An Indian artificial intelligence and blockchain start-up, Agric10x, is determined to help Indian farmers get the best crop prices by partnering with the Indian government.
Agric10x connects local farmers with retailers and wholesalers in India, regardless of the part of the country they are. Its use of technology to bridge the divide between the two means farmers no longer have to sell leftovers at a loss.
Agric10x has positioned itself as a one-stop solution provider for farmers from pre-harvest and post-harvest to providing loans, crop insurance, and peer-to-peer finance through its Agri Fin solution. It’s Agri E-mart is one of the largest online produce stores in the region.
According to a report by DownToEarth.org, up to 73% of a farm’s surplus is sold at little to no profit. With a population of over 1.3 billion, farmers still struggle to connect directly with consumers to sell at fair prices and truly tap into the $1.3 billion industry. This is where Agric10x comes into play.
By using its artificial intelligence and blockchain technologies, Agric10x aims to involve over 3 million local farmers by the end of 2020.
The Indian government has been actively engaging similar tech companies to assist in its supply chain and agricultural marketing, particularly in the coffee market.
A coffee-backed token was announced in Brazil in 2019.