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Origo Launches Digital Auction Platform for Farmers for Better Prices, Direct Connect and Digital Payment
The firm adds another feather to its cap through the initiative, allowing people to access the platform for end-to-end solutions.
Mumbai, 16th May, 2021: After receiving accolades for introducing a range of new-age services for agri stakeholders, one of India’s leading Ag-fintech startups, Origo, is looking to scale another summit. Through the launch of the e-auction service, the platform has now become capable of delivering a holistic experience to all users. The feature will allow seamless trading of commodities and a transparent and digital way to procure and sell your commodities.
A digital platform that offers options such as price discovery, price risk, trade settlement, forward & reverse auction, etc. is the current need of farmers, traders and processors. Procurement is at the core of agri commodities supply chains, and a combination of efficient practices is now seeing the light of the day through initiatives from organizations like Origo.
Origo’s e-Auction platform will allow all participants to register digitally from their location through their mobile phones, receive notifications on upcoming auctions so that they can participate, transparency of the auctions, all documents and payment tracking on the mobile and digital payments so that farmers can receive their payments faster and directly into their accounts. Auction platform offers the capability of forward auction (to sell) and reverse auction (to purchase) commodities.
Origo’s auction platform will be useful for both private and government entities. Government entities can use the platform for sale of additional stock in the open market with ease and also use the platform for MSP procurement from Farmers with quick digital payments for their deposits.
On the other hand, Origo has made several strides in offering state-of-the-art warehouse management systems, upgradation of supply chains, and securitized debt instruments to institutional investors and others.
Link for the app: https://play.google.com/store/apps/details?id=com.origo.auction
Speaking on the occasion of the launch of the service, Sunoor Kaul, Co-Founder of Origo Commodities, said “After successes in the Structured Trade and supply chain, our efforts are now focused on streamlining through digital platforms that can address all concerns related to the commodities ecosystem. We have already witnessed considerable traction from the agri community due to its transparent nature and real-time monitoring tools, and hope the auctioneering and procurement will add to the ease of dealing with agri commodities.”