Farmdar, a leading Agritech startup in Pakistan, has launched a new fintech venture called AgromAI in Brazil. AgromAI aims to utilize artificial intelligence (AI) and geospatial data to provide financial services.
Muzaffar Manghi, the co-founder of Farmdar, expressed his excitement about Pakistani technology being used by major global businesses and expanding into more developed markets. He mentioned that Latin America, particularly Brazil, is experiencing the adverse impacts of climate change, including changing temperature and rainfall patterns, which increase risks for insurers. AgromAI will help mitigate these risks and assist agribusinesses in responding effectively.
Manghi emphasized that this technological advancement will not only benefit Brazil but also Pakistan, fostering knowledge exchange between the two countries. Brazil, as the third-largest exporter of agricultural products globally, plays a significant role in food production, with an agricultural production value exceeding $170 billion. Crop insurance alone contributes over $9 billion annually in Brazil.
By leveraging advanced algorithms and cutting-edge technology, AgromAI aims to provide financial institutions and insurers with precise and individual farm-level intelligence. This will optimize credit and insurance risk management, leading to increased productivity, profitability, and sustainability in the agricultural sector. Farmdar expressed pride in exporting their AI and data-backed products, showcasing the innovation of Pakistani talent and their potential contributions to the global agritech industry.