Mulyam: An Agri-Tech Startup Redefining the Fruits and Vegetable Supply Chain

Subham Kumar

Sep 5, 2024 — 4 min read

New Delhi [India] September 5: Mulyam an agri-tech marketplace based out of Pune, is one of the pioneer startups which is strengthening the supply chain process. It connects farmers directly with the organized sector’s retailers, institutional firms, and quick commerce firms, ensuring fresher produce and better market access, ultimately boosting profitability and sustainability. Mulyam has a network of 3000 farmers from Uttar Pradesh, Haryana, Punjab, Himachal Pradesh, Delhi, Karnataka, Maharashtra, and West Bengal. A detailed discussion was held with Yogesh Kedari, Founder and CEO of Mulyam, about the company and how it is supporting the farmers.

Tell us about Mulyam. What does it offer?

Launched in December 2022, Mulyam is revolutionizing the agriculture supply chain by connecting farmers directly with bulk buyers of fruits and vegetables. Mulyam is developing a comprehensive marketplace (Platform) that enables seamless, transparent, and scalable transactions between buyers and sellers nationwide.

Beyond basic trade functions, Mulyam offers value-added services such as trade financing, logistics solutions, quality assessment, and mandi information. This integrated approach aims to create a robust ecosystem that supports efficient trading and fosters growth for all stakeholders in the supply chain.

What is the scope for Mulyam in the Indian agriculture and agri-tech sector?

Mulyam is creating an ecosystem that aims to transform both the Indian and global agriculture and agri-tech sector. Mulyam targets a diverse range of buyers, offering them the opportunity to source produce of their desired quality directly from farmers.

By developing the capability to liquidate all grades of produce to a broad spectrum of buyers, Mulyam gains a competitive edge over its peers. Mulyam empowers farmers and Farmer Producer Organizations (FPOs) to trade seamlessly nationwide, enabling them to utilize their infrastructure better, take stock positions as needed, make informed sales decisions, seize trade opportunities across India, and build their own brand for fresh produce nationwide.

What inspired you to found Mulyam?

As a member of a farming family, agriculture has always been a part of my life. I have witnessed the challenges faced by both farmers and buyers. Farmers struggle to sell their produce at fair prices, while buyers face difficulties in obtaining consistent quality produce at competitive prices.

From a young age, I was passionate about contributing to the agriculture industry and ensuring that the food we eat is of high quality. After completing my undergraduate degree in horticulture and an MBA in agriculture, I sought to build a scalable solution within the agri-value chain that would benefit both farmers/FPOs and buyers.

How does it work for farmers and other stakeholders? Tell us about the latest developments.

Mulyam's business model revolves around two key stakeholders: farmers and Farmer Producer Organizations (FPOs) and bulk buyers, including wholesale distributors, institutional clients, quick commerce platforms, and retail stores. Currently, Mulyam has a network of 3,000 farmers from Uttar Pradesh, Haryana, Punjab, Delhi, Karnataka, Maharashtra, and West Bengal, with the goal to expand to 150,000 farmers by the end of FY 2025.

Our onboarding process begins with Mulyam's sourcing managers connecting with farmers through mobile phones, WhatsApp, or face-to-face meetings to register them as suppliers. Once registered, farmers deliver their produce to Mulyam's collection centres, where it undergoes quality and quantity checks. Mulyam then sorts, grades, and packages the produce according to buyer requirements, including bulk sizes (100 grams to 10 kilograms per the specific required packaging types).

The produce is distributed across 17 cities, with quick commerce and HORECA services provided in 7 metro cities. Payments are handled via banks for farmers and suppliers, while buyers settle transactions through bank transfers, UPI, or cash.

How is the journey so far and what is your long and short-term vision?

We are dedicated to building a robust and comprehensive marketplace that seamlessly integrates every aspect of the agricultural ecosystem. Our current business model is more of a trading-heavy operation, but with this, we aim to unify financial solutions, logistics, and trade matching, creating a streamlined and efficient environment for all stakeholders. We target to create a tech-enabled and data-driven platform, making it more accessible, efficient, and beneficial for everyone involved.

Please brief us on the business and revenue model. What is the revenue currently? Have you reached the break-even?

We source produce from farmers and FPOs and once procured, we perform grading, sorting, packaging, and delivery based on the specific needs of our clients. Currently, we have achieved a turnover exceeding INR 75 crores, with zero burn and a slight margin in the kitty. However, we anticipate to scale further and ensure we are delivering consistent and improving EBITDA positive margins.

Tell us about you and what your background is.

I have over 19 years of experience in business development, sales, procurement, and P&L management, with a particular focus on the perishables sector. I have held leadership positions at NCDEX eMarkets Limited and DeHaat, where I served as VP and Senior VP, respectively, overseeing the Perishables Business. Additionally, I have worked with renowned organizations like Aditya Birla Retail More and Bharti Wal-Mart, demonstrating my expertise in setting up and running businesses from scratch.

I hold a Bachelor's degree in Horticulture (Fruits, Flowers & Vegetables) from Pune Agriculture College and an MBA from VAMNICOM Pune. To further enhance my leadership skills, I have completed a Leadership Management Course from ISB Hyderabad.

What are your expansion and future plans to take Mulyam to the next level? Are there any fund-raising plans?

We aim to achieve a revenue of ₹4,000 crore by 2030 and are targeting an exit value of ₹120 crore+ by the end of FY 2025, which will mark a significant milestone for us in our first full year of operation. To support our growth, we have successfully launched our buyer platform and plan to introduce the seller module by FY 2025.

We are actively seeking investment from impact fund houses, venture capitalists, and other potential investors to fuel our expansion initiatives and take Mulyam to the next level.