Arya.ag introduces BNPL service for commodity purchase – a first in agritech
Arya.ag – India’s largest integrated agri service platform – has launched BNPL (Buy Now Pay Later). This is a first in Indian agritech. Buyers on the Arya.ag platform can now receive a credit of up to Rs 25 lakhs with a 0 per cent interest rate for 14 days. This amount will shortly go up to 2 crores.
Team RuralVoice
Arya.ag – India’s largest integrated agri service platform – has launched BNPL (Buy Now Pay Later). This is a first in Indian agritech, says a press release from Arya, India’s leading agritech start-up with a focus on integrated post-harvest services.
This service is relevant to every buyer who buys roughly 150-200 tonnes of agri produce (grains/oilseeds/pulses traded annually) and will help mitigate the age-old challenges of finance in the commodity buying space.
Buyers on the Arya.ag platform can now receive a credit of up to Rs 25 lakhs with a 0 per cent interest rate for 14 days. This amount will shortly go up to 2 crores.
To avail the BNPL, buyers need to upload their basic KYC and financial details. Once onboarded, they can avail credit in a matter of minutes. As a platform, Arya.ag is bringing together multiple players offering BNPL services and plans to extend these financial solutions to warehouse rent, loan repayment, etc.
Speaking on the launch of BNPL, Prasanna Rao, CEO Arya.ag said, “There is always a need for a simple and innovative financial solution in every sector. BNPL, which is mostly available in the retail space, will now be made available for people in the B2B trade of agri commodities. Through the BNPL service, Arya.ag will bring in more ease and trust in commerce and the market linkage transactions. It will mitigate payment risk for the supplier and add assurances for the buyer, which will benefit farmers, FPOs and small agri businesses selling on the platform.”
In the $370-billion market of non-perishable agriculture, this is a one-of-a-kind service. Trade financing already happens in the agribusiness in a secured manner; however, this is a first for unsecured finance.
Demand for financial solutions forms a crux of the commodity market and BNPL is expected to be a significant driver of volumes in the next 6-12 months. This service is available to all sellers and buyers registered on the Arya.ag platform all over the country.
