Open agri network Samunnati is setting its sights on a significant revenue growth of more than 50%, with a target of Rs 6,600 crore in the financial year 2023-24. The company plans to achieve this by expanding its presence and deepening its reach in both its agri finance and market linkage businesses, according to a top executive on Saturday. Samunnati recorded a commendable revenue of Rs 4,400 crore in the fiscal year 2022-23, and this projected growth reflects its ambition to further establish its market position.
While the company currently operates in 23 states, its primary business activities are concentrated in Andhra Pradesh, Tamil Nadu, Karnataka, Telangana, Madhya Pradesh, Maharashtra, Gujarat, and Odisha. Samunnati aims to enhance its client engagement across all 23 states by offering short-term loans to Farmer Producer Organizations (FPOs) and providing them with crucial market linkages. By expanding its operations, the company anticipates a substantial increase in revenue, reaching the ambitious target of Rs 6,600 crore for the current financial year.
Anil Kumar SG, the founder and CEO of Samunnati, expressed confidence in the company’s growth prospects. He stated, “We are planning to deepen our client engagement in all 23 states, offering both short-term loans to FPOs as well as providing them with market linkages. With this expansion, we expect to clock Rs 6,600 crore revenue in this financial year.” This strategic move aligns with Samunnati’s commitment to supporting the agricultural sector by facilitating access to finance and improving market connectivity for small and marginalized farmers.
Samunnati’s focus on agri finance and market linkage businesses has positioned it as a trusted partner for farmers and FPOs seeking financial support and market access. By providing tailored financial solutions and enabling direct market connections, Samunnati plays a vital role in enhancing the livelihoods of agricultural communities. The company’s commitment to social impact, combined with its robust business model, has contributed to its steady growth and recognition as a prominent player in the agricultural finance ecosystem.
The expansion plans outlined by Samunnati highlight its ambition to cater to a broader customer base and diversify its geographical presence. By deepening its client engagement across all 23 states, the company aims to build long-term relationships and address the unique needs of farmers in different regions. This comprehensive approach encompasses not only the provision of financial assistance but also the facilitation of market linkages, which are crucial for farmers to gain better access to buyers and improve their income potential.
Furthermore, Samunnati’s growth strategy aligns with the broader goal of promoting sustainable agricultural practices and inclusive growth in the sector. By supporting FPOs and small-scale farmers, the company contributes to the empowerment of rural communities and the overall development of the agricultural ecosystem. This holistic approach not only generates economic opportunities but also fosters social and environmental sustainability.
In conclusion, Open agri network Samunnati’s ambitious target of achieving over 50% revenue growth and reaching Rs 6,600 crore in the financial year 2023-24 demonstrates its commitment to expanding its presence and impact in the agri finance and market linkage sectors. By deepening client engagement and focusing on diverse geographical regions, Samunnati aims to create sustainable and inclusive growth opportunities for farmers and FPOs across India. As the company continues to play a pivotal role in providing financial support and market access to the agricultural community, its efforts contribute to the overall development of the sector and the well-being of farming communities nationwide.
