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Executive SummaryAbout • Samridhi runs a dairy venture that creates livelihood solutions for Ultra Poor Families (< $1.25 / day) • Outreach: 226 Members in 12 villages in Barabanki District, Lucknow • Incorporated as a Pvt. Ltd. since 2010USP • Unique concept and delivery • Providing cattle to those who can not afford it • Use of local resources and skill development of villagers • Holistic approach to livelihood enhancementFunding Requirement • ~INR 3 crores over next 2 yearsUse of Funds • ~ INR 30 lakhs required to set up operations in 1 cluster (18 villages) • Target 12 clusters over next 2 years: • INR 1 cr for infrastructure + INR 2 cr for livestockFunds Raised Till Date • Total of INR 64.62 lakhs have been infused • INR 28.62 lakhs promoters’ equity, INR 31 lakhs FDI, INR 12 lakhs loanManagement Team • Extensive experience of over 70 years with target clientele through Agri, Dairy, IT, Microfinance, rural Retail backgrounds • Extensive experience in U.P. • Distinguished Board of Directors with diverse backgroundsExit Possibilities • Further rounds of investment from VC / PE • M&A with another rural supply chain company or large dairy producer 2 • Buy back after organic growth of 3-5 years
About SamridhiInception: Objective was to provide businesssolutions in rural supply chain. Along with UPAYA(Ex-UNITUS team) conceptualized idea of micro-leasing to Ultra Poor families in which family paythrough its laborMission: To increase the productive capacity ofthe rural producers by providing sustainablesmall scale business solutions in a sociallyresponsible mannerVision: To create livelihood solutions for1,00,000 families across over 1000 villages andcreating 20,000 direct jobs by the year 2017
Market Opportunity District Rural Marginal Agri Population Farmers Laborers Sitapur 3,944,454 2,040,347 1,073,867 Barabanki 2,927,736 1,485,640 781,915 Lucknow 1,550,737 189,279 58,384 Total 3,715,266 1,914,166 Target Segment Economic Indicators Proposed Solution and Gaps to be filled• Landless laborers • No skills • Milk production and livestock• Marginal farmers • No productive assets ownership as a livelihood option with low land • PPI™ of less than 18 • Agriculture credit with activity • Land size less than 1 acre moratorium on payments• Almost no livestock • No forward linkages • No access to farm equipment 4
Pain Points and Intervention Required Pain Points in Service Samridhi’s Approach• Low milk production • Holistic approach: • Infusion of patient capital• Low milk rates • Access to assets on micro-leasing • Skills • Information dissemination on best practices• No access to assets for milk production • Inputs • Marketing of produce • Localized solution: • Use of local resources Low Irregular • Skill development of villagers resources incomes • Long term relationship with villagers • Livestock healthcare services: • De-worming and vaccination Lower Borrowing at • Artificial insemination Surplus high cost • Cattle feed at the doorstep • Para vet services High cash • Pricing: Outflow • Regularity of payment for milk • Arrangement for fair price discovery of final produce 5
Business Model: Unique Concept and Delivery Milk collection Milk Sale • Milk chilled in Non-member • 1 cow or 3 goats give on an avg BMCs to increase (already cattle 4.84 lt / day shelf life • Members pledge 900 lt / year owners) • Sold to Swadesh • Additional purchased from Dairy for members and non-members distribution in UP Client Member identification Livestock distribution Member (to 1 cow or 3 goats • Legal contract • whom Samridhi • Member selection • Ownership of original gives cattle) crucial to success cattle granted after 3 of business model years in long term Livestock rearing Offspring handed back to• Goats bought from Goat Trust• Cows bought from cattle fair Samridhi• Reared at Samridhi’s farm for 2 weeks • Goats: 1 female kid per goat per• De-wormed and vaccinated year handed back• Productivity checked to meet the min • Cows: 2 she-calves handed back yield requirement after 3 years 6
Client Member Selection Process Training: Shortlisted Clients brought to the farm Household Surveys to undergo cattle conducted: rearing training Chosen families need Security Amount dairy as a means of collected, and cattle livelihood handed over Information Three standard Dissemination: indices measured: PPI, HHI and Asset Chosen villages are Index – chosen targeted, village clients have Progress Out of meetings conducted Household combined HHI and AI Poverty Index Asset Index Interested parties of <10, and PPI <20 Index (HHI) (PPI) register their names Families also • Measures the • Measures the • Measures the evaluated on the overall capacity physical availability of all basis of willingness of a household household kinds of and ability of taking to emerge out status – household care of cattle of poverty materials used assets and the including family to construct the monetary value size, basic home as well as attached to assets, family size w.r.t each occupation, etc. members in the household
Highly Profitable for Client and Samridhi Specifics Client’s Benefit Samridhi’s Benefit Benefit due General rate given by the milkman is INR INR 3/Lt margin between purchase to better 15/lt. Samridhi pays INR 20/lt on the price and sales price price of basis of Fat and CNF milk Benefit Samridhi delivers feed at the client’s INR 20/bag as Samridhi buys bags in from cattle- doorstep at INR 10/bag less than the bulk feed market price Benefit Clients pay a vet fee of INR Additional sales of cattle feed and Cattle Owner from vet 20/inspection: Specialist visits each medicine Non-Member services village in an organized Health Camp Specifics Client’s Benefit Samridhi’s Benefit Pledged About 900 lt/year is pledged to Samridhi About INR 10,800/year milk to for which Samridhi pays a fixed fee of INR Samridhi 600/month Milk over Client gets paid on the basis of quality of INR 3/lt margin between purchase the milk on weekly basis prize and sale prize => INR pledged (just like non-members) 2,700/year margin as client livestock quantity produce around 1700 lt / year Calves Clients get to keep the original animal and INR 6,000 as terminal value of calves Cattle Rearer – half of the calves borne during the Member (cattle contract period given by Samridhi) 8
