Jiye Technologies, an agri-tech startup, has launched a business-to-business (B2B) buy-now-pay-later (BNPL) for the agriculture sector.
Tell me more: A digital financing product called ‘Jiye Khushhaal Karobar‘ gives Jiye customers access to BNPL services.
A lack of financial assistance in the agriculture sector forces many farmers and retailers to loan sharks to meet their financial obligations.
With the BNPL service, small farmers, retailers, and other stakeholders would get financing up to Rs. 50,000. Repaying previous loans will increase this credit limit.
The service offers them fair and transparent credit terms with payback schedules ranging from 4-15 days and multiple payment methods.
It also provides multiple stock-keeping units (SKUs) of fruits and vegetables in advance so that retailers do not have to rely on loan sharks and increase their sales and revenue.
You should know: Jiye has raised $2.5 million in pre-seed funding round and has recently started expanding its operations across the country.
The startup will also be introducing input integrations to the farmers and the agricultural sector.
Zoom Out: Jiye is working on digitizing the agricultural sector by providing farmers with direct access to major markets and retailers.
The ‘Jiye Khushhaal Karobar’ program will push fresh-produce business owners towards independent sustainable business operations.