Agritech player Agribazaar on Monday said it expects an increase in traded commodity volume to 2.5 million tonne on favourable prospects of kharif (summer) crops this season.
In the last kharif season of 2020-21 crop year (July-June), the company handled 1.5 million tonne of commodities, with a gross merchandise value of about Rs 9,000 crore, it said in a statement.
"However, the outlook for the kharif harvest seems even more promising this year, as rains have been abundant since mid-August, and there are chances of strong crop prospects in soyabean and cotton," it said.
Agribazaar Co-founder and CEO Amith Agarwal said: "Agribazaar is investing in strengthening its trading platform and is also in the process of building a proof of concept for the Agriculture Ministry's digital platform." The solutions in the digital agri platform are for crop identification and estimation. For this, the company is leveraging remote sensing technology and providing advisory services to farmers, post-harvest intelligence and market linkages, he said.
"We are also planning to launch trading in cotton on our platform by December and Guntur red chilli by January," he added.
Agribazaar is already operating in about 100 villages in the Guna district of Madhya Pradesh and Kota in Rajasthan. It is planning to expand to Maharashtra to provide advisory services to farmers and equip them with the latest tools while also adding more commodities to the platform.
Currently, the company has around seven lakh farmers and 35,000 traders/processors registered on its platform. It now aims to expand footprint in Rajasthan, Maharashtra, and Madhya Pradesh to bring in more traders and processors and introduce new commodities on their platform.
