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Absolute awarded grant from Xamahar - Assam AgriFin fund supported by World Bank
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Friday, 15 September, 2023, 08 : 00 AM [IST]
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Our Bureau, Mumbai
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Absolute’s tech driven Agri value chain business Upaj, has been awarded a grant from Xamahar - Assam AgriFin Fund to transform the livestock, fisheries and horticulture sector in Assam.
Xamahar is a challenge agriculture fund, a competitive funding mechanism to support innovative approaches, especially by the private sector, and deliver financial services at scale for farmers in key agriculture value chains in Assam. It is funded by the World Bank and is being implemented by the Assam Rural Infrastructure and Agricultural Services (ARIAS), as the Assam Agribusiness and Rural Transformation Project (APART).
The purpose of Xamahar – Assam Agrifin Fund is to support testing and/or scaling-up of tested innovations by financial service providers (banks, MFIs, value chain financiers, insurance companies, payments service providers) that increase access to financial services (savings, payments, insurance, and credit) among agriculture value chains in Assam. So far, these innovations have been implemented or scaled up in the 23 priority districts of APART and have directly benefited 125,000 producers, including 30% of women beneficiaries, over the fund life.
Through this grant, UPAJ will deploy targeted technology and financial solutions, including precision advisory, agri-finance and insurance, across livestock, fisheries, and horticulture sectors. Combining its key modules - SmartSTAC for tech deployment and DigiSafe for personalized insurance, UPAJ aims to elevate farm income & farmer livelihood in the APART districts under the purview of Xamahar Agrifin Challenge.
UPAJ is Absolute's Tech Driven Ag Value Chain business on a mission to improve the life of farmers by enabling them to grow better and stay protected against weather abnormalities through their comprehensive suite of solutions covering inputs, soil testing, precision advisory, farm monitoring, insurance and credit. UPAJ aims to redefine the agricultural value chain by harnessing the collective strength of nature, technology, agronomists, scientists, and industry pioneers. Upaj has over 20 lakh paid farmers in its ecosystem and is on track to increase its reach to 50 lakh farmers.
UPAJ has also been working on joint projects with prestigious institutions like UNDP, Reserve Bank Innovation Hub and Pradhan Mantri Fasal Bima Yojna (PMFBY), amongst others.
Sourabh Bagla, SVP, UPAJ, said, “The Xamahar AgriFin Challenge is a blueprint for agricultural transformation in underdeveloped regions. Our partnership aims to empower marginalized farmers through cutting-edge technology, supporting not just individual producers but the entire ecosystem at scale.”
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