HYDERABAD, 13 March 2021: Looking at the challenges faced by farmers to bring their product to the end users, Hyderabad based agritech startup company, OneBasket is taking this challenge head on.
The company has been working with farmers and visiting farms in order to understand the traceability gap that can be filled with their intervention.
So far, the company has roped in over 6300 farmers on the platform and around 8000 registered customers just in Hyderabad and it is working on to expand its operations in other cities too.
With an initial investment of USD $500,000 , the company so far have generated a revenue of over USD $1 million.
By 2022, the company is eyeing over 50000 customers and a revenue of USD $3 million.
Explaining why traceability is important, the company said, customers want better quality products but vendors were pushing out the same produce with fancy labels. To overcome this, we use technology and artificial intelligence (AI) to create a marketing and identity platform for Indian farmers and the un-organized food supply chain.
Our full-stack supply chain platform uses AI and farmer assisted Machine Learning (ML) to trace and grade food grains digitally. The platform provides traceability, guaranteed quality, and ease of transaction between farmers, millers and consumers, the statement adds.
The company wants to disrupt the organic farming market with their traceability supply chain, which provides traceability, guaranteed quality, and ease of transaction between farmers, millers, and consumers.
Their full-stack supply chain platform uses Artificial Intelligence and Farmer Assisted Machine learning to trace and grade food grains.
As per an estimate, the organic food sector is expected to grow up to be a INR 75000 crore industry by 2025.
OneBasket has been founded in 2019 by Madhusudan Reddy and Narsi Reddy Posham.
Madhusudan Reddy is a serial entrepreneur and founded Aizyc Semiconductor in 2008 licensed its Intellectual Property to Intel, Wolfson, Microchip, Broadcom, and many more. He holds a bachelor’s degree in Mechanical Engineering and holds a patent in switch Automation space.
Whereas, Posham is an IIT Kharagpur alumni and holds a Masters degree in Computer Science and handles strategies and investments for OneBasket.
Image caption: OneBasket co-founder, Madhusudan Reddy interacting with farmers.