After a decade long spell at Paytm, where he served as COO of Paytm Mall and Business Head at Paytm Insurance, Amit Sinha has been focusing on his ancient venture – Unnati in agritech space pointing at supporting farmers move forward efficiency and plans to raise $6-8 million. Sinha with his companion Ashok Prasad has been working on Unnati for the past couple of years. Sinha as of late moved full-time to reinvigorate the two-year-old venture. The duo has as of now contributed around $100,000 within the Noida-based company, and Sinha may take part with new investors coming up.
He wants to offer agricultural loans to farmers at nominal rates, a move aimed at turning Unnati, into a one-stop solution for all agrarian needs. Enrolled beneath the parent title of Akshamaala Solutions, Unnati was presented by Sinha and his companion, Ashok Prasad, in 2017.
Unnati Already Operational in Bihar, Madhya Pradesh, Rajasthan, Maharashtra
Unnati is operational in selected villages of Uttar Pradesh and plans are in progress to require it to Bihar, Madhya Pradesh, Rajasthan and Maharashtra by the year-end. Sinha needs to advance the venture into the fin-tech category by giving agrarian loans to agriculturists in association with non-banking monetary companies (NBFCs) at a monthly intrigued rate of 2 to 2.5%.
The venture offers support services to agriculturists to enhance the yielding of crops. It too joins them to nearby retailers to get agri-inputs such as sugarcane, corn, paddy, soybean, wheat, and vegetable, hence providing an e-commerce platform as well. Sinha is planning for an advanced platform for farming and added that they have given computerized cards to agriculturists. The idea is to allow a 360-degree hand-holding to agriculturists. The stores would be utilized for improving innovation and extending operations, he included. Unnati claims to have a $15 million run rate with over two lakh farmers on board. As per the reports, India has over 119 million landholder agriculturists with 18% of them dependent on a formal source of credit. Normally, a farmer in India pays around 15 to 20% of his wage.