Open Agri Network Samunnati Eyeing Over 50% Growth In Revenue At Rs 6,600 Cr In FY24

New Delhi: Open agri network Samunnati is eyeing over 50 per cent growth in revenue at Rs 6,600 crore in 2023-24, on the back of deepening its reach in both its verticals - agri finance and market linkage businesses, a top company executive said on Saturday.

The company has clocked an overall Rs 4,400 crore revenue in 2022-23. "We are present in 23 states but the bulk of our business is mostly in states including Andhra Pradesh, Tamil Nadu, Karnataka, Telangana, Madhya Pradesh, Maharashtra, Gujarat and Odisha.

"We are planning to deepen our client engagement in all 23 states offering both short-term loans to FPOs as well as providing them with market linkages. With this expansion we expect to clock Rs 6,600 crore revenue in this financial year," Samunnati founder and CEO Anil Kumar SG told PTI.

Currently, Samunnati has around 5,500 FPOs registered on its platform, 50 per cent of which are borrowers while most avail the market linkage offering of the company, he said. Explaining further, Kumar said the company provides short term loans to Farmer Producer Organisations (FPOs) to provide working capital solutions procure from farmers.

While the market linkage business is usually availed by FPOs before harvest for getting quality inputs like fertiliser, pesticides, agri-equipments or seeds, access to technology and information among others, he added.

Meanwhile, Samunnati hosted a two-day conclave 'Building a Resilient FPO Ecosystem' in Hyderabad from June 23, to create recognition for those making a positive, sustainable, and long-lasting impact on farmers' livelihoods.