Tamil Nadu-based financial intermediary Samunnati to start 12 branches

“We plan to start 12 operational branches in Thiruvannamalai in the first three months of our operations. Our first branch is likely to be operational by this Diwali in Thiruvannamalai. Each branch will cost around 5 lakh capex and 1 lakh of opex per month. All branches will operate in Tier 5, rural villages,” Samunnati’s Chief Executive Officer Anil Kumar SG told PTI.

It would take two years for the entity and the first branch would take around six months to turn operationally positive, he said.

Samunnati would take another one year to break even, he said adding the company would recruit locals and train them with skills necessary for financial services providers.

“Since the business’ focus is on local agricultural value chains, it is imperative that the staff has a deep understanding of the agricultural value chain specific to the district they operate in. Hence, we would recruit local talent from remote rural areas so as to harness native intelligence,” he said.

Samunnati would focus primarily on the unbanked part of the agricultural value chain.

“We will go live in the dairy segment to start with, and then get into post-harvest as well as farm mechanisation after around eight months of the pilot project,” Anil Kumar said.

You might also like

Samunnati raises $20 million in debt from US International DFC

25 September 2020

Samunnati raises $20 million in debt from US International DFC

Featured in ET tech Agriculture finance startup Samunnati has raised $20 million (approx. Rs 146 crore) in debt from the US...

Samunnati raises €10 million debt from FMO, Triodos

12 January 2021

Samunnati raises €10 million debt from FMO, Triodos

Featured in BusinessLine Agri-finance solution provider Samunnati has raised €10 million in debt from FMO – Entrepreneurial Bank and Triodos Fair...

Samunnati Sees Increase in Lending for Climate-Smart Agri Projects

1 December 2021

Samunnati Sees Increase in Lending for Climate-Smart Agri Projects

Featured in BusinessLine Samunnati expects lending to double over the next 2 years Agri value chain financier Samunnati expects its lending...

Samunnati raises ₹50 crore through Green Bonds to finance climate smart agri solutions

9 December 2024

Samunnati raises ₹50 crore through Green Bonds to finance climate smart agri solutions

Featured in nuffoodsspectrum Samunnati, an agri value chain enabler, has issued its first-ever Rs 50 crore green bond, with Northern Arc...