29 March 2023, Mumbai: Carnot Technologies, an agri AI-IoT platform backed by Mahindra began 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. 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.
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