IFarmer

iFarmer operates as a full-stack agricultural technology platform in Bangladesh, structuring solutions for the nation's smallholder farmers, who constitute nearly 80% of the farming population. The company was co-founded by Fahad Ifaz (CEO) and Jamil M Akbar (COO). Ifaz's background in economic development with organizations like the World Bank and CARE International provided him with deep insights into the agricultural sector's challenges, while Akbar brought operational and tech experience to the venture. Launched in 2018 as a project, their initial concept was an "Uber for Urban Farming," which they pivoted from after six months upon realizing it was not a scalable model. The company officially began its new operations in 2019.

The firm's business model addresses several critical gaps in the agricultural value chain. It provides farmers with access to financing, high-quality inputs like seeds and fertilizers, data-driven agronomic advisory services, and direct market linkages. Revenue is generated through margins on their supply chain operations, where they aggregate produce from farmers and sell it to institutional buyers, retailers, and wholesale markets, and through partnerships with agricultural input companies. iFarmer facilitates collateral-free financing for farmers by connecting them with both individual and institutional investors, using a data-driven approach with over 40 data points to assess risk and establish creditworthiness. This system allows investors to fund farm activities and earn a return, offered in both conventional and Sharia-compliant options.

iFarmer's service portfolio is delivered through a combination of digital tools and on-the-ground support. The 'Sofol' app allows farmers to request financing, track farm updates, and build a digital profile, which helps in securing loans from financial institutions. Recognizing the digital divide, the company employs a network of field facilitators and operates physical centers to connect with farmers who lack consistent internet access or smartphones. This hybrid approach ensures the delivery of services like soil analysis, weather advisories, and training on best farming practices. The platform also assists agri-input retailers through its 'KriShop' app, streamlining their procurement and inventory management. By aggregating produce and connecting farmers directly to buyers, iFarmer bypasses multiple layers of intermediaries, helping farmers secure better prices and improving their overall profitability.

Keywords: agricultural finance, supply chain management, agri-fintech, smallholder farmers, market access, agronomic advisory, farm inputs, Bangladesh agriculture, agritech platform, impact investing, crop financing, livestock farming, food supply chain, rural development, sustainable agriculture, farmer empowerment, mobile agriculture, data-driven farming, agricultural credit, produce aggregation