IFFCO, tech firm iMandi launch e-commerce platform for farmers
CHANDIGARH: Fertiliser major IFFCO has partnered with Singapore-based technology firm iMandi to start an e-commerce platform for farmers with an investment of about ₹80 crore.
An e-commerce app, ‘IFFCO iMandi’, has been launched that would cater to 5.5 crore farmers already associated with the cooperative. A web portal has also been developed. IFFCO’s subsidiary IFFCO eBazar Ltd has taken 26% stake in iMandi Pte Ltd. The remaining 74% is with I-tech Holdings and some other investors.
“After spearheading the campaign across India to sensitise the farmers about the use of online and digital transactions, we are proud to come up with an app ‘IFFCO iMandi’. It is a ‘one stop shop’ for agri inputs and produce, FMCG, electronics, loans, insurance etc,” IFFCO managing director US Awasthi said.
iMandi would address all needs of the farming community and aims to cater to captive user base of 55 million farmers, he added. The app was launched on Saturday.
VK Agarwal, founder of iMandi Pte, said about $12 million has already been invested to launch this app and portal while another $18 million would be infused to add more features, including the facility for farmers to sell their produce.
“We are targeting to reach GMV (gross merchandise value) of $5 billion in the next two years,” he added.
iMandi is available for download at Play Store and App Store for Android and iOS phones and accessible on web at www.iffcoimandi.in. Apart from buy-sell, the app has features like communication (chat and calling), entertainment and information/advisory content to keep the farmers engaged.