Bengaluru-based agritech company Ergos The GrainBank on April 19 said it aims to garner Rs 2,000 crore revenue by 2023-24 as well as expand its footprint to 650 locations. The company is looking to expand across Bihar, Karnataka, Maharashtra and Uttar Pradesh in the next one year.
It clocked over Rs 142 crore revenue during 2021-22, and has a presence in 337 locations across various states, the company said in a statement. Ergos The GrainBank has scaled its presence across 26 districts in Bihar, 10 districts in Karnataka, and 17 districts in Maharashtra, with over 1,45,000 farmers actively engaging on the technology-based platform, it added.
"We are growing at 3x-4x with our proven business model in Bihar and have recently entered other key markets like Karnataka and Maharashtra. With positive response from the farming community and food processors, we aim to continue our growth at the same pace year-on-year to comfortably reach a revenue of Rs 1,800-2,000 crore by the next year," Ergos The GrainBank Founder and CEO Kishor Jha said.
The company enables farmers to convert their grains into tradable digital assets, avail credit-like overdraft facility against those assets through partner banks and NBFCs in a few minutes, and get better prices for their produce.
