Indian Agricultural Warehousing company
StarAgri Warehousing and Collateral Management Limited Industry Agribusiness Founded April 2006 Headquarters , Services Agriculture Warehousing Number of employees
550[ 1] Website www .staragri .com
StarAgri is an India based agricultural marketing company providing warehousing , procurement and Collateral Management of Agri-Commodities. StarAgri was established in April 2006 by former ICICI Bank associates and has a presence at 190 locations across 16 Indian states.[ 2] It has 800 agri commodity warehouses under its control, with a cumulative capacity of around 1.2 million metric tons.[ 3] The number of employees at the company is over 500.[ 1] StarAgri has five post-harvesting focus areas: agri-warehousing , procurement , collateral management , lab testing and logistics . A bulk of its revenues (65%) are derived from warehousing services .[ 4]
History
StarAgri was founded in April 2006 by four former ICICI associates: Suresh Goyal, Amith Agarwal, Amit Mudawala and Amit Khandelwal.[ 4] [ 5] The company was formed with an initial paid-up capital of Rs.5 lakhs. The paid-up capital was raised to Rs.50 lakhs in 2007–08.[citation needed ]
Tie-Ups
StarAgri has tie-ups with 23 banks and financial institutions that give farmers credit, using agri-commodities in the warehouses as collateral.[ 6]
In 2007, the company launched its warehousing services with Rs 303 crore credit facility from ICICI Bank, for warehouse receipt-based funding.[ 7]
In 2009, StarAgri tied up with Axis Bank and Punjab National Bank , for collateral management services. During the same year, the company also entered into a strategic alliance with NCDEX as a warehousing service provider.[ 8] [ 9]
In 2012, StarAgri collaborated with State Bank of India , for farmer funding and collateral management .[ 10] It also entered into a partnership with Dena Bank in the same year for warehousing receipt funding.[ 11]
In 2013, the company signed Memorandum of Understanding with Corporation Bank for providing finance against warehousing receipts .[ 12]
In February 2014, StarAgri tied up with Canara Bank . The partnership is to assist farmers in financing their requirements at all stages of the supply chain , ranging from pre-harvesting to the marketing and export stages .[ 13]
In July 2014, StarAgri entered into Memorandum of Understanding with Karnataka Bank for extending storage facilities to farmers and finance against the warehouse receipts.[ 14]
Taaza Plaza is a Public Private Partnership (PPP) between Star Agriwarehousing & Collateral Management Ltd. (StarAgri) along with Fuzion Inc. Pvt. Ltd. (Fuzion) and the Maharashtra State Agriculture Marketing Board (MSAMB).[ 15]
References
^ a b "This Rajasthan-based rural service provider has profited by helping farmers" . businesstoday.in . April 28, 2013.
^ "IDFC Private Equity announces investment of INR 150 crores in Staragri Warehousing and Collateral Management Ltd" (PDF) . idfc.com. Retrieved 2014-03-03 .
^ "StarAgri Warehousing and Collateral Management Wins in Star SME Agriculture (small) category Ltd" (PDF) . idfc.com. Retrieved 2014-03-03 .
^ a b "StarAgri: Building storage capacities & much more" . moneycontrol.com. Retrieved 2014-03-03 .
^ "For the sake of farmer's harmony!" . thesmartceo.in. Retrieved 2014-03-03 .
^ "It may hold commodities worth Rs 1,500 crore in its warehouses, but this company's services extend way beyond storage" . forbesindia.com. Aug 27, 2013. Retrieved 2014-03-03 .
^ "History & Milestones" . staragri.com. Retrieved March 4, 2014 .
^ "Inspiring Indian Entrepreneurs" . tamindia.com. August 1, 2012. Retrieved 2014-03-03 .
^ "Empanelled Banks and Financial Institutions" . staragri.com. Retrieved March 4, 2013 .
^ "SBI, StarAgri tie-up for farmer funding and collateral management" . moneylife.in. September 13, 2012. Retrieved 2014-03-03 .
^ "Dena Bank, Star Agri partner for warehousing receipt funding" . thehindubusinessline.com. June 18, 2012. Retrieved 2014-03-03 .
^ "Corporation Bank Inks Pact with M/s Star Agri Warehousing and Collateral Management Ltd. for providing finance against Warehouse Receipts" . kannadigaworld.com. November 12, 2013. Retrieved 2014-03-03 .
^ "Canara Bank, StarAgri tie up" . thehindubusinessline.com. February 14, 2014. Retrieved 2014-03-03 .
^ "Karnataka Bank enters into agreement with Staragri" . moneycontrol.com. July 26, 2014. Retrieved 2014-05-26 .
^ "Retail store on wheels 'Taaza Plaza' launched in Maharashtra" . indiatimes.com. October 10, 2013. Retrieved 2014-04-03 .