Ergos aims to clock Rs. 1,800-2,000 crore in revenue by next year on its technology platform, to connect half a million farmers


Mumbai, Maharashtra, India (NewsView) • Plans to nearly double existing footprint from 337 to 650 locations in Bihar, Karnataka, Maharashtra and UP over next year • Karnataka and Maharashtra set to expand with 100 grain banks operational in every state • Revolutionizing the AgriTech space by digitizing grain and enabling farmers to sell at the right time or cash flow and averaging the best price. Leading Bangalore-based digital aggregator in the Agritech space, Ergos The Grain Bank, aims to further expand the 650-location footprint with revenue growth from uptoRs. 1,800 to 2,000 crore by 2023-24. Ergos The Grain Bank has expanded to 26 districts in Bihar, 10 districts in Karnataka and 17 districts in Maharashtra, with over 1,45,000 farmers actively participating in the technology platform. They add 400 to 450 new farmers every day on its technology platform. After huge success in Bihar, the company aims to strengthen its presence in Karnataka, Uttar Pradesh and Maharashtra and to enter a few new rich agricultural states in the country. Ergos The Grain Bank is banking on Grain Digitization, cutting-edge ‘mobile-first’ technology by the in-house full-stack technical team led by CTO UmeshGowda, said, “Grain Digitization is building a technical platform scalable and mobile first where Ergos intervenes in the entire life cycle of the farmer using technology. We are also moving towards monitoring crops through satellite imagery, providing soil-based crop and input advice, and connecting produce to market, all in real time, via Smart-Price-Engine. Grain Bank enables farmers to convert their grain into tradable digital assets, obtain credit like an overdraft facility on those assets through partner banks and NBFCs in minutes, and get better prices for their products with a possibility of optimizing their income by 30 to 40% in one season easily. Commenting on The Grain Bank platform, KishorJha, Founder and CEO of Ergos The Grain Bank, said, “Ergos has proven its business model in Bihar and has recently entered the other key markets. With the response from the farming community and food processors, we aim to comfortably triple annual growth with a targeted turnover of INR 1,800-2,000 crore by next year. Entrepreneur, Ashutosh Sinha, said, “Grains are the reservoir of wealth for farmers, but access to liquid cash flow has been a challenge for smallholders and marginal farmers in India. With technology being the main enabler, farmers can use Ergos Grain Bank’s mobile app platform as a live ATM to convert their grain into cash transferred to their account anytime, in seconds. The platform empowers them by giving them the power to negotiate, manage their working capital, cash flow for other household needs and gives them a window to save money and maximize their income. Kishor further added that “High adoption of Ergos Grain Bank app among farmers in Bihar has boosted our confidence to replicate the model in UP, Karnataka and Maharashtra within six months of launch with 50 % occupancy through farmer adoption. As we speak, nearly 20-30% of farmers are engaging through the app, creating a digital footprint for better understanding of farmer requirements and behavior. Focused on empowering small and marginal farmers by giving them access to cash, the integrated platform addresses the entire ecosystem around them. This includes lenders, including banks providing loans as small as INR 70,000, local food processors and buyers who use the Grain Bank Buyers mobile app to source grain directly from farmers anytime, anywhere. quantity and get physical delivery in one hour. Nearly 50% of households near the Ergos Grain Bank location are connected via smart phones today, indicating that out of 140 million farmers in the country, nearly 70 million farmers are already using smartphones and just need a bit of guidance and assistance for the first transactions. In line with the government’s vision of Digital India and Bharat Connect which brings the rural landscape on the map of internet connectivity, Ergos aims to empower every farmer and enable them to use the Grain Bank mobile app to manage their finances, where he can sell, borrow and keep their grain. Ergos is constantly building the technology capacity of the Grain Bank app to execute approximately 10,000 to 12,000 farmer and buyer initiated transactions in “ONE SECOND”, which is the speed required to serve 12 to 13 million farmers over the next 3-4 years for secure execution. transactions worth INR 12,000-14,000 crore for one season’s yield on the Grain Bank platform and to facilitate a short-term loan for farmers worth INR 4,000-5,000 crore on this platform. About Ergos Ergos The Grain Bank is a leading Agritech platform, connecting farmers with end buyers in real time to execute the transaction in “ONE CLICK” to sell its products, qualify for a loan directly from the partner bank whenever they need it based on the digitized value of the grain in their account. Ergos uses digitalization to empower and emancipate the aggregation of individual small-scale farmers, which is essential to the long-term sustainable growth and development of the nation and the community as a whole. Image: Left to Right: UmeshGowda, Chief Technology Officer; Ashutosh Sinha, business manager; Praveen Kumar, Co-Founder and COO; Kishor Kumar Jha, Founder and CEO; NitinBanthia, DGM Finance and Accounting PWR PWR

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