Building a full-stack platform for 20 million Bangladeshi farmers

This article is a part of Startup Spotlight, a series that features young, up-and-coming startups.

Photo credit: IFarmer

What started as a side project for urban rooftop farming in 2018 quickly hit a wall of scalability. The co-founders of iFarmer leveraged their decade of experience in rural agriculture and pivoted, refocusing on the foundational challenges faced by Bangladesh’s smallholder farmers.

😟 Problem

Smallholder farmers, representing over 80% of Bangladesh’s agricultural population, are often caught in a poverty cycle. A lack of formal credit pushes them toward high-interest debt.

Limited market access and unfair pricing from middlemen strip them of their profits, keeping them in a state of financial instability.

💡 Solution

IFarmer offers a comprehensive platform that supports farmers at every stage of the agricultural cycle. The company aims to provide affordable loans, quality inputs, and fair market access. Its services include:

• Farmer financing that bridges the capital gap with low-cost, timely funding.
• An input business to deliver premium seeds and fertilizers to rural communities.
• Advisory services that provide weather alerts and personalized training.
• An output business that buys crops directly from farmers to guarantee a reliable market.

Photo credit: IFarmer

📊 Market size

The agricultural sector in Bangladesh is a US$52 billion economy that employs 40% of the national labor force. This market is driven by 20 million farmers, of whom a staggering 80% are smallholders. The agricultural input market alone is valued at US$27 billion, with nearly half of it remaining unorganized.

🤝 Team

• Fahad Ifaz. Co-founder and CEO.
• Jamil M Akbar. Co-founder and COO.

🚀 Traction

• Generated US$50 million in sales of agricultural inputs.
• Moved US$140 million in agricultural commodities through its supply chain.
• Facilitated US$96 million in financing for farmers.
• Launched Krishop, an agricultural ecommerce platform with over 20,000 active retailers.
• Developed the Folon app to directly connect farmers with its services, such as community support and personalized advisory. 

🏆 Competition

IFarmer operates in Bangladesh’s emerging agritech sector alongside competitors like WeGro Global, Fashol, and Krishi Shwapno.

The company differentiates itself through deep, on-the-ground farmer engagement. It hosts monthly courtyard meetings and maintains a physical network of over 1,200 iFarmer Centers.

💰 Financials