India’s rapidly growing agrarian economy faces a critical obstacle to progress — the credit gap among its population. Despite being a major economic player, India has limited pricing power and influence over global commodity prices. Many small farmers and rural entrepreneurs resort to usurious informal credit systems for their business and personal capital needs, hindering their growth. Traders and producer companies also struggle to secure the necessary working capital for business expansion.
In 2019, Whrrl, a groundbreaking blockchain lending startup, embarked on the mission to address this challenge within the Warehouse receipt finance sector, benefiting smallholder farmers. Whrrl introduced India’s first digital loan product for farmers and scaled its blockchain to an unprecedented level in the country, remaining the only production stage independent blockchain platform after four years. The journey began with a bold idea of on-chain tokenization, a significant innovation in the global financial world.
Whrrl’s commitment to launching unique products and features led to the creation of Brú Finance, India’s only decentralized finance (DeFi) protocol that has tokenized $650M+ worth of commodities and distributed over $12M+ in loans to farmers. With a proven and demonstrated track record of creating financial inclusion for the underbanked communities, the Brú finance network today boasts of 1500 custodian warehouses, 18,000+ farmers, 3000+ small businesses, and 6 TradFi partners.
Globally the largest protocol for the tokenization of commodities, Brú Finance is a one-of-its-kind on-chain lending protocol that straddles both traditional and decentralized finance. As Brú Finance expanded its focus, it set a historic milestone on Diwali by launching the world’s first tokenized commodity exchange.
Brú Finance’s tokenized commodity exchange provides immense benefits to India’s farmers and small agricultural businesses. It allows them to trade their tokenized farm produce and commodities both within India and on a global scale. This opens up entirely new markets and customer bases that were previously inaccessible.
Perhaps most importantly, the exchange stabilizes pricing and protects farmers from predatory middlemen who previously dictated low costs. With global transparency, farmers are paid fair market rates. On a broader scale, the exchange integrates India’s agricultural sector into the global economy like never before. It puts Indian farm products on the world map. Over time, this increased trade volume and new partnerships will boost farmer incomes and rural prosperity.
This revolutionary commodity exchange allows farmers and supply chain participants to trade tokenized agri-commodities domestically and globally. With a presence in traditional finance, Brú Finance is poised to launch game-changing products soon, leveraging its domestic and global influence.
The journey from being India’s first blockchain lending platform to owning a commodity exchange and trading platform marks a significant game-changer for Brú Finance and the agricultural community. Beyond financial success, the startup aims to positively impact people’s lives, positioning itself as a major player in the global commodity space. While starting in India, Brú Finance looks forward to growing globally and making even more exciting contributions to the industry.
While it started with agri supply chain financing in India, the startup aims to grow globally and establish its presence across the emerging markets of Asia, Africa, and Latin America, adding many more asset-backed lending products such as Gold Loans, Machinery Finance, Receivables Finance, and even affordable mortgages to its bouquet of offerings. The journey continues with ongoing innovations and a commitment to positive change.
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