Ayekart, a fintech startup that is empowering traditional businesses and farmers’ communities in India, inked a memorandum of understanding with the Indo-American Business Chamber of SME – UP State. The MoU is signed in order to establish a strategic collaboration between both the parties in developing a partnership to help MSMEs, SMEs and the farmers’ community. Furthermore, the partnership enables the chapter to leverage multiple services like finance, technology, upstream and downstream linkages, domestic as well as global trade opportunities and digital presence among others.
The MSMEs sector has become a major contributor to the socio-economic development of India. The sector contributes vastly to the gross domestic product (GDP) of the country and exports. It has gained significant importance due to its contribution to entrepreneurship development, especially in semi-urban and rural areas of India. As per IBEF (India Brand Equity Foundation), the number of MSMEs in India increased by a CAGR of 18.5 per cent from 2019 to 2020. MSME’s are rapidly adopting digitisation. The rise in digital adoption further enhances the growth of the sector.
Explaining the objective of the MoU, Debarshi Dutta, co-founder & CEO, Ayekart said, “Here, at Ayekart our ambition is to grow the business by assessing the MSMEs and agricultural sector at large. One of our key mottos is to digitise the supply and agri value chain of India. This partnership will provide reliable assistance and support to small producers, entrepreneurs, merchants and retailers facing challenges due to the fast-changing business environment in the digital world. We are also providing tailored services, easily accessible resources and a simplified network to traditional businesses and farmer community in India thus uplifting their productivity, efficiency and income.”
The partnership will be leveraged through FPOs, distributors and other stakeholders to improve productivity as well as efficiency and various other linkages such as marketing, processing, finances and technology. Indo-American Business Chamber of SME – UP State, a non-governmental trade organisation, focuses on strengthening the Indian industry and its ecosystem. The organisation pivots on technological advancement, knowledge–based economy, improved industry standards and promotes domestic and international businesses.
Thus, the partnership between Ayekart and the Indo-American Business Chamber of SME will also support the traditional businesses and agricultural sector by providing finances and offering tailored services in the new digital landscape.
Briefing about the partnership, DP Singh, President, Indo-American Business Chapter of SME – Uttar Pradesh Chapter said, “The collaboration would be helpful in resolving the inherent issues of finance and technology that SMEs are grappling with in today’s competitive markets. Our partnership with Ayekart would be instrumental in tapping the domestic and global value chains, that SMEs are striving to operate in. Ayekart exemplifies the technology partner we would prefer to work with as they have a thorough understanding of the entire MSME ecosystem and their tech solutions offer a variety of services like access to finance, a wider marketplace and connectivity for the entire value chain through a single digital platform.:
“For Ayekart, this partnership status would enhance the scope for advancing further in global markets and create more opportunities in export and import. We look forward to work as trusted partners in strengthening the MSMEs and traditional businesses in the years ahead,” Singh added.
The partnership opens up opportunities for the traditional businesses, MSMEs, agribusinesses and farmer collectives (FPOs, FPCs and cooperatives) supported by SME Chapter as well as Ayekart. As a fast-growing PaaS (Platform as a Service), Ayekart brings an integrated digital platform as an end-to-end and one-stop solution for plugging the gaps in the supply chain. With the tech-solution like Ayekart Hisab, B2B app, mini-ERP, B2C app, Ayekart paves the way for the traditional businesses in the new digital landscape, providing them with an opportunity to be at par with e-tailers and new age businesses by offering supply chain financing, tech-solutions to enter the digital landscape and connectivity to a larger network of buyers, suppliers, distributors, retailers and other stakeholders in the value chain.
(The story is based on a press statement made by both the parties in the MoU.)
RuralMarketing.in is now on Telegram. Click here to join Rural Marketing on Telegram and stay updated with the latest news and updates on rural business and the economy.