A price-discovery platform for the agriculture industry, more importantly the farmers, where the focus is closing in on the market linkage and price gap
Agribid aspires to be India’s largest Agri-commodity marketplace thereby empowering farmers by connecting them to a broader market with transparent price discovery. They wish to make a social impact in the Agri value chain by partnering with our ‘annadaatas’. It’s a free to use platform for farmers or farmer groups. This makes them not just an agritech company but Agri-touch company as their mission is to touch upon the lives of farmers and people involved in the Agri-industry.
The idea was to create an auction style platform for sale of agricultural produce. It originated by selling Bank NPAs but slowly they realized the demand for market linkage and price transparency that is needed at farmer level. Hence getting an auction style marketplace seemed like a great idea to fetch higher prices for our farmer community.
A farmer does not have any control on the right prices owing to the economies of scale. Average land holding is very fragmented and hence the produce of individual farmers is too less to command a price in the market. Once the produce is aggregated the quantity becomes lucrative for buyers across India to bid for the commodities they are interested in and thus ensuring better realization to farmers.
All the 4 founders, (from left to right) Manoj Suvarna, Co-Founder, SMP, IIM-C | MBA, Welingkar, Ex: Man Financials | Reliance Commodities | Inditrade; Ashutosh Mishra, Co-Founder, BSc Agri, BHU | MBA (Mktg. & I.B) BHU Ex: CDSL | ICICI Direct | Reliance Capital | Reliance Commodities | Tradelab Technologies; Sairam Mahalingam, Co-Founder, MBA, NIT | Engg. Mumbai University, Ex: Reliance Spot | Reliance Commodities | Agri Bazaar | Swil Ltd | Chowgule Ind. | Gill & Co. | Inditrade and Chetan Suvarna, Co-Founder, MBA | B.Com Mumbai University Ex: Yes Bank | Reliance Commodities | Reliance Comm. | Inditrade | Digitx worked together at Reliance Capital and have experience in various aspects of commodity value chain such as trading, financing, risk management, mandi trades etc. Though all the founders were working at senior management levels, they and their families came from humble farming background hence they had a strong desire to build something for the small & marginal farmers. With a collective experience of almost 100 years in commodity trading space, the founders understand the dynamics of the sector very well.
They started in the very trying times of the pandemic. Company was registered in October 2020, however operations begun from Jan 2021.
Jan 2021: Launch of www.agribidindia.com website, agribidindia android / iOS mobile app.
Feb 2021: Agribid does its 1st auction by listing paddy for sale. The sale was listed for a PSU bank and the bank realized 30% higher price than expected.
Mar 2021: Agribid ties up with Maharashtra State Cooperative Tribal Development Corporation and sold paddy lying in tribal belts of Maharashtra.
May 2021: Agribid moves into a swanky office at Kanakia Wallstreet, Chakala, Mumbai.
June 2021: Starts enrolling FPCs (Farmer Producer Company) on the platform.
Aug 2021: Agribid is empanelled by Andhra Pradesh Marketing Federation for conducting e-auctions of their agricultural stocks.
Sept 2021: Almost 1.5 lac MT of Agri commodity listed on the platform since inception.
They see a very vibrant start-up community in India and are in awe of the ideas and products that they keep stumbling upon. Having said that, it’s just the tip of the iceberg and they are sure to see many more innovative startups dedicated to simplifying the lives of our fellow countrymen.
Their valuable advice for young entrepreneurs and start-ups is, “Do not hurry or worry about competition. The market has enough space to accommodate all good ideas. Focus on your product and its deliverables. Take constant feedback from industry experts and people from outside your circle. Keep learning and keep improving and never shy away from improvisation.”
“We are a digital marketplace aiming to make a social impact through simple, fast and transparent agricultural transactions. Agribid is present in 13 states connecting 30K village entrepreneurs and 6.5 Lakh farmers through Agribid's FOS partners and FPOs. Till date we have conducted e-auctions of more than 1.5 lacs MT of agricultural commodities on our platform,” are the closing statements for Agribid.
You can check out Agribid at: Agribidindia.com