To connect and serve crores of farmers, fertiliser major IFFCO and Singapore-based tech firm iMandi have come together to launch an e-commerce app IFFCO iMandi.
The objective of the platform is to bring the benefits of digital technologies to every farmer and promote the Internet economy in rural India. Through the app, IFFCO iMandi will address all needs of the farming community and aims to cater to a captive user base of 55 million farmers.
Besides buy-sell, the app has features including chat, calling entertainment and information content to keep the farmers engaged. Farmers will be able to buy all IFFCO products, including fertilisers, agrochemicals, and seeds at a discounted price and get free delivery at their doorstep.
The joint initiative aims to reach GMV of $5 billion by 2020.
“It is a ‘One Stop Shop’ for agri-inputs & produce, FMCG, electronics, loans and insurance,” said Dr. US Awasthi, Managing Director, IFFCO during a launch event in Chandigarh.
I am happy to share that the #IFFCO’s website https://t.co/54IvJaVEbH for farmers is now made active & live. The https://t.co/ehLCbuHA07 is now re-directed to the new website i.e. https://t.co/5zQeuuJANs #DigitalIndia @iffcoimandi @RadhamohanBJP @narendramodi @PMOIndia
— Dr. U S Awasthi (@drusawasthi) July 14, 2018
The platform will be India’s largest rural social e-commerce play by utilizing exclusive access to IFFCO`s more than 55,000 Point of Sales, 36,000 Cooperative Societies, more than 30,000 warehouses and having access to 250 million rural consumers at 16,000 Pin codes, he added.
Following the deal, IFFCO subsidiary IFFCO eBazar now owns 26 per cent stake in iMandi, and the remaining 74 per cent is with I-tech holding and other investors.
Around $12 million has already been invested to launch the app, whereas $18 million has been kept aside to add more features, which will include providing a facility for farmers to sell their produce at best price.
Currently, Delhi-based IFFCO, which posted a turnover of Rs 20,787 crore, has 35,000 members. In the last financial year, the platform claimed to produce around 80 lakh tonnes and sold 103 crore tonnes of fertilisers.