Lab2Land partners with FinBox to offer digital credit to agri retailers

Hyderabad: Hyderabad-based agritech platform Lab2Land has entered into a partnership with digital lending solutions provider FinBox to disburse credit to 5000 agri retailers.

“Rising cost of inputs, gaps in knowledge, and lack of organised credit are main challenges in the agricultural value chain. Lab2Land is tackling these through its inputs, advisory services and digital credit,” said Aditya Deshpande, chief executive officer, Lab2Land.

Of the about 5,000 retailers on the platform, around 250 already had access to credit lines through NBFCs. However, this journey was paperwork-intensive and required intervention from Lab2Land representatives. The platform sought to solve this by offering digital credit in a safe and secure manner by using FinBox’s credit stack. It disbursed Rs 5 crore so far on its platform since March and aims to disburse Rs 40 crore by September this year. The Lab2Land platform garnered about 1.2 lakh farmers in Telangana and Andhra Pradesh in 10 months since its launch. It is planning to expand to Maharashtra and Karnataka.

“Agriculture remains a critical market under priority sector lending. Our partnership with Lab2Land will help us serve underserved markets,” said Rajat Deshpande, chief executive officer, FinBox, according to a release.