Intello Labs, an artificial intelligence-focused agricultural technology startup, said it has launched a trade exchange platform - Praman, as part of its wider strategy to build a layer between farmers and traders through digital transformation.
The platform has been in stealth mode over the past few months and features integrated quality assessment, currently facilitates spot-trading and e-auctioning of agri-commodities. Praman has already achieved a monthly gross transaction value (GTV) of $40 million within a few months of its launch. The company said agricultural trade is shifting from physical to digital, and Praman is accelerating this digitization.
"We are pleased to give the entire trading process a digital makeover, driving geographic expansion and market outreach. This initiative is one more step in establishing Intello Labs as a leader in agritech and innovation," said Milan Sharma, co-founder, and CEO of Intello Labs. "We have set the path to automation and standardization in the industry. It is only a matter of time before the convenience, speed, and efficiency of Praman set the path for the future of digital agri-trade."
The company said Praman has re-engineered auctions and trade through AI-based quality assessment, making them data-driven and digital, breaking the limitations of the current manual processes by automatically generating quality reports which are fed directly into the exchange platform. In addition, Praman also makes data on quality of the agri-produce remotely accessible, allowing traders to participate real-time, without the need to be physically present at auctions or market yards.
It expects the platform to hit a monthly GTV of $100 million within the next two quarters, making it the largest agri-trade exchange in India. Started in 2016, Intello Labs now has presence in India, the United States, Europe, and Southeast Asia.