Agriwise Raises debt funding from Maanaveeya, the Indian subsidiary of Oikocredit
May 05, 2022
Mumbai (Maharashtra) [India], May 5 (ANI/BusinessWire India): AgriwiseFinserv Limited, one of India's fastest growing agri-focussed NBFCs, today announced that it had obtained a secure credit facility from Maanaveeya Development & Finance Private Limited (Maanaveeya). Maanaveeya is the Indian subsidiary of Oikocredit, social impact investor and worldwide cooperative with over 46 years of experience in funding organisations active in financial inclusion, agriculture and renewable energy. Oikocredit's loans, equity investments and capacity building aim to enable people on low incomes in Africa, Asia and Latin America to improve their living standards sustainably.
Agriwise is a wholly-owned subsidiary of Star Agriwarehousring & Collateral Management Limited, one of India's most preferred and trusted integrated (e2e) agri-business service providers.
As per the terms of the credit, Maanaveeya will partner with Agriwise in supporting small-scale farmers by providing access to finance for smallholder farmers, agricultural cooperatives, producers, processors and distributors. In addition, Agriwise will also deploy credit support by lending to agri-affiliated businesses, including women agripreneurs.
Commenting on the collaboration, Kalpesh Ojha, Chief Financial Officer, Agriwise, said, "At Agriwise, agri-finance is key towards meeting India's financial inclusion goals. Our efforts are towards unlocking value with financing solutions for our agri-customers. By supporting our vision, the line of credit offered by Maanaveeya represents an important validation of our strategy. We are excited to work with them for the farmers and agriculture sector."
Dr Gouri Sankar Gollapudi- the Managing Director of Maanaveeya said, "At Maanaveeya, we believe that investment in the agriculture sector is one of the most effective ways to provide opportunities for socio-economic upliftment and deliver inclusive growth. Agriwise's business model, which combines rural India's knowledge and technology to help improve income streams for the agriculture value chain stakeholders and aligns with our vision. By partnering with Agriwise, we are excited to increase our social impact and support communities we serve."
Since its inception in 2014, Agriwise has partnered with over 30 banks and financial institutions to help members of India's agri community get affordable and fast access to capital. The company's services aim to help agripreneurs overcome challenges related to borrowings from the informal sector through our customized credit solutions and process-driven approach. Till 2021, the company's efforts helped 5000 farmers realize better value for their produce.
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