By Monika Ghosh and Sharon Lewis This article is the last of a four-part Tech’s Year in Review series reviewing developments across industries in 2020. It discusses the world of healthtech and biotech, foodtech and agritech, and sustainability. This article is the last of a four-part [...]
Bijak launches its online marketplace in Maharashtra, Karnataka and Andhra Pradesh, creating market linkages for agricultural commodity traders
-Aims at targeting 20,000 buyers and sellers.
-The App is also available in regional languages for user-friendliness.
New Delhi, November 23rd, 2020: After already being present in 22 states, leading Agri Commodity Trading startup ‘Bijak’ is expanding its operations in Maharashtra, Karnataka and Andhra Pradesh. The traders and suppliers of agricultural commodities in these states will be able to use Bijak’s online marketplace to discover verified buyers and sellers to trade over 90 commodities. With its expansion, Bijak aims to target 10,000 buyers and sellers in Maharashtra and 5000 each in Karnataka and Andhra Pradesh. The App will be available in the regional languages, ie, Marathi, Kannada and Telugu for a user friendly experience.
Bijak helps multiple parties in the agri trade discover each other along with counter party’s ratings/data so that the transaction can happen with minimal friction by accessing Bijak’s layer of trust & reliability thus ensuring payment safety. It also provides optimised & aggregated logistics based on real-time transaction data and commodity flow. Bijak also acts as an e-ledger for suppliers and buyers, maintaining the transaction history for both along with paving the way for quick and real time disbursal of payments and faster money rotation by facilitating credit.
Commenting on the expansion, Nukul Upadhye, co- founder of Bijak said, “B2B traders control 75 percent of India’s agri value chain, but are plagued by limited access to technology, information, and credit. By going to the grassroot level of trading in India, we are aiming to digitize physical mandis, artiyas (commission agents), dalaals (brokers), loaders, mills, and middlemen by providing them an online interface. This will also help us create market linkages and make an immediate impact on farmer incomes.”
The Bijak App is already available in languages such as Hindi, English, Tamil, Punjabi, Bengali and Assamese and has scaled to $150 million in annualised gross merchandise value. Twenty Thousand of buyers and sellers across more than 500 locations use the Bijak platform to transact everyday as the platform consists of verified buyers and ensures timely and safe disbursal of payments. The company collaborates with all the existing players in the value chain including Agricultural Produce Market Committee traders, institutional buyers, and other agritech startups. Bijak is bridging the gap between the Local Aggregators and Commission Agents through technology and brings transparency in the value chain.
Bijak is a B2B marketplace for the agricultural commodities that enables traders, wholesalers and food processors to discover counterparties, get better pricing, and access working capital. Bijak brings accountability and transparency in the agricultural value chain through a buyer/seller rating system that’s based on real time transaction data. Users on the platform can leverage those ratings to identify and trade with reliable counterparts. Bijak’s approach of enabling the existing players in the value chain underscores the company’s vision to be a trusted partner of the agriculture commerce community.
Bijak was founded in January 2019 by Nukul Upadhye, Mahesh Jakhotia, Jitender Bedwal, Daya Rai and Nikhil Tripathi who, together, have deep experience spanning a range of fields including agri-tech, finance, consulting and SaaS. Bijak is backed by marquee investors such as Sequoia, Omidyar Network, RTP Ventures, Omnivore and Better Capital.