Avanti Finance collaborates with Stellapps mooPay to provide credit to underserved dairy farmers

Avanti Finance

Avanti Financial (“Avanti”), a technology-led NBFC focused on financial inclusion based in Bangalore, has teamed with Stellapps’ data-driven digital fintech vertical mooPay. mooPay is a deep tech platform that provides financial products such as payments, credit, insurance, agent banking, and savings products to farmers in rural India. This collaborative agreement with Avanti will enable mooPay to further increase financial inclusion in rural India while also meeting dairy producers’ operating finance needs. Dairy farmers can utilise mooPay to buy new animals, maintain existing livestock, and invest in farm improvements to boost productivity and profits.

Avanti will provide small ticket-size loans to farmers by analysing them using mooPay’s patented credit-score “mooScore,” which leverages digitally obtained alternate data to underwrite credit for farmers. It will also help to extend credit availability for new-to-credit (NTC) farmer sectors that have previously been mostly disregarded by formal institutional financiers. Nowadays, NTC consumers receive more than 55% of all loans, with women receiving 60% of all loans.

Rahul Gupta, CEO, Avanti Finance said, “The partnership with Stellapps is an exciting one and another step for Avanti to promote financial inclusion and the economic empowerment of farmers. This partnership will help focus on the growing and underserved area of dairy farming. We are encouraged with the success of the pilot wherein we have disbursed over four thousand and five hundred loans in a paperless & cashless model in remote villages across India.. The program will be scaled up significantly in the upcoming financial year and we look forward to co-creating more products.”

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Rahul Mallick, CEO, Stellapps – mooPay said, “At mooPay, we are reimagining financial services for rural India with an aim to provide access to tailored financial services to farmers and help them improve their income from dairy farming. We are very happy to partner with Avanti to accelerate our vision of creating a rural neobank and reaching a million farmers by next year”. mooPay plans to take its financial inclusion program from 2500 to 10,000 villages by this year end.

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