Rent a tractor from FarMart
First founded in 2016 by Alekh Sanghera, Farmart aimed to be an Uber for tractor model where farmers could rent agricultural machine like tractors from someone in their vicinity. While the model proved to be moderately successful, the team spontaneously realized that the financial condition of farmers remained more or less the same. Even though the government of India has tried to improve the conditions of small and medium range farmers, the lack of credit assessment (whether or not the farmers would be able to pay back the requisite amount in specific number of days) made the process tough.
Their way through: The company launched the new format of FarMart in 2018 which not only provides the machinery on rent but also provides cashless loans to farmers based on their credit assessment point out of 50. The loans usually ranges from 10-50k rupees and can be paid in multiple-equal installments throughout the cultivation period or collectively after harvest.
-This prevents the exploitation of farmer’s funds in bribes or fees that they have to provide bank officials.
-Instead of 3-12 months usually taken by an official bank to provide loan, Farmart provides it within 3 days with the help of their support team.
-It also disregards the unofficial middle man that
Agricultural Startup | FarMart |
| 2018 |
Solution Overview | Cashless digital loans for distressed Indian Farmers. |
Founders | Alekh Sanghera (Co-Founder & CEO) |
Investors/Funding | Catalyst Fund, Indian Angel Network, Let’s Venture, 500 |
Headquarters | Gurugram, Haryana |
