Agriwise raises debt financing from Maanaveeya, the Indian subsidiary of Oikocredit
Bombay (Maharashtra) [India], May 5 (ANI/BusinessWire India): AgriwiseFinserv Limited, one of the fastest growing agriculture-focused NBFCs in India, today announced that it has secured a secured credit facility from Maanaveeya Development & Finance Private Limited (Maanaveeya). Maanaveeya is the Indian subsidiary of Oikocredit, a social impact investor and global cooperative with over 46 years of experience in financing organizations active in financial inclusion, agriculture and renewable energy. Oikocredit’s loans, equity investments and capacity building aim to enable low-income people in Africa, Asia and Latin America to sustainably improve their standard of living. Agriwise is a wholly owned subsidiary of Star Agriwarehousing & Collateral Management Limited, one of India’s most valued and trusted integrated agribusiness (e2e) service providers. Under the terms of the credit, Maanaveeya will partner with Agriwise to support smallholder farmers by providing access to finance to smallholder farmers, agricultural cooperatives, producers, processors and distributors. In addition, Agriwise will also deploy credit support by lending to agriculture-affiliated businesses, including women agripreneurs. Commenting on the collaboration, Kalpesh Ojha, Agriwise’s Chief Financial Officer, said, “At Agriwise, agri-finance is key to achieving India’s financial inclusion goals. Our efforts are focused on unlocking value with financing solutions for our agricultural customers. By supporting our vision, the line of credit offered by Maanaveeya represents an important validation of our strategy. We are delighted to work with them for farmers and the agricultural sector. Dr. Gouri Sankar Gollapudi, Managing Director of Maanaveeya, said, “At Maanaveeya, we believe that investing in the agricultural sector is one of the most effective ways to provide opportunities for socio-economic development and generate inclusive growth. Agriwise’s business model, which combines knowledge and technology from rural India to help improve revenue streams for agricultural value chain actors and aligns with our vision. By partnering with Agriwise, we are excited to increase our social impact and support the communities we serve. Since its inception in 2014, Agriwise has partnered with over 30 banks and financial institutions to help members of India’s farming community gain affordable and quick access to capital. The company’s services aim to help agripreneurs overcome the challenges of borrowing from the informal sector through our customized credit solutions and process-driven approach. Until 2021, the company’s efforts have helped 5,000 farmers to better add value to their products.
This story is provided by BusinessWire India. ANI shall in no way be responsible for the content of this article. (ANI/BusinessWire India)
(This story has not been edited by the Devdiscourse team and is auto-generated from a syndicated feed.)