The product offers a smart insurance solution to minimize financial losses and ensure financial safety and resilience for farmers
nurture.farm, India's leading agri-tech organization, launches a first-of-its-kind product offering to derisk farmers against market price fluctuations. The product offering is launched as part of its flagship insurance program ‘Kavach’ and is called Bhav Guarantee.
The Kavach Bhav Guarantee product aims to help farmers get fair value for their produce and minimize financial losses in case of price fluctuations. While it is difficult to predict the mandi prices for different crops as these prices depend on a large number of variables, nurture.farm has created a risk cover mechanism through which the farmer is compensated for the fluctuations in prices of their end produce. The advantages of the Bhav Guarantee product offering include index based trigger, shorter disbursal window, and direct transfer of the compensation amount to the farmer's bank account.
Mr Dhruv Sawhney, COO & Business Head at nurture.farm said, "Kavach Bhav Guarantee is designed to safeguard farmer's income and aligns with our mission of making agriculture sustainable and viable. With Kavach Bhav Guarantee, we will be able to successfully mitigate risk, minimize risk cover premiums, guarantee returns and, in turn, build for farmer resilience. The product is tailor-made for farmers and will ensure financial safety against price fluctuations.”.
According to reports, less than 25% of the farmers in India have been able to avail benefits of MSP for commodity crops, and more than 50% of these farmers end up selling below MSP across 7,200+ agricultural market yards (or mandis) in India. These farmers neither get a fair value for their produce nor fetch a premium for better yield quality. However, unlike commodity crops, MSP is not applicable for vegetable crops thus making vegetable growers vulnerable to price fluctuations as well. With Kavach Bhav Guarantee, nurture.farm aims to cover both cereal and vegetable crops.
nurture.farm has partnered with Advanta Seeds to launch Kavach Bhav Guarantee for farmers who purchase Advanta’s Raadhika, Jaani or Ratna brand of Okra seeds. Farmers can download the nurture.farm app and scan the QR code that is available on the Okra seeds pack to avail this cover benefit at no additional charge.
Okra is one of the largest vegetable crops in India in terms of value, volume and acreage. Okra is grown over 0.52 Mn Ha in India, and the hybrid seed market is valued at ~INR 650 Cr. Advanta is a leading player in Okra seeds in terms of value, volume and market share across India.
Mr Dhruv Sawhney, COO & Business Head at nurture.farm said, "Kavach Bhav Guarantee is designed to safeguard farmer's income and aligns with our mission of making agriculture sustainable and viable. With Kavach Bhav Guarantee, we will be able to successfully mitigate risk, minimize risk cover premiums, guarantee returns and, in turn, build for farmer resilience. The product is tailor-made for farmers and will ensure financial safety against price fluctuations.”.
According to reports, less than 25% of the farmers in India have been able to avail benefits of MSP for commodity crops, and more than 50% of these farmers end up selling below MSP across 7,200+ agricultural market yards (or mandis) in India. These farmers neither get a fair value for their produce nor fetch a premium for better yield quality. However, unlike commodity crops, MSP is not applicable for vegetable crops thus making vegetable growers vulnerable to price fluctuations as well. With Kavach Bhav Guarantee, nurture.farm aims to cover both cereal and vegetable crops.
nurture.farm has partnered with Advanta Seeds to launch Kavach Bhav Guarantee for farmers who purchase Advanta’s Raadhika, Jaani or Ratna brand of Okra seeds. Farmers can download the nurture.farm app and scan the QR code that is available on the Okra seeds pack to avail this cover benefit at no additional charge.
Okra is one of the largest vegetable crops in India in terms of value, volume and acreage. Okra is grown over 0.52 Mn Ha in India, and the hybrid seed market is valued at ~INR 650 Cr. Advanta is a leading player in Okra seeds in terms of value, volume and market share across India.
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Mr Prashant Belgamwar, Regional Head - Asia & Africa and International Vegetables at Advanta Seeds said, “Advanta has been working in the seeds sector with a “farmer first“ approach. Today, one of the major concerns of farmers is the uncertainty of their ROI due to fluctuating end produce prices, particularly in vegetable crops. Our hybrids have always empowered farmers with higher yield and good quality produce. This innovative product - Kavach Bhav Guarantee - will complement our products and provide our farmers with an opportunity to protect their cost of cultivation, in case fresh Okra prices fall below the benchmark level. With this initiative, Advanta will continue its efforts to protect farmers' ROI by providing unique products and services to farmers. We look forward to covering more than 100,000 Okra growers across the country.”
About nurture.farm
nurture.farm, India's leading agri-tech open digital platform, brings what every farmer needs to thrive together in one place—technology, solutions, and finance. Its ecosystem reaches across the food system, expanding choice for customers—making access transparent, affordable and fast for everyone. This way, nurture.farm lessens uncertainty, helping farmers secure sustainable outcomes. Established in 2020, nurture.farm brings together the best agriculture solutions like remote sensing, farm mechanization, online marketplaces, traceability, and market linkage. In a short period, nurture.farm has taken several forward-thinking steps to achieve its goals. The nurture.farm app, launched in April 2020, has over 2.5 million farmers onboard. The nurture.retail solution, a B2B e-commerce marketplace for agri-inputs, has also scaled significantly in over 14 states and has 100,000 registered agri-input retailers across India. To carry out its ground-level operations, nurture.farm has built India's first and biggest rural gig-economy model, deploying a 10,000-strong field workforce in over 10 states.
Visit www.nurture.farm to learn more.
About Advanta Seeds
Advanta Seeds is a global leader in traditional plant breeding technologies delivering high quality-seeds that are disease resistant and produce high-quality yields. Advanta Seeds delivers innovative, high quality seeds to 66 countries worldwide. Advanta’s investment in the most advanced proprietary technologies, combined with enhanced capacities and capabilities to cater to region-specific demands, is helping them emerge as true global leaders. Advanta’s products are extensively evaluated/tested across geographies with stringent cross functional product evaluation mechanism, which ensures better performance of the products.
Advanta Seeds is known globally for its tropical and subtropical corn and is a market leader across varied geographies in corn, forage and grain sorghum, sunflower, canola, rice and vegetables. In India, Advanta Seeds has 5 research and development stations working to enhance production of okra, hot peppers, tomatoes, cauliflower, corn, sweet corn, rice, forages and sorghum.
Since inception, Advanta has worked diligently to build farmer resilience, accessibility, and sustainability and deliver better farming conditions. In line with the UN SDGs, Advanta Seeds is committed to economic growth and profitability of people while protecting the planet
Visit www.advantaseeds.com to learn more
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