By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
CryptoCommunityCryptoCommunity
  • Home
  • General
  • Blockchain
  • Crypto
  • DeFi
  • Metaverse
  • NFT
Search
  • BTC
  • ETH
  • USDT
  • USDC
  • BNB
  • BUSD
  • ADA
  • XRP
  • SOL
  • DOGE
  • DOT
  • MATIC
Reading: Accel backs Produze to help agri-producers in India export globally – TechCrunch
Share
Aa
CryptoCommunityCryptoCommunity
Aa
  • Home
  • General
  • Blockchain
  • Crypto
  • DeFi
  • Metaverse
  • NFT
Search
  • Home
  • General
  • Blockchain
  • Crypto
  • DeFi
  • Metaverse
  • NFT
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
CryptoCommunity > Blog > General > Accel backs Produze to help agri-producers in India export globally – TechCrunch
General

Accel backs Produze to help agri-producers in India export globally – TechCrunch

admin Published August 9, 2022
Last updated: 2022/08/09 at 7:59 AM
Share
SHARE

[ad_1]

Accel has led a $2.6 million funding in Produze, an Indian startup that is attempting to help local agri producers sell to international retailers, the latest in a series of bets as investors and entrepreneurs look to bring efficiency to supercharge one of the world’s largest agri producers.

“We are helping agri-producers to reliably access international markets where they can make more margins for their produce,” said Ben Mathew, who previously worked at Ninjacart, a Flipkart-backed startup that operates a business-to-business platform to connect farmers, manufacturers and brands to retailers.

Mathew teamed up with former colleague Gaurav Agrawal, entrepreneur Rakesh Sasidharan and Y Combinator alum Emil Soman earlier this year to start Produze.

He said Produze works similarly as ‘Fulfilled by Amazon,’ offering a digital supply chain infrastructure that comprises of customer acquisition, last-mile distribution, export-import port operations and source logistics.

In the traditional setup, farmers supply their produce to a farmer aggregator who delivers it to another trader, who then forwards the goods to an exporter. The produce then reaches the retailer through an importer and a distributor. The export, after that, takes the produce to destination countries.

Produze founders

Produze founders Ben Mathew, Gaurav Agrawal, Emil Soman and Rakesh Sasidharan (from left to right)

All this makes exporting agricultural goods a cumbersome process: retailers involved in the traditional setup often end up receiving produce whose quality fails their expectations. The intermediaries also charge up to a 5% margin to account for payment default risk, quality risk, inventory loss risk and price fluctuation, he said.

“This leads to price inefficiency of almost 25 to 30%, the brunt of which is borne by the agri-producer who gets fewer margins by the retailers who have to pay a higher price to purchase it,” he said.

There’s also inefficiency in their communication as vendors use email or messaging app to place orders and follow up.

These challenges are restricting farmers in India from exporting their produce, he said. “Typically, only 0.5% of the farmers have access to export channels. So, they’re dumbed down to making the produce they can sell locally… They don’t focus on all the crops [or the quality of their crops] that can potentially be exported,” the executive told TechCrunch.

In some ways, Produze works similarly as Flipkart-backed Ninjacart, though there are considerable differences. Produze says it is targeting global customers. “We go deep on demand-side in specific markets, specific countries, which Ninjacart is not doing. Ninjacart is largely focusing on the domestic market,” Mathew said.

Produze is additionally building export and import operations as well as setting up the last-mile distribution in destination countries. The startup says it has already set up an office in Dubai and is planning to open offices in Europe and the U.S. in the next two months.

The startup — whose seed funding also saw participation from All in Capital and Ninjacart founder and chief executive Thirukumaran Nagarajan and chief operating officer Kartheeswaran KK — recently started taking applications for retailers and agri producers and says it has been overwhelmed by the volume of responses.

“We feel Produze technology and supply chain capabilities can help improve the selection of fresh farm produce for customers at more affordable prices while compensating the producers fairly,” said Pratik Agarwal, a Principal at Accel, in a statement.

Accel is also an investor in Chennai-based NBFC Samunnati, agri-inputs provider AgroStar and Ninjacart.

[ad_2]

You Might Also Like

Revyze is building the TikTok of educational videos

YouTube ends the test asking users to get a premium subscription to watch 4K videos

Who is going to buy Cadillac’s $300,000 hand-built EV?

Don’t let today’s software rally improve your mood

Daily Crunch: Kanye West reaches agreement to acquire social media platform Parler

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
[mc4wp_form]
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
admin August 9, 2022
Share this Article
Facebook TwitterEmail Print
Share
Previous Article The iconic Meyers Manx dune buggy makes it return as an EV – TechCrunch
Next Article CryptoDickbutts NFTs Erect Nearly 700% In Daily Sales Volume 

Latest News

earn bitcoins fast
How to earn bitcoins fast
crypto
Cryptocurrency is a Scam or Not
How to Tell If a Cryptocurrency is a Scam or Not
crypto
Losing In Cryptocurrency Trading
Tips to Avoid Losing In Cryptocurrency Trading
crypto
Sell Products Online with Bitcoins
How to Sell Products Online with Bitcoins – The Ultimate Guide
crypto

You Might also Like

Revyze is building the TikTok of educational videos

6 Min Read

YouTube ends the test asking users to get a premium subscription to watch 4K videos

2 Min Read

Who is going to buy Cadillac’s $300,000 hand-built EV?

4 Min Read

Don’t let today’s software rally improve your mood

1 Min Read

Crypto Community

  • Home
  • Crypto Calculator
  • Blog
  • Contact Us
  • Privacy Policy
  • Disclaimer
  • Terms and Conditions

Real time Cryptocurrency

  • Crypto Prices
  • Dogecoin price
  • Shibainu coin price
  • Bitcoin Price
  • Cardano Price
  • Litecoins Price

Cryptocurrency Price USD

  • Bitcoin price USD
  • Ethereum price USD
  • Tether price USD
  • BNB Price USD
  • Cardano Price USD
  • Solana Price USD
  • Peps coin Price USD
  • floki inu Price USD
  • SIA coin Price USD
CryptoCommunityCryptoCommunity
Follow US

© 2022 Cryptos Community All Rights Reserved. All logos and images used on this website are registered trademarks of their respective companies. All Rights Reserved. Cryptos Community is not liable for inaccuracies, errors, or omissions found herein. For the removal of copyrighted images, trademarks, or other issues, Contact Us. 


Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?