Latest News | Intello Labs Launches Agri Produce Trade Platform; Clocks Monthly GTV of USD 40mn
Get latest articles and stories on Latest News at LatestLY. Intello Labs, a quality-assaying agritech startup, on Thursday said it has started agriculture produce trade exchange platform 'Praman' and achieved a monthly gross transaction value (GTV) of USD 40 million.
New Delhi, Oct 14 (PTI) Intello Labs, a quality-assaying agritech startup, on Thursday said it has started agriculture produce trade exchange platform 'Praman' and achieved a monthly gross transaction value (GTV) of USD 40 million.
Intello announced the launch of its Praman business which has been in stealth mode over the past few months.
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Praman is a groundbreaking agriculture produce trade exchange platform, with integrated quality assessment. It facilitates spot-trading and e-auctioning in agri-commodities including cardamom, onion, garlic, pomegranate, apple, potato, and tomato.
"Within a few months since its launch, Praman has already achieved a monthly GTV of USD 40 million," the company said in a statement.
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Praman said it has re-engineered auctions and trade through AI-based quality assessment, making them data-driven and digital.
As a truly digital exchange platform, Praman breaks the limitations of the current manual processes, automatically generating quality reports which are fed directly into the exchange platform.
Besides automating workflow, Praman makes data on quality of the agri-produce remotely accessible, allowing traders to participate in real-time from anywhere, without the need to be physically present at auctions or market yards.
"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.
The platform expects to hit a monthly GTV of USD 100 million within the next two quarters.
With a presence in India, the US, Europe, and Southeast Asia, Intello Labs utilizes computer vision, machine learning, and AI to digitize food quality assessment and control.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)