* The company aims to revolutionise the perception of Agri-financing in India
Agri-fintech startup OneImpact Technologies Pvt Ltd, that helps dairy farmers with credit accessibility, has announced that it raised an undisclosed amount of funding in seed round from CIIE.CO. The company aims to use the fresh funds to scale up loan disbursements to dairy farmers and validate proof of concept.
Founded by Maharshi Thaker, a second-year student at IIM A, OneImpact aims to help farmers with improved mechanisms for lending using digital technology, AI & ML capabilities for identification, risk profiling and diversification for credit portfolio. The company is creating value through improved mechanisms for lending and easing hustle for farmers to avail formal lending.
Commenting on the announcement Maharshi Thaker, Founder and CEO, OneImpact Technologies said “I was always very purpose driven, and dropping out of the IIM-A placements was a big decision, however, I was committed to build a business that would create value and benefit the masses. In the pursuit of my dream, I received tremendous support from IIMavericks program, and today we, at OneImpact, are on the path to revolutionise Agri-lending in India via digital technologies.”
Maharshi Thaker is an alumni at the CIIE.CO’s IIMavericks’s program which provides graduating students and budding entrepreneurs with prototype grants, stipends for living expenses, training, workshops and acceleration. Over the last 5 years, IIMavericks has supported over 60 alums with fellowships and 35 students with an idea validation summer internship which includes prominent startups such as Finshots, Zouk and Reculta.
"We understand that The most critical period for any entrepreneur is the first two years of business challenges. Identifying this need gap, we launched the IIMAvericks program to provide mentorship & financial support to graduating students to help them sustain during the initial period of their venture. Happy to extend the same support and guidance to OneImpact." said, Vipul Patel, Partner - Seed Investing at CIIE.CO
Currently, the agri-financing market in India is majorly led by PSB’s, where a major chunk of agri-credit is dispersed through a single product-Kisan Credit Card (KCC). However, KCC loans have witnessed an increase in stress, primarily due to the farm loan waivers which have resulted in higher delinquencies. In addition to this, the credit lending framework, documentation, delivery mechanism as well as the service standards used by these Financial Institutions have to an extent become obsolete, resulting in increased inefficiencies.
CIIE CO is the Innovation Continuum spreading from incubation, acceleration, seed, and growth funding to research. Founded at IIM Ahmedabad in 2002, as an academic centre, it has since grown and pivoted to fill the multiple, ever-evolving gaps in the innovation-driven entrepreneurship space in India. Among its various initiatives, CIIE.CO has conceptualised and hosted India’s first and only CleanTech-focused fund, accelerated over 1000 startups, funded over 300 startups, inspired over a million with their publication - Stay Hungry, Stay Foolish.