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Ayekart Picks Majority Stake In Unnayan Bharat Finance Corporation

The agritech and fintech have partnered to unlock growth opportunities in the food and agri value chain

Ayekart Picks Majority Stake In Unnayan Bharat Finance Corporation

Outlook Start-Up Desk

POSTED ON May 25, 2023 6:48 PM

Ayekart, an integrated tech platform in the food and agri value chain, and Unnayan Bharat Finance Corporation (UBFC) have joined forces to empower the food and agriculture value chain with technology and finance. The respective managements of both companies have approved the acquisition of a majority stake in UBFC by Ayekart, subject to regulatory approvals.

Ayekart offers market access, digitizes the agri-value chain, and provides trade credit. Meanwhile, UBFC works in the dairy value chain and offers small loans to livestock borrowers. Their combined strengths aim to create an equitable ecosystem for the food and agriculture value chain. This will provide improved market access, advanced technology, and simplified financing to underserved communities in the food and agriculture sector.

Debarshi Dutta, founder and CEO of Ayekart, said, "Our vision at Ayekart is to strengthen traditional businesses in the Agri-value chain through finance, technology, and supply chain management. We are excited about this collaboration with UBFC, which will help us propel our efforts in enabling the MSMEs and FPOs, the important pillars of India's resilient story."

The two companies will leverage their expertise to enable the food and agriculture value chain with technology and finance, making it easier for businesses to access markets, scale their operations, increase income, and create more job opportunities.

Avneesh Trivedi, the co-founder of UBFC, added, "UBFC has always aimed to adopt a more dynamic approach through a phygital model to address the problems faced by micro and nano businesses in smaller towns and cities. We found synergy with Ayekart, which operates in similar geographies, to fulfill the needs of small businesses nationwide. This partnership will help us achieve mutual objectives."

This strategic acquisition between the two companies will help them ramp up their growth ladder and support each other in enhancing their food and agriculture value chain business with their expertise and services.

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