Praman.ai, a horticulture exchange platform, reported a monthly gross transaction value (GTV) of $60 million (447.26 crore) in January, trading only in horticulture products and fresh produce. The start-up, which will be launched in August 2021, allows for spot trading, e-auctioning, and reverse auctioning in horticulture commodities such as onion, cardamom, and apples. The exchange, in a unique way, underwrites the quality risk of trades and guarantees trade settlements.
The horticulture exchange had disrupted the way fresh produce is traded within six months of its launch, according to a company statement, adding that it would achieve a monthly GTV of $100 million (745.44 crore) by March 31. It is expected that the exchange's annualized trade value will exceed 5,000 crore.
The horticulture market is worth $1.4 trillion (ten thousand four hundred crore), and Praman, with its AI-enabled quality underwriting and trade settlement, ensures trade through smart contracts.
According to the statement, the start-up's technology intervention transforms farmyards into digital market yards with end-to-end traceability, quality assurance, and trade discovery.
Creating an Open Ecosystem
Praman.Ai currently works with over 34,000 growers, 5,000 buyers, and 700 partners, including corporate giants and government agencies like NAFED and the Spices Board of India.
"To add to the benefits of our users, we are developing an open ecosystem for an array of services like logistics, warehousing, and credit facilitation that makes the exchange a one-stop-shop for its users," said Milan Sharma, Founder, and Chairman of Praman.Ai.
According to the statement, the company has settled over 15,400 tonnes of cardamom trade in domestic markets, over 2.5 lakh tonnes of onion trade, and over one lakh tonnes of apple trade since its inception.
About Praman.Ai:
Praman.Ai - World’s largest horticulture exchange has been creating widespread excitement at the mandis of Shopian, Kulgam, Pulwama, and Sopore. Living up to its promise, Praman has been demonstrating and putting to use its proprietary AI quality assaying technology to connect buyers from across the country.
