After a decade long stint at Paytm, where he served as COO of Paytm Mall and Business Head at Paytm Insurance, Amit Sinha has been focusing on his old project – Unnati in agritech space.
Sinha along with his friend Ashok Prasad has been working on Unnati for the past couple of year. It looks like – Sinha recently moved full-time to reinvigorate the two-year-old venture.
According to a media report, Sinha and Prasad launched Unnati somewhere in 2017. However, his LinkedIn profile reflects that he’s an advisor and Board member of the company since May 2015.
Operated by Akshamaala Solutions Pvt Ltd, Unnati, a digital distribution platform claims to offer advisory and agricultural inputs to the farmers, is also looking to raise fresh funds in the tune of $6-8 million.
Unnati is likely to go for a bridge round followed by a large amount ($6-8 million) in Series A round, said a Moneycontrol report.
The duo has already invested around $100,000 in the Noida-based company, and Sinha may participate with new investors in the upcoming round.
Besides enhancing technology, Unnati will expand its operations in agri-focused states such as Bihar, Madhya Pradesh, Maharashtra and Rajasthan.
Currently operational in select villages of Uttar Pradesh, Unnati claims to have $15 million run rate with over two lakh farmers on board. It enables farmers to discover and purchase agri Input products and services and sell their farm output.
On the other hand, the company’s retail point of sales allows them to buy genuine fertilizer, pesticide & seeds in bulk and at a fair price.
Given that Sinha’s ten-years-long journey with Paytm, he has a strong understanding of a fintech space Hence, he plans lending layer to churn revenue in a long haul. According to the report, Unnati would offer small credit to farmers at a monthly interest rate of 2-2.5%.
Meanwhile, the company is also gearing up to apply for an NBFC licence soon.