CHANDIGAR, India, August 25, 2022 /PRNewswire/ — Harvesting Farmer Network (HFN), a leading agricultural technology platform in Indiaraised $4 million of Social Capital, a Silicon Valley-based technology investment firm led by Chamath Palihapitiya. This is the first institutional round raised by HFN, which will be used to reach over 120 million smallholder farmers across Indiaas well as exploring opportunities in india rural markets.
Harvesting Farmer Network helps smallholder farmers (defined by the UN as a farmer with less than 2 hectares of land) to India increase their income by providing them with a platform for collective bargaining. Through HFN’s trusted platform, farmers can easily purchase high-quality and affordable agricultural inputs, access financial services such as loans and insurance, as well as sell their crops to domestic and international customers – all luxuries generally available only to large farms. – allowing them to develop and develop their activities.
Founded by Ruchit Garg during the Covid-19 pandemic, HFN was created to reduce friction between farmers and buyers, initially by allowing them to connect directly on Twitter. For more than 500 million US dollars crops, consisting of more than 360 crop varieties, have been listed on HFN’s digital platform in all states India. These crops were sold in the domestic market as well as in international markets. A world agricultural power, India produces more than $275 billion harvests annually.
From August 2022, more than 3.7 million farmers are digitally connected to the HFN platform, and thanks to the partnership with HFN, farmers have increased their harvest income by up to 2.5 times thanks to the supply chain more effective and consolidated of HFN. Recently, many forward-thinking farmers have even launched offline centers known as “HFN Kisan Centres” (“kisan” translates to farmer in Hindi) to help other local farmers sell their crops and buy basic inputs such as seeds and fertilizers at affordable prices.
Ruchit G Garg, Founding CEO of HFNsaid, “At HFN, our goal is to help farmers realize their full potential by reducing the plethora of inefficiencies in the agricultural value chain. Simple and widely available technologies like WhatsApp and Twitter have allowed us to create huge -operatives, which allows farmers to negotiate better rates for agricultural inputs and more competitive prices for produce. Our farmer-centric approach allows us to has established a unique trust with our partner farmers, which gives us a solid foundation for long-term growth. this new support from Social Capital, we will be able to accelerate our growth and scale our platform as we seek to give india 120 million smallholder farmers the opportunities they deserve.”
Jay ZaveriPartner at Social Capitalsaid: “In our world of increasingly complex geopolitics and in the midst of a rapidly deteriorating climate crisis, there is an urgent need to increase and improve food security. India is one of the breadbaskets of the world and we are delighted to partner with HFN to bring a safe, secure and empowering platform to over 120 million smallholder farmers around the world India. Our goal is to enable Indian households to access high quality agricultural products and farmers to create profitable livelihoods through HFN.”
HFN plans to use the new funding to rapidly expand its footprint across Indiaand over the next 12 months, he plans to connect farmers in each of india 708 districts across the country.
About Harvesting Farmer Network (HFN)
Harvesting Farmer Network (HFN) is based in Chandigarh, India. The company was founded by Ruchit G Garg, who after working in United States for more than a decade with companies like Microsoft, moved to India work with small farmers. From August 2022more than 3.7 million farmers in India are connected to HFN on various digital platforms in all states of Indiaincluding farmers from far east regions like Nagaland to northern regions like Pulwama J&K as well as Kutch Gujarat.
About share capital
At Social Capital, we make big bets on transformational ideas, technology and people. We invest strategically in smart, for-profit opportunities and forward-thinking social investments that have the potential to shape a better future. We believe in the outsized potential of for-profit companies to have an impact in the world. We aim to set a new standard for what capitalism can be.
To learn more about social capital, visit www.capitalsocial.com.
SOURCE Harvest Farmer Network (HFN)