Assam-based Farmeasy Technologies has raised an undisclosed amount of friends and family funding from a high net worth individual Hemanta Narzary. This round of funding will be utilized to file patents for their proprietary algorithm and strengthen their technological capabilities.
Narzary is a retired IAS officer who has worked with the Government of Assam earlier and will join as a non-executive director. The company will also have veterans like Dr. Samir Baruah, and Mr. Vinay Peshwa as advisors in the company. The former was an investment banker, the latter was with Maxsimos Techsoft and Infosys.
The company is as young as January 2020 and has since then developed a cloud-based platform named farm∞ (farm Infinity). They aim to provide easy access to the 1.25 crore small farmers and agri-businesses in India. The company provides its technology platform to the banking, financial services, and insurance (BFSI) sector so as to determine the financial capacity of the business and eventually avoiding NPAs (Non-Performing Assets).
The mobile application Farm Infinity takes data from Farmer Collectives and analyses them to provide one-of-a-kind creditworthiness reports of farmers using multiple sets of data. Features of the platform include digital KYC, cropping pattern, GPS coordinates, and livestock information among other farm-related inputs.