth and depth of the company’s operations across India.”
In the past 5 years, the growth of agriculture-based startups has been around 25-30%. So, I see a bright future for Samunati. Let’ see how well they manage their funding and keep raising more money moving forward.
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