Assam-based Farmeasy Technologies announced that it has raised an undisclosed amount of funding from a high net worth individual Hemanta Narzary.
The company plans to utilize the freshly raised funds to file patents for its proprietary algorithm and increase its technological capabilities.
Narzary is a retired IAS officer who has worked with the Assam Government previously and will join as a non-executive director. The company will also onboard veterans like Dr. Samir Baruah, and Mr. Vinay Peshwa as advisors in the company. Dr. Samir Baruah was an investment banker and Mr. Vinay Peshwar was with Maxsimos Techsoft and Infosys.
The company was established in January 2020 and has since then created a cloud-based platform named farm∞ (farm Infinity). It strives to provide easy access to the 1.25 crore small farmers and agri-businesses in the country. The company offers its technology platform to the banking, financial services, and insurance (BFSI) sector to discover the financial capacity of the business and ultimately dodging NPAs (Non-Performing Assets).
The mobile application Farm Infinity takes data from Farmer Collectives and examines them to offer one-of-a-kind creditworthiness reports of farmers using various sets of data.
The platform has several features including digital KYC, cropping pattern, GPS coordinates, and livestock information among other farm-related inputs.
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