IFFCO, the fertilizer major, has associated with Singapore-located tech company iMandi to begin an e-commerce website for farmers with almost Rs 80 Crore worth investment. An e-commerce applications, dubbed as “IFFCO iMandi,” has been rolled out that will supply to 5.5 Crore farmers already linked with the organization. A web platform has also been designed.
IFFCO eBazar Ltd., subsidiary of IFFCO, has taken 26% share in iMandi Pte Ltd. The rest of the 74% is with some other investors including I-tech Holdings. “After leading the campaign all over India to sensitize the farmers about the employment of digital and online payments, we are proud to surface with an application ‘IFFCO iMandi.’ It is an ultimate stop for agri inputs, electronics, FMCG, insurance, and loans,” U S Awasthi, Managing Director at IFFCO, claimed to the media in an interview.
iMandi will deal with all requirements of the farming society and plans to supply to captive consumer base of 55 Million farmers, he claimed further. The app was rolled out this week in Chandigarh. Founder of iMandi Pte, V K Agarwal, claimed that almost USD 12 Million has already been pumped in to roll out this portal and app while more USD 18 Million will be added to include additional features, comprising the facility for farmers to trade their products.
“We are aiming to reach gross merchandise value (GMV) of USD 5 Billion in the coming 2 Years,” he claimed. iMandi is obtainable at App Store and Play Store for download for iOS and Android handsets and also available on web at their official website.
On the same note, Marketing Director at IFFCO, Yogendra Kumar, claimed that in the near future farmers will also be capable of selling their product at the best prices online. The Delhi-located IFFCO has 35,000 members in its society. The organization posted an income of Rs 20,787 Crore in the previous fiscal. It made almost 8 Million Tons and traded 10.3 Million Tons of fertilizers last year.