3 minutes

Vikasni: Spice Money and Tarya Fintech’s Collaborative Venture

India’s agricultural sector is flourishing, with the dairy industry in particular experiencing growth. Unfortunately, a staggering 80% of the country’s milk supply comes from the informal sector, which faces significant challenges in terms of resources, funding, and technology.

This is why we have partnered with Spice Money, India’s leading fintech company dedicated to empowering rural communities. Our joint mission is to create a specialized platform exclusively for the Indian dairy industry, one that transforms and empowers Indian dairy workers by enhancing operations and increasing earning potential.

An Empowered Ecosystem

Aptly named “Vikasni,” a Hindi word meaning “growth and development,” this platform will serve and connect various players in the Indian rural dairy industry, specifically Village Dairy Entrepreneurs (VDEs) and dairy farmers.

The Vikasni project involves the creation of an entire digital ecosystem that digitally connects VDEs, dairy farmers, and NBFCs (Non-Banking Financial Companies), providing them with the means to access credit and expand their businesses.

Increased credit accessibility serves as a catalyst for growth in India’s agricultural sector. It empowers farmers, Farmer Producer Organizations, and agri-entrepreneurs to establish crucial infrastructure that supports the country’s production levels, benefiting industry workers and increasing Rural India’s GDP as a whole.

Through the Vikasni platform, farmers can receive loans from VDEs, and VDEs can access loans from NBFCs. This transformation shifts the rural dairy sector from an “off-the-grid” and under-resourced collective to an efficiently run and digitized industry capable of growth and improved production.

Additionally, the Vikasni platform enables dairy workers to track, monitor, collect data, and manage production. The platform provides features such as:

  • Milk collection management
  • Milk production data capture
  • Micro-loan access
  • Larger loan access
  • Overall loan management

By seamlessly connecting multiple players in the dairy industry, including agents, farmers, dairies, and NBFCs, they become part of a community that constantly strengthens through financing, data, and management.

The Future of the Indian Dairy Industry

Spice Money’s extensive knowledge of India’s rural dairy industry landscape and Tarya Fintech’s expertise in developing financial products have the potential to drive the dairy sector forward, from individual farmers at the beginning of the supply chain to collective production on a larger scale. By joining forces, Spice Money and Tarya Fintech can make a substantial contribution to the already thriving agricultural industry.

About Spice Money

A subsidiary of DiGiSPICE Technologies Ltd., Spice Money is India’s leading rural fintech company with over 700,000 Adhikaris (entrepreneurs) offering a range of financial services. These services include cash deposit, cash withdrawals, Aadhar-enabled payment systems, insurance, loans, bill payments, cash collection centers for customers/agents/representatives of NBFC/Banks, airtime recharge, tours & travel, online shopping, Pan Card services, and mPoS services. The company has established 1 lakh mini ATM counters across remote corners of India, providing convenient cash withdrawal options for rural citizens. Over 90% of their network resides in semi-urban and rural India. Spice Money services are accessible through the Spice Money App (Adhikari App) and web portal.

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