Prosjektet

Summary

iProcure is an agricultural inputs distribution company that leverages its proprietary mobile technology platform to lower the cost of agricultural inputs for the smallholder farmers (“SHF”). The company is able to provide farmers with cheaper agricultural inputs by aggregating demand from multiple farming communities through its mobile and online platforms and deliver the inputs based on the acquired data (orders, sales etc.). It focuses on last mile distribution channels, and most of its end clients are currently in the dairy sector.

The company has grown a nationwide network of over 17 operational depots and four regional distribution centers, located mainly in the Central and Rif Valley selling agricultural inputs directly to the farmers. The company’s objective is to build out the infrastructure (both brick and mortar as well as supply chain software) to make rural distribution cost effective and predictable. Using the iProcure platform the company registers local farmers, agro-dealers, and stockists (retail dealers) that require agricultural inputs for their clients. iProcure provides them with free access to the iProcure platform to aggregate orders and deliver the inputs to the stockists shortly after.

In 2017, iProcure secured its first consignment partnership (i.e the products are not on its balance sheet) with a leading East African manufacturer of Agri-Inputs. This involves the distribution of its products for a commission on sales with a cost sharing arrangement on warehousing expenses.

Mission

The company’s mission is to sustain SMEs (farmers) in rural areas through improved efficiency of supply chains.

Vision

By 2024, iProcure aims at becoming a regional Logistics & Technology company across East Africa meeting the needs of rural customers in the region.

Use of Proceeds

The company will use the funds as a working capital facility to purchase inventory and supply its network of agro-dealers around the country.

Impact

Accessibility of quality, affordable agricultural inputs to its network of agro-dealers and farmers.

This loan will allow iProcure to serve an additional 1,000 agro-dealers and circa 30,000 additional farmers purchasing quality, affordable inputs.

Highlights or Awards:

• Company founded in 2012
• 17 farm depots
• 4 regional distribution, storage and handling warehouses
• Serves > 3,000 agro-dealers
• >500 iPOS handheld devices distributed throughout network
• Proprietary platform with online and offline functionality
• CAGR of 137% in revenue between January 2015 and December 2019
• Interest and Support from Reputable Investors and Partners