Agritech startup TaniGroup raises $10M to help Indonesia’s farmers grow
Curated by: Startups
In 2016, former World Bank analyst Eka Pamitra teamed up with five friends to start a business that would help farmers in their native Indonesia. Today their company — TaniGroup — closed a $10 million Series A round that’s aimed at expanding its service nationwide with the support of the government.
TaniGroup works for more than 25,000 farmers in Indonesia to help them get fairer rates for their crops, and grow their businesses. It does that in two ways. It operates a B2B platform that helps farmers sell their produce direct to retailers, which reaches a registered user base of 400 SMEs and 10,000 consumers. The company also manages a microloan fund that grants farmers access to working capital for growth.
TaniHub is the sales service and TaniFund is, as the name suggests, the microloan fund. The fund arrived in 2017 when the product had landed initial traction, and it is registered with the Financial Services Authority (OJK) and is a member of Indonesian Fintech Lenders Association (AFPI).
Pamitra said a combination of factors mean TaniGroup can help farmers grow their overall income by 60% or more. That is driven more by sale volumes than price, the latter of which