Integrated supply chain and finance platform Ayekart is aspiring to deliver business worth Rs 600 crore during the current financial year aided by a higher customer base and geographical expansion, its co-founder-CEO Debarshi Dutta has said.
The agri-fintech firm earlier this week announced receiving $5.5 million (around Rs 44 crore) capital infusion from Caspian Debt and Siply in a mix of debt and equity funding round to drive its expansion plans.
Set up in December 2020, Ayekart claims to strengthen the traditional businesses and Agri value chain through finance, technology, and supply chain management.
The platform commercially rolled out its services in September 2021. In the same month, it managed to mop up Rs 5.5 crore in a funding round.
"We have already clocked around Rs 150 crore of business so far and we intend to do a business of Rs 600 crore in this financial year," Dutta said.
Ayekart has already achieved a GTV (Gross Transaction Value) of Rs 250 crore in the last 11 months.
The platform plans to onboard 50,000 merchants from 11,000 merchants at present even as the target remains to achieve 1 lakh customers over a period of time, he said.
Dutta said that the company currently has a team presence in eight states and a business presence in 14 states. Along with looking for a deeper presentation in these 14 states, the company has plans to bring the northeast region into its network.
"On a broader note, we are planning to register our footprint across 20 states with a main focus on the central, northern, and eastern regions of the country," Dutta added.
According to him, states such as Rajasthan, MP, Bihar, Odisha, Uttar Pradesh, and Maharashtra have a good concentration of MSMEs because of population density. These states have smaller farmers unlike Punjab and Haryana or down south, where the peasant community is largely self-sufficient and also has multiple opportunities.
The company is expecting to tap into the export market by the third quarter of 2022.
"We are receiving quite a few inquiries from the African region apart from Bangladesh and some other neighboring (South East Asian) countries. Since we have the entire technology on the platform, the first step forward for international expansion will be just to partner and collaborate on the technology side. This is the first thing we want to do," he said.
Ayekart has also signed a pact with a bank while two more banks are likely to come on board in the next few weeks in addition to 5-6 NBFCs that already have a tie-up with the company, he said.
In all, the plan is to partner with 10-12 financial institutions by this fiscal, he added.