Reuters Market Light

RML AgTech Pvt. Ltd. formerly known as Reuters Market Light
Independent Business
Industry Technology solutions for agriculture, digital technology
Founded October 1, 2007
Headquarters India
Key people
 Mr. Rajiv S Tevtiya, Mr. Sunil Jain
Website www.rmlagtech.com

RML AgTech Pvt. Ltd. (RML AgTech) formerly known as Reuters Market Light(Conceptualize & earlier Lead by Amit Mehra) is a business to provide Technology & Data Anlytics Solutions to farmers.[1] The service is Decision Support Technology designed to provide farmers with personalised agricultural data analytics from pre-sowing to post-harvest stages through App earlier SMS on their mobile phones in their local language support through call centre and on ground intervention.[2] About 1.4 million Indian farmers from an estimated 50,000 villages have used this service across 18 states. Through sharing among farmers, it is estimated to have reached 5 million farmers. RML AgTech covers over 450 crop and crop varieties and more than 1300 markets.[3] With this service, individual farmers gained up to INR 200,000 ($4000) of additional profits, and savings of nearly INR 400,000 ($8000), marking a significant return on their investment.[4]

History

The innovation began with the realization of the causes behind the poor state of millions of farmers around the developing world. The biggest realization was that this pain – both economic and emotional –must be addressed at an individual farmer level.[3] RML AgTech, a business incubated by Thomson Reuters, was conceptualized as a one-page idea in 2006 to address this need. Following nearly 18 months of market research, prototyping and market trials, RML AgTech was launched in October 1, 2007, in Maharashtra by Sharad Pawar, the union minister of agriculture of India followed by launch in Punjab in 2008 by Mr. Prakash Badal, state’s Chief Minister.[5] Amit Mehra founded RML within Thomson Reuters and then spun it out with support from IvyCap Ventures Advisors Private Limited (IvyCap), a venture capital fund management company to drive commercial growth of RML AgTech (formerly Reuters Market Light). IvyCap, which is backed by the IIT Alumni Network, is the lead investor in RML AgTech with Thomson Reuters remaining as a shareholder and partner in the newly formed RML AgTech Pvt Ltd (formerly RML Information Services Private Limited).[6]

References

  1. ↑ "Aid on mobile brings smile on farmers' faces". Sakaal times. 20 September 2010.
  2. ↑ "India: Smart farming via Reuters mobile alerts". OneWorld South Asia.
  3. 1 2 "Indian farmers given SMS aid". BBC. 6 May 2008.
  4. ↑ "Winners of 2010 World Business and Developemt Awards". International Chamber of Commerce.
  5. ↑ "Mobile phones transform life of India's poor". Financial Times. 18 January 2010.
  6. ↑ "Thomson Reuters partners IvyCap Ventures". Business Standard. February 25, 2013.

http://economictimes.indiatimes.com/news/economy/agriculture/high-agricultural-credit-crop-insurance-scheme-positive-measures-in-budget-experts/articleshow/56918393.cms

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