Wednesday, November 30, 2022

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Fintech firm Ayekart raises funding of $5.5 million to assist agri-related companies develop

Credit score and Finance for MSMEs: Fintech platform for farmers and companies in agri and meals worth chain Ayekart at this time introduced that it has raised funding of $5.5 million which incorporates fairness and debt from company lender Caspian Debt and micro-finance service supplier Siply. 

Ayekart, based in December 2020, is a startup aimed toward serving to  conventional companies associated to agriculture and meals digitise their operations, elevate credit score and handle their provide chain. 

The corporate stated that the fund will assist them attain out to extra clients and transfer in direction of their objective of enabling expertise and credit score entry for 10 million conventional companies within the subsequent 5 years. The goal can also be to foray within the export market by finish of this yr. 

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Ayekart’s chief government officer (CEO) and co-founder, Debarshi Dutta stated the corporate will use the fund to strengthen its ecosystem for the advantage of small and conventional sellers, sellers, farmers, millers, processors, distributors and retailers (in meals and agri sector). “This may additional enhance disbursements, given the varied alternatives that we’ve at current,” he famous.

Sousthav Chakraborty, CEO and co-founder of Siply stated they joined palms with the startup as they discovered Ayekart “extraordinarily revolutionary” and “including worth” to agri-ecosystem by expertise and experience.

On the funding announcement, Caspian Debt’s Managing Director and CEO Avishek Gupta talked about that Ayekart has been empowering small companies within the agriculture worth chain with new market avenues and fee assurances to the suppliers. “Their platform gives energy to the native ecosystem gamers (Processors, Distributors, and Retailers) serving to them to develop the enterprise with out affecting their margins thus making a optimistic influence,” he asserted. 

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Launched to the market in September 2021, Ayekart managed a Gross Transaction Worth (GTV) of Rs 139.5 cr in fiscal yr 2021-22, with a optimistic revenue after tax (PAT). They raised approximate Rs 5.5 crores within the angel spherical in the identical month. They’ve reached the GTV of Rs 250 crores within the final 11 months, working in 13 states throughout India with over 10,000 MSMEs and retailers onboard.

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