Reuters Market Light

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RML AgTech Pvt. Ltd. formerly known as Reuters Market Light
Company typeIndependent Business
IndustryTechnology solutions for agriculture, digital technology
Founded1 October 2007
Headquarters India
Key people
Amit Mehra (founder and former CEO)
Website www.rmlagtech.com

RML AgTech Pvt. Ltd., formerly known as Reuters Market Light, was a business that provided technology and data analytics solutions to farmers and the agriculture value chain in India. [1]

Contents

The Decision Support Technology provided farmers with personalised agricultural data analytics. They received data on topics like pre-sowing or post-harvest via a mobile application or SMS during the initial phase.

Approximately 3.4 million Indian farmers across 18 states were part of this service. They received information on 450 crop varieties and more than 1300 markets.

Core Business

At its core, RML AgTech Pvt. Ltd. was an information service provider to farmers. [2] They offered services to farmers including tailored information about crops and markets, information sharing through SMS, communication in the local language, farming tips based on local and international standards, user-friendly interface across all handsets and telecom operators, and rural outlets to facilitate easy accessibility for farmers with grievances.

History

Thomson Reuters (then Reuters) began with a one-page idea of a Reuters employee to use mobile solutions to address the state of farmers around the developing world. Initial research suggested that farmers lacked relevant, reliable, timely and consistent information and commerce support to improve their productivity, reduce their crop losses and realize fair prices for their produce. [3] The findings prompted the company to develop a system that addressed these problems with the help of technology. RML was designed keeping in mind the holistic approach to create a structured ecosystem for farmers.

Hence, RML approached the problem keeping in mind the individual requirement of each farmer. Therefore, the farmers received customized information based depending on their data. The type of crop, soil, location, irrigation type, and even the stage of the crop cycle was considered when a piece of information was sent out. Realizing the potential in the idea, Thomson Reuters incubated RML as an internal start-up as part of its global innovation program.

Spearheading this development was Mr Premprakash Saboo, co-founder, CFO, Head of Institutional Sales. Following nearly 18 months of market research, user-led prototyping, and market trials, RML AgTech was officially launched on October 1, 2007, in Maharashtra by Sharad Pawar, the union minister of agriculture of India followed by launch in Punjab in 2008 by Mr. Prakash Badal, the state's Chief Minister. [4]

The business received funding from Thomson Reuters and IvyCap Ventures Advisors Private Limited (IvyCap), a fund management company. IvyCap, which is backed by the IIT Alumni Network, was the lead investor in RML AgTech. Thomson Reuters remained a shareholder and partner in the newly formed RML AgTech Pvt Ltd (formerly RML Information Services Private Limited).

The company evolved from a phone-led product to an Android app for the farmers. It launched data and commerce-support products for enterprises connected with the Agri value chain, such as banks and agri-input and sourcing companies. RML also worked with state and central governments and partnered with other telecom businesses, including as Nokia, Idea, Airtel, and Vodafone. [5]

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References

  1. ↑ "Aid on mobile brings smile on farmers' faces". Sakaal times. 20 September 2010. Archived from the original on 28 November 2010.
  2. ↑ "State Bank of India and RML Information Services PVT Ltd sign an MOU – APN News".
  3. ↑ https://agricoop.nic.in/sites/default/files/NCF3%20%281%29.pdf.{{cite web}}: Missing or empty |title= (help)
  4. ↑ "Mobile phones transform life of India's poor". Financial Times. 18 January 2010.
  5. ↑ . "Thomson Reuters partners IvyCap Ventures". Business Standard. 25 February 2013.

[1] [2] [3] [4] [5] [6] [7] [8] [9] [10] [11] [12] [13] [14] [15] [16]

[17] [18]

  1. ↑ "High agricultural credit, crop insurance scheme positive measures in Budget: Experts". The Economic Times. Retrieved 3 February 2021.
  2. ↑ Bera, Sayantan (17 September 2014). "Krishidoot transactions soar as platform helps farmers, buyers". mint. Retrieved 3 February 2021.
  3. ↑ "GSMA - RML case study" (PDF).
  4. ↑ Reporter, B. S. (10 September 2009). "RML, Idea join hands to launch service for rural markets". Business Standard India. Retrieved 3 February 2021.
  5. ↑ "SBI ties up with RML for cheaper agri information for customers". The Economic Times. Retrieved 3 February 2021.
  6. ↑ "Mark Zuckerberg defends Facebook's motives in free internet project in India". the Guardian. 28 December 2015. Retrieved 3 February 2021.
  7. ↑ Staff Reporter (10 January 2011). "NABARD ties up with Reuters for providing market information to farmers". The Hindu. ISSN   0971-751X . Retrieved 3 February 2021.
  8. ↑ "Reuters mobile services for farmers". The Financial Express. 2 October 2007. Retrieved 3 February 2021.
  9. ↑ "IvyCap and Thomson Reuters Team up to Take Award-Winning RML Service for Farmers in India to the Next Level". www.thomsonreuters.com. Retrieved 3 February 2021.
  10. ↑ "Reuters Market Light - YouTube". www.youtube.com. September 2010. Archived from the original on 21 December 2021. Retrieved 3 February 2021.
  11. ↑ "Connected Farmers - RML India - YouTube". www.youtube.com. 3 August 2015. Archived from the original on 21 December 2021. Retrieved 3 February 2021.
  12. ↑ Amt, Auswärtiges. "PPP with Reuters Market Light". india.diplo.de. Retrieved 3 February 2021.
  13. ↑ Amt, Auswärtiges. "Development Partnership with the Private Sector". india.diplo.de. Retrieved 3 February 2021.
  14. ↑ "Reuters Market Light Now Available in Local Post Offices Across Maharashtra - PR Newswire APAC". en.prnasia.com. Retrieved 3 February 2021.
  15. ↑ pawan. "GRAM REVOLUTION" . Retrieved 3 February 2021.
  16. ↑ "SBI and RML Information Services sign MOU" . Retrieved 25 August 2023– via PressReader.
  17. ↑ "Founder Amit Mehra quits agri-tech venture RML". Techcircle. 28 December 2015. Retrieved 3 February 2021.
  18. ↑ Cave, Kathryn (12 March 2014). "Indian Startups: RML Helps Rural Farmers Via SMS". IDG Connect. Retrieved 3 February 2021.
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