Weather Risk Management Services (WRMS), an agriculture risk management firm, announced on Tuesday that it has received 2.1 million euros (about Rs 17 crore) from the InsuResilience Solutions Fund to provide small farmers with yield assurance solutions.
PTI
June 14, 2022 / 07:29 PM IST
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Weather Risk Management Services (WRMS), an agriculture risk management company, on Tuesday said it has received 2.1 million euros (Rs 17 crore) from InsuResilience Solutions Fund to provide solutions for yield guarantee to small farmers. The company will use the fresh capital to develop and implement the yield guarantee solution to improve the resilience of 1,00,000 smallholder farmers against climate risks and incentivise smart agricultural risk management practices, WRMS said in a statement.
InsuResilience Solutions Fund (ISF), managed by the Frankfurt School of Finance & Management (FS), and financed by KfW Development Bank, signed a grant agreement with WRMS and INGEN Technologies, a data provider of weather stations, to co-fund the project development and implementation of the yield guarantee solution. The project also aims to scale up the yield guarantee solution for crops such as cotton, chili, paddy, wheat and potato.
“At WRMS, our aim is to build resilience of smallholder farmers by giving them equal opportunities to thrive. With this new association with InsuResilience Solutions Fund, we are now ready to further ramp up our SecuFarm services to the next level and support the smallholders to our maximum extent,” Anuj Kumbhat, Founder & CEO of WRMS, said. With support of ISF, he said, the focus would be on reaching out to over 1,00,000 smallholder farmers and building digital SecuFarms to create a larger economic, social and environmental impact.
WRMS offers SecuFarm which is a sustainable farming solution for smallholders to provide them with farm level yield guarantee and an assured income. The solution guarantees farmers a benchmark yield, provided they follow the Package of Practice (PoP) shared with them on the SecuFarm app. “If the actual yield is still below the benchmark yield due to any extreme weather attack or crop disease, the farmer is compensated by WRMS, in proportion to the shortfall,” the statement said.
WRMS has offered SecuFarm to more than 25,000 farmers in 22 states of India till date.
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