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Ag-tech platform Praman goes live to facilitate digital trades of agricultural produce

The Start-up expects Praman to hit a monthly GTV of $100 million within the next two quarters that would make it the largest agri-trade exchange in India.

Admin by Admin
October 16, 2021
in News, Technology
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Ag-tech platform Praman goes live to facilitate digital trades of agricultural produce

Business Today

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Agri-tech venture Intello Labs has announced the launch of ‘Praman’, which will function as an agriculture produce trade exchange platform with integrated quality assessment. Currently, the platform facilitates spot-trading and e-auctioning of agri-commodities including cardamom, onion, garlic, pomegranate, apple, potato, and tomato.

Ag-tech platform Praman goes live to facilitate digital trades of agricultural produce
Ministry of data

The product which was functioning in stealth mode over the past few months was formally launched on Thursday, said a release by the agtech venture.

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“Within a few months since its launch, Praman has already achieved a monthly Gross Transaction Value (GTV) of $40 million. Praman has successfully re-engineered auctions and trade through AI-based quality assessment, making them data-driven and digital,” stated the release.

More importantly, the start-up is expecting Praman to hit a monthly GTV of $100 million within the next two quarters that would make it the largest agri-trade exchange in India.

Intello Labs launches agri produce trade platform; clocks monthly GTV of  USD 40mn | Business

“We are pleased to give the entire trading process a digital makeover, driving geographic expansion and market outreach,” said Milan Sharma, CEO & Co-founder, Intello Labs.

This assumes significance as the subjectivity of manual grading causes drastic fluctuation in pricing decisions during auctions. For instance, the start-up’s quality assaying technology brings over 95 per cent accuracy to cardamom quality grading as opposed to about 70 per cent using manual methods.

Ag-tech platform Praman goes live to facilitate digital trades of agricultural produce
Business Line

Apart from its presence in India, the venture also has a presence in the United States, Europe, and Southeast Asia and utilises computer vision, machine learning, and AI to digitise food quality assessment and control.

Also Read: WTO Agreement on Agriculture tilted against developing countries, says Piyush Goyal

Also Read: India calls for higher investment in agriculture R&D at G20 meet

Tags: agri techagricultureaiauctionscardamomceoco foundercommoditieseuropeexchangefunctiongarlicgross transaction valuegtvindiaintello labslaunchmilan sharmaOnionpramanstart uptechtradingunites statesUSventureWTO
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