Bengaluru, October 30, 2023: ReshaMandi – India's first & largest B2B marketplace for textile and fashion - has introduced a tech-enabled bidding system for cocoons at their Ramanagara Mandi in Karnataka. The company has successfully taken this process online and streamlined the operations, while providing crucial advantages to both farmers and reelers.
Registration process for stakeholders who wish to place bids has been simplified, with minimal documentation required to complete the essential KYC procedure. Reelers express their interests by bidding for a specific lot to the farmer using the ReshaMandi super app on their mobiles. The details of the cocoon lots along with the latest bid prices are displayed on multiple screens at the warehouse. With farmers having the flexibility to sell to the highest bidder, they retain complete control over their rates.
ReshaMandi’s Founder and CEO, Mayank Tiwari said, "At ReshaMandi, our initiatives have always focussed on making the process seamless for our stakeholders. Given the limited shelf-life of cocoons, it is crucial to reduce the farmers’ waiting period at the Mandi. Through tech-enabled solutions, we aim to ensure that the farmers are able to maintain the quality of their cocoons while receiving the best prices through a simplified process. As a partner in their journey, we aim to foster transparency, efficiency, and fair transactions."
With the rationalised bidding process, transactions now happen much faster and in an efficient manner which means that the settlements are completed in less time, i.e. within a couple of hours. The bidding starts early in the day which results in substantial time-saving for farmers & reelers who can conclude the transactions at the Mandi and focus on their business or spend time with their families.
ReshaMandi's bidding platform offers an advantage to both farmers and reelers through transparency in process and awareness of the prevailing cocoon prices. Farmers realise better selling prices and higher margins from the sale of their produce, thereby increasing their profitability.
Similarly reelers also get access to a consistent supply of desired grade of cocoons at the most competitive prices. And all this is facilitated at the ReshaMandi warehouse by levying a nominal transaction fee.
Since the initiation of the new system in the month of August, the Mandi has seen higher traction from stakeholders and a significant surge in the volumes of cocoons traded. This trend is expected to continue with the steady rise observed in the number of farmers and reelers joining the platform on a daily basis.
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