Unnati’s subsidiary Ora Finance gets NBFC license, to meet financial needs of agri-ecosystem players

Unnati’s subsidiary Ora Finance gets NBFC license, to meet financial needs of agri-ecosystem players
Ora Finance will cater to the financial requirements of the various agriculture ecosystem players such as farmers, retailers, traders, distributors, food processors, manufacturers and brands

Unnati, a fintech-driven agriculture ecosystem’s subsidiary Ora Finance has been awarded the license to operate a non-banking financial company (NBFC). It will allow the company to meet the financial requirements of those in the agricultural sector, like farmers, retailers, traders, brands, and food processors, Unnati has announced today.

Unnati has a network of more than one lakh registered retailers and traders who use its uStore app to engage with the farmers and manage their agribusinesses on a day-to-day business. These partners reach out to over 1.3 million farmers through its apps. With innovation and data analysis at its core, the company has facilitated all aspects of product procurement, crop production, cultivation, and sales over the years, thus helping farmers increase yield and profits, the agri-fintech said.

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Ora Finance will be able to cater to the financial requirements of the various agriculture ecosystem players. It will be aiming to bridge the gaps in agri-financing currently prevalent. It will target its services to the farmers, retailers, traders, distributors, food processors, manufacturers and brands focused on the agriculture sector. It will enable the network of Unnati to avail of various credit products which are simple, fairly priced and easy to use. This will help make the availability of formal credit widespread which has been a challenge in the industry, Unnati informed.

Speaking on the development, Ashok Prasad, Co-founder of Unnati, said, “We are extremely delighted by the opportunity to provide formal credit to various agriculture value chain participants. With the NBFC license, our subsidiary Ora Finance will be able to widen the access to formal, easy-to-use credit to all the agri ecosystem players.”

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“Ora Finance and the NBFC license bring us one step closer to our vision of enabling farmers to improve their yield through investment into modern farming practices. The subsidiary is launched considering the fact that financing is a critical aspect of farming. There is a significant segment of agri-value chain participants who are outside the scope of formal credit. We are looking forward to making an impact on their agribusinesses” said, Amit Sinha, Co-founder of Unnati.

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