IFFCO iMandi: IFFCO rolls out e-commerce platform for farmers
Fertiliser major IFFCO has launched e-commerce platform IFFCO iMandi (an mobile application and web portal) to address all needs of the farming community associated with it. For this initiative, IFFCO has partnered with Singapore-based technology firm iMandi. Through this e-commerce platform, IFFCO is targeting to reach GMV (gross merchandise value) of $5 billion in the next two years by catering needs of 5.5 crore farmers already associated with it.
The e-commerce platform is one stop shop for agri inputs and produce, FMCG, electronics, loans, insurance etc. It has features like buy-sell, communication (chat and calling), entertainment and information/advisory content to keep farmers engaged. Using it, farmers buy all agri inputs of IFFCO, including fertilisers, agro chemicals and seeds at discounted price and get free delivery at their doorstep. It will cater needs of 5.5 crore farmers already associated with IFFCO. In this platform, IFFCO’s subsidiary IFFCO eBazar Ltd has taken 26% stake in and remaining 74% is with I-tech Holdings and some other investors.
Indian Farmers Fertiliser Cooperative Limited (IFFCO)
IFFCO is large scale fertiliser cooperative federation in India which is registered as Multistate Cooperative Society. It is one of India’s biggest cooperative society which is wholly owned by Indian Cooperatives. It was founded in 1967 with just 57 cooperatives and at present it has amalgamation of over 36,000 Indian Cooperatives with diversified business interests ranging from General Insurance to Rural Telecom apart from its core business of manufacturing and selling fertilisers. It is headquartered in New Delhi. It had posted turnover of Rs 20,787 crore in 2017-18 fiscal. It produced nearly 8 million tonnes and sold 10.3 million tonnes of fertilisers in 2017-18.
Month: Current Affairs - July, 2018