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29th March 2023, Mumbai: Carnot Technologies, India's leading agri AI-IoT platform backed by Mahindra begins a strategic partnership with Avanti Finance. Having revolutionized the tractor renting module in India with their deep tech that monitors tractors and improves earning potential of Rental Entrepreneurs, Carnot now forays into the agri-fintech space. Through this strategic partnership, Carnot has launched the Industry's first working capital credit access while leveraging IoT data as well as unique tech capabilities and resources.
Carnot currently works with more than 26,000 rental entrepreneurs, a specific set of communities in the rural ecosystem who are the driving force behind the mechanization in India. The rental business is seasonal and REs capital investment is at risk for a long time as payment from the farmers is often delayed. This RE community heavily relies on informal sources of lending and uses its hard-earned savings to continue its business operations.
Through this unique partnership, Carnot Technology and Avanti Finance have created an apt credit product that will help REs manage their business operations and improve their working capital requirements.
With an AI-enabled IoT Kit connected to tractors, REs uses the mobile-based application for real-time live tracking of their assets, exact acreages of work done, fuel status, and Accounting solutions. With a first-of-its-kind data infrastructure model, this partnership will enable new ways to credit underwrite the customers, allowing them to access tailored credit solutions based on their cash flow.
Pushkar Limaye, CTO & Co-Founder of Carnot Technologies, said "Carnot's vision is to build products and solutions to help Bharat's rental entrepreneurs succeed. Easy access to financing solutions is central to their livelihood, which is highly seasonal in nature. Our partnership with Avanti Finance is a perfect example of how agri-tech companies can work with lenders and deliver first-of-its-kind innovative solutions."
"We at Avanti are excited about this partnership with Carnot. Together we will be able to further serve customers in the Agri value chain including farm-implements. In line with our mission of supporting livelihoods and inclusion, this partnership will enable credit access to farmers by involving all stakeholders in the ecosystem. This will be possible by combining Avanti's platform with Carnot's on ground technological solutions." says Sunil Kumar Tadepalli, Chief of Partnerships, Avanti Finance.
About Carnot Technology -
Carnot Tech, India's leading AI-enabled Agri IoT platform. Initially established as a tech-enabled solution to increase visibility about the automobile movement, the company pivoted to agri-tech in 2017 and is now the only company in India focused on the growth of Rental Entrepreneurs, a community of more than 60 Lac people in the tractor rental business. Backed by, Mahindra And Mahindra with strategic investment, Carnot Technology is a Service contractor for the Krish-e app the company is helping Mahindra and Mahindra tap into the farmer community to reach a wider audience of first-time tractor buyers.
The IoT platform Simha (rebranded to Krish-e Rental) by Carnot Technology now has over 25,000 tractors, harvesters and sprayers working on over 3 million acres of land each season. The platform is protected by 5 patents. What began with 3 IITians is now a company of over 70+ team members, operating in more than 8 states and impacting over 1.5 Lac farmers.
Carnot Tech is now working on its global expansion. The company has already started catering to Rental Entrepreneurs in Europe and Africa and is witnessing a massive response to its product.
About Avanti Finance
Avanti's mission is to enable sustainable livelihoods and empower the next 100 million households through accessible and affordable financial services. It is building a co-creation platform that fosters hyperlocal livelihood innovation and mass customisation. Avanti believes community-centric systems enable the digitisation of the social trust of the users, which is critical to building scale in the unbanked segment.
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