Agriculture finance startup Samunnati has managed to raise $20 million from the United States Development finance corporation. Sa is a Chennai based company that provides lending facilities to farmers. With the help of recent funding, the company will be able to improve their lending capabilities and better assistance to poor farmers.
They wish to provide even better service to small farmers by improving their own lending abilities. Right now it is difficult for small farmers to acquire loans because of the complex policies and conditions of loans. The company will be using technologies like satellite imagery and soil testing. Using these technologies it will provide loans to these low-income and small farmers.
In the past 5 years, the growth of agriculture-based startups has been around 25-30%. It is believed that a bright future awaits for Samunnati. It will be interesting to see how the startup manages its funding and move forward to keep raising such funds in the future.
According to the founder and CEO of Samunnati, Anilkumar SG, “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.”
The Managing Director of South Asia Region of DFC, Ajay Rao 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.”