New Delhi: Marketplace for small and medium enterprises (SMEs), 'SafalFasal', has said in a statement that it has supported the farming sector, including over 75,000 farmers in the country, who have got on board the platform, by offering them technological and financial solutions to help the farm sector keep the food and supply chain rolling during the Covid-19 induced lockdown.
In a statement, global digital payment solutions provider BPC, which runs the marketplace, said that it has successfully extended formal financing to the farming industry by creating an easy credit line via NBFCs.
"With Covid-19 exposing new vulnerabilities on the agriculture sector, crops and livestock prices, vital advice and mentoring are being extended from multiple institutions backing SafalFasal, including domestic and international players. These relationships have helped farmers match with buyers and ecosystem partners and create contingency plans," it said.
The platform has already seen $64,000 in transactions, exceeding target by 150 per cent, it said, adding that SafalFasal has enabled access to business credit to Farmer Producer Organisations (FPOs) to make immediate payment to farmers for their produce, thereby easing the financial needs of the farmers.
SafalFasal aims to expand in India to 2,00,000 farmers and achieve $33 million in transaction value in the financial year 2020-2021. Using BPC's SME Marketplace solutions, the wider mission is to positively impact the lives of 10 million producers across the globe within the next five years.