This partnership will especially benefit New to Credit Farmers in the region who have been relying on informal sources of credit.
Dvara E-Registry has announced a new partnership with RBI licensed peer to peer digital lending marketplace Monexo Fintech Pvt Ltd. Through this partnership, Monexo and Dvara E-Registry will provide loans to farmers in Jajpur, Dasarthpur and Korai Blocks of Odisha.
As part of this partnership, Dvara E-Registry will lend its services as a Business Correspondent to Monexo, including identifying creditworthy farmers and covering the sanction, disbursal, and collection of short-term agricultural loans to smallholders in the identified regions of Odisha. This partnership will especially benefit New to Credit Farmers in the region who have been relying on informal sources of credit. These farmers will be identified through the Farmer Producer Organisations (FPOs) that Dvara E-Registry engages through Doordrishti.
Doordrishti, a mobile and web-based platform developed by Dvara E-Registry, allows farmers, FPOs and partner institutions to leverage traditional and alternative data to digitise farmer and FPO lands, business activity and provide them farm and crop-specific products and services. KhetScore, an AI-based farm score developed by Dvara E-Registry, leverages remotely sensed data from several satellites and enables remote multi-dimensional assessment of both historical and concurrent agricultural activity.
Speaking about the partnership, Sanjay Mansabdar, Founder and CEO of Dvara E-Registry, said, “We are very excited to partner with Monexo to be able to bring agricultural finance opportunities to high-net-worth individuals. By leveraging the Doordrishti platform and KhetScore, our advanced remote sensing data based underwriting technology, we are taking significant strides towards mainstreaming agricultural finance, which we believe is a key driver of growth for smallholder farmers.”
Mukesh Bubna, CEO of Monexo Fintech Private Ltd, said, “India is primarily an agriculture-based economy, so this partnership has helped Monexo build a very healthy and diverse asset class for lenders on our marketplace. Monexo wants to channel urban money flow into the rural markets. This is a win-win for customers on our platform keen to create a social impact while earning high returns and for borrowers who need money during critical periods of their crop lifecycle. The technology-driven outreach in this segment by Dvara E-Registry is creating a long-term positive impact in the rural market, and we are very happy to be a part of this journey.”
About Dvara E-Registry: Dvara E-Registry is an agfintech startup building a digital platform to improve access to agricultural services, both financial and advisory, for all stakeholders in the agri value chain. The startup is a portfolio company of Dvara Holdings (formerly Dvara Trust) and part of the Dvara Venture Studio cohort that supports entrepreneurs working towards large-scale systemic change in financial inclusion. Dvara E-Registry was named one of the winners of Inclusive Fintech 50 for 2021 for its work towards financial inclusion of smallholder farmers.
Source: Business World