Samunnati eyes more than 50% growth in revenue at Rs 6,600 cr in FY24

Open farming network Samunnati is eyeing a 50 per cent increase in revenue to Rs 6,600 crore in 2023-24, on the back of deepening its reach in both its verticals – agricultural finance and market connecting business, a senior company executive said on Saturday.

The company recorded total revenue of Rs. 4,400 crore in 2022-23.

“We are present in 23 states but the bulk of our business is mostly located in states that include Andhra Pradesh, Tamil Nadu, Karnataka, Telangana, Madhya Pradesh, Maharashtra, Gujarat and Odisha.

“We plan to deepen our client engagement across all 23 states providing short term loans to FPOs as well as providing them with market linkages. With this expansion, we expect to generate revenue of Rs 6,600 crore in this financial year,” Samunnati Founder and CEO Anil Kumar said. SG for PTI.

Currently, Samunnati has about 5,500 FPOs registered on its platform, 50 percent of which are borrowers while most of them benefit from the company’s market connectivity offering, he said.

Kumar explained that the company provides short-term loans to Farm Producer Organizations (FPOs) to provide working capital solutions procured from farmers.

He added that while market linkage work is usually leveraged by military organizations prior to harvest to obtain high-quality inputs such as fertilizers, pesticides, agricultural equipment or seeds, access to technology and information among others.

Meanwhile, Samunnati hosted a two-day confidential meeting titled “Building a Resilient Ecosystem for FPO” in Hyderabad from June 23, to create appreciation for those making a positive, sustainable and long-term impact on farmers’ livelihoods.