- Step 1: Farmer arrives at the procurement center.
- Step 2: Farmer registration.
- Step 3: Lot creation and issue of Lot slip to the farmer.
- Step 4: Testing the crop sample.
- Step 5: Online auctions.
- Step 6: Weighting the stock.
- Step 7: Finally, online payment to the farmer.
The discovery of agriculture was the first big step towards a civilized life. India stands at an eye-catching position in the agriculture market all over the world.
18% of India’s GDP comprises of the Indian agricultural sector. Around 50% of the country’s labor pool is produced by Indian agricultural sector employment. When the share of agriculture in our national income is compared with the other nations, it is far better and appreciable.
Where USA and Canada stand with 3% and 4% respectively, on the other hand India’s agricultural stands with a share of 17.9% in its national income. In this scenario, several start-ups have been emerging to summate India’s agriculture and cultivation with innovation and technology. Agribazaar is a start-up with such a motive, initiated in 2015.
AgriBazaar, a self-funded Agritech marketplace that benefit traders and farmers sell their crop or produce efficiently and quickly through e-mandis (or online mandis). The start-up achieve in a sector valued at a price of Rs 18.55 lakh crore in 2019, and approximated to advance by 10.2% until 2024. According to India Brand Equity Foundation (IBEF), almost 60% population in India is reliant on agriculture for nourishment. This made AgriBazaar initiate several other platforms in which AgriBazaar could work in.
This Delhi-based start-up is now under the supervision of CEO and Co-founder Amith Agarwal. Due to the sudden outbreak of COVID-19 and lockdown of India all the market places have been closed and there is a sudden hike in the transactions of AgriBazaar.
They observed a growth of 400% in their transactions this month. Traders and Farmers find it better to sell over e-mandi with reasonable deals that save transportation cost. “Electronic acquisition helps farmer's and trader’s ensuring safety and health, following social distancing measures, and also avoiding overcrowding in the physical mandis,” says Amit.
The process involved in selling a produce to e-mandi is very simple. It is as simple as the steps shown here.
No additional cost is assigned for a farmer selling the crop or produce at e-mandi. On the other hand, fee is charged at a reasonable cost to the buyers at e-mandi. Items that get sold and bought on AgriBazaar include sugar, millets, pulses, mustard, oilseeds, wheat, soybean, and milk powder, and fruits like mangoes, grapes and litchis.
It has promoted nearly 2.25 million transactions so far, and traded about Rs 8,304 crore items. This startup delivers the produce to a count of more than 160 locations in India, and has a “fantastic reach” in about 75 cities.
While the constant impact of COVID-19 on India’s agricultural market and crop cultivation is not yet predicted, Amith believes that it will accord a boost on online market places like AgriBazaar.