Unnati’s Ora Finance awarded license to operate NBFC, to widen access to credit in agriculture sector
Agritech’s Unnati said its Ora Finance subsidiary has been granted a license to operate NBFC. Ora Finance can now meet the financial requirements of various players in the agricultural ecosystem, while aiming to fill gaps in agricultural finance that is currently mainstream.
The company said in a statement that Ora Finance will direct its services to farmers, retailers, traders, distributors, food processors, manufacturers and brands focused on the agricultural sector.
Unnati has a network of over 100 registered retailers and merchants who use its uStore app to connect with farmers and manage their agribusiness in day to day business. These partners connect with more than 1.3 million farmers through their apps. It will enable the Unnati network to benefit from various credit products that are simple, affordable and easy to use. This will help make the availability of formal credit widespread which has been a challenge in the industry.
“Through the NBFC license, our Ora Finance subsidiary will be able to extend access to easy-to-use official credit to all players in the agro-ecosystem,” said Ashok Prasad, co-founder of Unnati.