Whrrls Block chain Suite
Whrrls
Stage of adaption :
Post Harvest Stage
TECHNOLOGY BRIEF
Whrrl’s WHR financing suite is an integrated secured warehouse discovery, digital lending and trading platform that covers the entire life cycle of a borrower in the WHR financing vertical. Whrrl’s blockchain platform connects farmers, warehouses and banks together alleviating the need of waiting for WRDA accreditation and help farmers obtain instant credit of loan against their deposits avoiding sales of their produce at the rock bottom prices. Thus, helping increase farmers income by 25-300% and reducing risk of banking frauds.
BENEFITS
By increasing the income level from 25-300%, whrrl’s blockchain suite enables farmers to save for future input purchases, household purpose and even to prepare themselves for unexpected expenses.
• The digital lending app (Ann Dhan) integrated with the blockchain platform facilitates farmers to make deposits at the nearby warehouse and to fetch instant credit of loan, rather than spending 7-15 days running from end to end for loan and in reducing logistics cost.
• Provides farmers with better price realization for their produce.
• Reduces the subsidy spend of the Government by replacing MSP procurement with Warehouse Receipt Finance.
• Benefits authorities by providing reliable data and estimates on food security programs and in reducing expenditure on subsidies.
• By generating immutable electronic receipts which is shared across network of banks, Whrrl’s blockchain suite prevents lending against fake warehouse receipts or multiple warehouse receipts, thereby reducing banking frauds
TECHNOLOGY READINESS
Test Marketing Completed
INTELLECTUAL PROPERTY
Technology Not Protected
CERTIFICATION
Not Applicable
TARGET CUSTOMERS
Whrrl is a triangular platform serving three set of customers, Banks, Warehouses and Borrowers. Our customers can be further segmented into 1. Agri-Lenders (Banks/NBFCs) 2. Grain Warehouses (State Warehousing Corporations) 3. Farmers/ Agri commodity MSME trader.
SCALABILITY
Being a software product, there are no challenges in scalability. We can support thousands of warehouses and banks simultaneously. We already are live in 193 locations serving 1000 warehouses.
LIMITATIONS
1. Inability to patent the solution in India makes us vulnerable to copy-cats.
2. Lengthy procurement cycle of government that also has artificial barriers like
tender, revenue criteria, past experience etc
TECHNOLOGY COST
Rs. 75,000/- per warehouse. Our Mobile App is free for farmers.
SOCIAL IMPACT
While our technology helps reduce the banking frauds, the ultimate benefit is increase in farmers’ income by 25-300% (as proven by IFC & EBRD globally) by widespread adoption of Warehouse Receipt Finance through digital distribution channel. Our online WHR lending platform makes credit available to farmer within 5 minutes while earlier it used to take 7-15 days for the farmers to avail loans from banks.
CONTACT
kisanmitr@indiancst.in
TOLL FREE
1800 258 2010
ONLINE HELP DESK
+91 97 429 79 111