Success Story

Farmers Earning a Steady Income with the Help of This Startup

fundmycrop

Crowdfunding is the practice of funding a project or venture by raising money from a large number of people who contribute a relatively small amount to raise awareness about everything from social issues, natural disasters, urgent requirements of those in need, and even business ideas. In a recent case, a young duo from Karnataka is using the concept to help farmers in the state by helping them earn a steady income and eliminating middlemen.

Fundmycrop, which was started by 23-year-old Nithin Bhat and Sharath, a 24 years old guy who aims to combine a subscription-based advance payment model with crowdfunding to not only help urban families and millennial connect with farmers, but to also enable the latter to earn assured salaries for their fruit and vegetable crop.

As per reports, the initiative was started by the engineering graduates in January this year which found some backing through government schemes.

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Fundmycrop has been selected under the National Initiative for Developing and Harnessing Innovations Entrepreneurs-in-Residence (NIDHI-EIR) Scheme of the Ministry of Science and Technology’s Department of Science and Technology. MUTBI at Manipal is one of the Program Execution Partners of the NIDHI-EIR Scheme. It has also been selected to receive a grant under the RashtriyaKrishiVikasYojana-Remunerative Approaches for Agriculture and Allied Sector Rejuvenation Scheme (RSVY-RAFTAAR).

How Fundmycrop is working?

If a farmer has an acre of land and can grow 10,000 kilos of tomatoes, this information will be made available on Fundmycrop. “If you want to buy five kilos, you pay for that much in advance. Similarly, someone else can book two kilos. This way, we hope to ensure that the entire 10,000 kilos have takers”, Sharath explains how it will work.

“This is called advance buying,” adds Nithin. “You are helping the farmer grow what you require.”

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This quantity is then delivered directly to your home weekly, he adds.

In doing so, Sharath says that they hope to remove middlemen, and also make urban populations connect with the farmer. “You can go to the field, which will likely be around 30 kilometers from the city, see the crops and so on. Gamification of anything makes it appealing to urban millennials,” Nithin points out.

Fundmycrop has worked with fruit and vegetable farmers in Dharwad, Belagavi, and Mysuru. Presently, they have around 19 subscribers for this model mostly apartment dwellers and families and deliveries of the products are likely to start by November 15. At the time of writing, the co-founders said that they are focused on Mysuru.



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