Chandigarh: Fertiliser major IFFCO has partnered with Singapore-based technology firm iMandi to start an e-commerce platform for farmers with an investment of about Rs 80 crore.
An e-commerce app, 'IFFCO iMandi', has been launched that would cater to 5.5 crore farmers already associated with the cooperative. A web portal has also been developed.
IFFCO's subsidiary IFFCO eBazar Ltd has taken 26 percent stake in iMandi Pte Ltd. The remaining 74 percent is with I-tech Holdings and some other investors.
"After spearheading the campaign across India to sensitise the farmers about the use of online and digital transactions, we are proud to come up with an app ‘IFFCO iMandi'. It is a 'one-stop-shop' for agri inputs and produce, FMCG, electronics, loans, insurance etc," IFFCO Managing Director US Awasthi said.
iMandi would address all needs of the farming community and aims to cater to a captive user base of 55 million farmers, he added. The app was launched in Chandigarh on Monday.
VK Agarwal, the founder of iMandi Pte, said about $12 million has already been invested to launch this app and portal while another $18 million would be infused to add more features, including the facility for farmers to sell their produce.
"We are targeting to reach GMV (gross merchandise value) of $5 billion in the next two years," he added.
iMandi is available for download at Play Store and App Store for Android and iOS phones and accessible on the web at www.iffcoimandi.in.
Apart from buy-sell, the app has features like communication (chat and calling), entertainment and information/advisory content to keep the farmers engaged.
Under the agri inputs marketplace, farmers can presently buy all IFFCO products, including fertilisers, agro-chemicals and seeds at a discounted price and get free delivery at their doorstep.
In the near future, IFFCO's Marketing Director Yogendra Kumar said farmers will also be able to sell their produce online at the best prices.
Delhi-based IFFCO has 35,000 member societies in its fold. The cooperative posted a turnover of Rs 20,787 crore during last fiscal. It produced nearly 8 million tonnes and sold 10.3 million tonnes of fertilisers during 2017-18.
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Updated Date: Jul 16, 2018 12:01:44 IST