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Established in 1999 with a singular focus on the empowerment of rural communities,
CoOptions is in the business of providing services for large rural communities in
India. We establish sustainable and scalable business services by empowering the
rural hubs called PACS (Primary Agricultural Cooperative Societies”)
The team, with rich experience in IT and rural development, set out to create an
IT solution to computerize the existing Primary Agricultural Cooperative Societies
(“PACS”). This solution would enable these PACS to carry out the all their financial
transactions electronically, thus creating efficiencies in their system. Also, it
would enable the digitization of all manual records maintained over the years (some
going back to a full decade). These records contain details of assets and liabilities
of the farmers and their credit history with respect to the loans that they have
availed from National Bank for Agriculture and Rural Development (“NABARD”), the
apex bank for the Indian rural sector. The Company is creating a robust ecosystem
that facilitates the flow and fulfillment of products and services to the Agri-segment
where fulfillment requirements are vastly unmet.
The company has won a Government Order from AP in December 2008, which gives the
company a 10 year exclusivity to enable wiring up of PACS in the state and use the
channel to develop new avenues of business for the PACS on a revenue sharing basis.
The highlights of the order, “The Sahakara Pragati Scheme” are –
- Entire investments on IT infrastructure, training, capacity building etc are being
met by CoOptions for the total computerization of all the 2,750 PACS (target 10
million farmers in the next 18-24 months) in AP,
- CoOptions would implement, maintain and operate the entire infrastructure and have
a revenue sharing agreement with PACS in respect of new avenues of business which
it proposes to bring to PACS, and
- CoOptions envisages to gradually meet/ recoup their investments in infrastructure
as also their recurring costs in maintaining the systems etc, out of their share
in the above revenue sharing agreement over the 10 year period.
CoOptions has established 650 fully IT enabled hubs at the PACS. CoOptions has created
electronic records of 25 lac farmer members of the PACS. These PACS are operational in 22 districts of AP. This provides the capacity to CoOptions for introducing financial
products and services in 6000 of the 28000 villages in Andhra Pradesh. CoOptions
is in the process of IT enabling the 2750 PACS before December 2011.
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| "Farmer Cooperatives have accepted, absorbed and are using sophisticated technology in their day to day business," Dr.C.Rangarajan complimented CoOptions.
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