Case study of FIB-SOL Life Technologies Start-up
About:
- Sector: Agriculture
- About: Nanofiber applications from FIB-SOL Life Technologies can improve crop yields and soil fertility. Using their ultra-light membranes and gel may help fertilize large agricultural land areas.
- Owner: Anant Raheja, Kavitha Sairam
- Year Founded: 2013
- Where it is based: Chennai
- The issue solves: Develops low-cost bio-fertilizers to increase crop yield and soil quality.
Business Plan
Agriculture is one of the most significant sectors of the economy in India. More than 58 percent of rural households rely on agriculture as their main livelihood. However, this industry has yet to witness a massive transformation despite technology disrupting most sectors in the last decade.
Anant Raheja, the co-founder of FIB-SOL Life Technologies, says: “There is a tremendous variety in the agricultural sector in terms of farming methods, crop varieties, weather conditions and, most significantly, the region’s unsaid policies. Much business growth depends on the channels of distribution and market fluctuations, which may seem entirely out of the control of anyone.’
To tackle this problem and ensure value production in agriculture for the whole supply chain, FIB-SOL has developed nanofibre technology to minimize prices, increase crop yields, and boost soil quality. With biodegradable low weight and low-cost biofertilizer, the platform aims to impact the entire value chain by improving manufacturers’ product shelf life, helping suppliers effectively store their inventory, and boosting farmers’ income.
They made the bio-fertilizers with natural by-products. which help to regrowth of plants this bio-fertilizers are biodegradable and easily used, and one of the best advantages is it has low pollution causing effects.
Another advantage like they have created nanofibre technologies intended to reduce costs, increase crop yields, and boost soil quality. Using biodegradable low weight and low-cost biofertilizer, the initiative seeks to affect the whole supply chain by increasing manufacturers’ commodity shelf life, allowing retailers to store their inventory effectively and raising farmers’ income.
FUNDING by INVESTORS:
IIT-M Alumni Association seed support for Rs 10 lakh.
Marketing strategy:
- Krishi Kendra fair strategies.
- Strong brand name
- Product Strategy
- Pricing strategy
- The long shelf life of product strategy.
- A telephone call and direct mail promotion
- coupons and price offer
- Farmer or customer direct contact
- Trail methods in different area strategies
Challenges faced by FIB-SOL Life Technologies:
- Lack of Consciousness
- Marketing Performance Problems
- Bio-mash shortage
- Support infrastructure inadequate
- The high cost of input
- Marketing problems concerning organic inputs
- Small Income
The successive factor of FIB-SOL Life Technologies:
- low-weight biodegradable
- low-cost biofertilizer
- The good shelf life of the product
- boost farmers’ income
- Pollution-free
- help to grow soil in a good manner
- effects of harmful organisms in the soil decrease
- Plants better resist stress and live longer
Result:
FIB-SOL became one of the good sources of biofertilizers, with his also producing chemical-free pesticides and other agriculture products. In this way, they helping farmers to reach their tremendous goal and help them to serve our country
They even have plans for the future:
FIB-SOL believes to be constantly innovating and developing applications for as many crops as possible to help other agri-formulators use FIB-SOL technology to deliver their farm input formulations. The aim is to develop a B2C sales network for selected crops to provide sufficient data on the platform for further R&D of products.
Planning to move forward, the start-up also plans to develop new business models in the fields of agro-formulation, nanomaterial synthesis, and advanced materials. With the support of a six-member team, including the co-founders, FIB-SOL intends to expand the team size and raise funds soon.
The start-up, which began offering its products on the market last year, generates revenue through direct sales of generic products embedded in fiber matrices and through the production of these fiber formulations for other market players.
References: Infomation taken from google,wikipidia and particuturaly from their startup website and app.
I hope you guys enjoy the information……….
