Ooty-based Lawrencedale Agro Processing (LEAF) has entered into a strategic partnership with agri-focused IFFCO Kisan Finance Ltd. to provide organized financial products and services to 50,000 marginalised farmers in Tamil Nadu, Andhra Pradesh and Karnataka.
According to the pact, LEAF has structured a model through which agricultural inputs such as seeds, crop nutrition and protection products are provided to these marginalised farmers through a controlled dispensing process.
IFFCO Kisan Finance is a non-banking finance company, promoted by the Indian Farmers Fertilizer Cooperative Ltd., while LEAF is a premier full-stack agriculture technology services firm.
“Given the fact there is no authenticated trail of transactions, the process of securing organized financial offerings is tough,” said Palat Vijayaraghavan, founder & CEO, LEAF.
“Though there are many options available for farmers to access finance, our model will ensure that the funds are actually put to use for the purpose it is intended for, which is agriculture,” said Mr. Vijayaraghavan.
“We are driving transparency through our tech-enabled platform, LEAF Farmer Network (LFN), powered by Mastercard, which brings in the complete visibility and makes the farmers credit-worthy for organized financial services,” he said.
LEAF-IFFCO Kisan Finance will dovetail organized financial access along with scientific advisories for farming, empowering the marginalised farmers with farm inputs followed by step-by-step support in striving to grow the best harvest possible.
“We will support LEAF’s efforts in building customized products to ensure that the marginalised farmers achieve sustainable livelihood growth,” said Ranjan Sharma, MD, IFFCO Kisan Finance.