Future Startup Explainer: What is iFarmer and How it Works
The big idea: iFarmer is a Dhaka-based agri-tech platform that connects farmers with access to finance, training, knowledge, and market. On the other side, the company enables individuals to invest their money in a farm (equity financing model). The company offers both regular and sharia-compliant investment options. The company then works closely with these farmers and enables them to sell to a large buyer effectively eliminating middlemen. iFarmer was originally started as a side project in 2018 as an Uber for Urban Farming. The idea did not fly and the founders eventually pivoted to its current model.
The nuts and bolts of iFarmer business: