MUMBAI, 20 June 2022: Arya.ag announced the acquisition of agriculture data science company, Prakshep.
With this acquisition, Arya reinforces its position as India’s largest integrated grain commerce platform and further its tech capabilities to provide end-to-end solutions to its users.
This acquisition helps to bolster Arya’s vision of bringing cutting edge artificial intelligence (AI) & machine learning (ML) capabilities to farm digitization, crop monitoring, quality assaying and surveillance. This acquisition will help Arya to further deepen its relationship with other agchain stakeholders like FPOs, processors and corporates, banks, and insurance companies.
Arya.ag connects sellers and buyers of agriproduce, providing complete assurance on quantity, quality and payments.
The distinct digital offerings of Prakshep will add to Arya.ag’s deep tech capability to provide traceability, transparency, quality assurance for seamless commodity commerce.
Arya.ag will now hold the largest database in agriculture adding farm details including boundaries, crop activities, health and yield valuation to its existing repository of storage and grain value chain database.
The company is currently developing India’s first public agri blockchain ledger. Prakshep’s deeptech experience and expertise will add further farm level integration and preload extensive historical farm activity data to Arya.ag’s blockchain ledger. Arya.ag promises to provide complete visibility and traceability of the commodity right from the producers’ field and build complete assurance for all stakeholders in the agri-value chain.
The company aims to strengthen its relationship with its existing base of almost a million farmers and 500 FPOs by providing farm assessment and crop health monitoring via AI integration, remote sensing, and satellite imaging.
Prakshep’s acquisition also aligns with Arya’s focus on Climate smart agricultural models with reduced Carbon footprint. Prakshep’s models have facilitated a 45 percent reduction in crop damage, 40 percent reduction in use of chemicals, 35 percent reduction in water usage and a 30 percent fall in GHG emissions.
Climate smart agriculture is pertinent to the challenges of food security and climate change and the partnership between Arya.ag and Prakshep can offer smart and scalable solutions to reimagine the agricultural ecosystem.
Prasanna Rao, Arya.ag’s MD & Co-founder said, “Leveraging our technology stack, we have already created a digital identity for over 10000 warehouses across India on Arya.ag and have built in transparency at all levels from aggregation to storage, finance, and commerce. Under this context, Prakshep’s tech-led proposition finds a natural fit as it enables a digital identity for every grain that traverses the value chain and builds in transparency in terms of where it was grown and the journey it has made. The aligned values of sustainability, climate smart agriculture and inclusive economic growth has brought us together.”
Avijeet Singh, Prakshep’s CEO commented, “The transformation brought about by digital technologies in the conventional agriculture ecosystem while seemingly overwhelming has just scratched the surface. Arya as a market leader provides us with an opportunity to create an impact in the lives of our small holder farmers on a much larger scale and value. Through this partnership, we will be able to provide our users many more new offerings based on data, scientific research and analytics creating trust and transparency in all our transactions.”