Current Status of Operations• First piloted the model in April 2010 at Deva Block of Barabanki District in U.P: • Barabanki: Marked as ‘A’ category district with social and economic performance below the National Average • Deva: Rural block with agriculture and animal husbandry as main activity• Currently operating in 12 villages in UP• Livestock owned: 23 cows and 54 goats• 41 members: 23 cow beneficiaries, 18 goat beneficiaries• 185 non-members from whom Samridhi collects milk• Distribution tied up with Swadesh Dairy (Gopaljee Group) for distribution in UP• Constantly measure and monitor impact created: • Collects baseline indicators to capture social metrics including the PPI™ • Housing Index • Nutritional Index • Education Levels • Cash Flow of households • Repetitive surveys every quarter to assess impact on households 9
Holistic Development Enabled with PartnershipsSanchetna Financial Services Pvt. Ltd.• Partnership since April 2010• Provide financial products: Cattle Insurance, Cattle LoansUPAYA Social Ventures• Formal investor since October 2011• Provide financial and advisory supportThe Goat Trust• Provides livestock procurement and para vet services• Purchased goats in two batches: December 2011 and March 2012Swadesh Dairy• Marketing Partner since March 2011• Responsible for packaging and retailing of milk 10
Scalability Proposition and Milestones• Region sought to scale up to: Central UP• Identify clusters of 12 to 15 villages with large number of small and marginal farmers / labourers with no fixed source of income • Unit model set up at the centre of village, thus ensuring centralised system of service distribution and collection• Each cluster / unit model comprises of: • ~18 Village Collection Centers • 100 families that will be given cattle (members) • 480 families that will be non-members • 1 BMC + supporting infrastructure• Actively add more partners for distribution - currently in conversation with 2 partners• Plan to reach out to 12 clusters (288 villages) by March 2014 Jun’12 Sep’12 Dec’12 Mar’13 June’13 Sep’13 Dec’13 Mar’14 BMC 1 3 4 4 10 12 12 12 Villages 18 40 70 96 160 250 288 288 11
Unit Economics and Use of Funds• Capital Requirement for one unit (catering to ~18 villages, ~580 families) Item Unit Investment (INR) Bulk Milk Cooler (2000 lt) 1 5 lakhs Milk Testing Equipments 1 per village collection center 7.2 lakhs Cows 50 10 lakhs Goats 150 7.5 lakhs Grand Total 29.7 lakhs• Equity Requirement and Impact Metrics Mar’12 Mar’13 Mar’14 Number of Units 1 4 12 Equity Requirement (INR) 89.1 lakhs 2.37 crores (Unit Requirement x Additional Units) Direct Jobs Created 47 440 1320 Total Milk Producers Benefitted 185 1920 5760 12
Strong Experienced Team Lokesh Singh Sachita Shenoy ( Promoter/Director) Director/ Advisor• Seven Years of experience in Micro Finance • Over ten years of experience in developing social• Sr. Regional Manager – SKS Microfinance enterprises• Program Officer – Naandi Foundation • Executive Director – UPAYA Social Ventures• MBA- IRMA, B Tech- HBTI, Kanpur • Director of Global Programs, UNITUS• Process Excellence Awards – Planet Finance • MBA – University of Chicago Niraj Pareek Christopher Turillo (Promoter/COO) Director/ Advisor• Six Years of experience in HR and Micro Finance • Co-Founder – Medha• Executive – HR Accenture India • Over seven years in the development sector• MBA- XLRI – Accenture Academy • Manager Business Development - SKS • MBA – University of Chicago Surabhi Rana Sanjay Dhaunta (Promoter/ Advisor) (Promoter/ Advisor) • IRMA Graduate with over 8 years of experiences • IRMA Graduate with over 8 years of experience in in rural sales and distribution rural sales and distribution • Work experience of over 4 years with AMUL in • Has been with AMUL since last eight years strategy department • Currently posted as Sr. Manager – Product for • Post AMUL has been with Agri Input industry North and East India 13
Organizational Structure: Current Top Management Lokesh Singh,Niraj Pareek BD- Community BMC In Charge Associate Village Collection Para Vet / Field Associates Cattle Rearers Centres Pashu Sakhi 14
Organizational Structure: Way Forward C.E.O C.O.O C.F.O Manager- Manager- Manager- HR/ Manager- Manager- Sales Procurement Admin Systems Audit Field Unit Manager BMC In Charge Associates 15
Competitive Advantage Attributes Local Private State NGO Samridhi Player Company PlayerAsset LeasingCredit on InputAdvisory ServicesFair and Transparent PricingRegularity of PaymentExperienced ManagementServices at door step 16
Assumptions for Financial Projections • Every non-member gives 4 LPD (Lt/day) • Margin of INR 3/Lt for non-member • In case of member only payment is fixed wages for the pledged milk • Each member gets to make about (INR 2.4*30*20 = INR 1440) per month as variable pay • Margin from cattle feed is INR 20/Bag and consumption is about 1 bag/cattle/month
Financial Projections:Social and Financial Profitability (INR lakhs) Revenue 2011-12 2012-13 2013-14 2014-15 2015-16 Milk Sold 100.98 331.6 1022 2245.3 4890.0 Other Income 1.82 3.8 11.7 27.98 55.97 Gross Income 102.8 335.4 1033.7 2473.28 4946.00 Expenses Milk Bought 93.72 256.9 79.18 1894.5 3788.9 Salaries and Overheads 11.8 50.67 120.9 255.6 489.7 Op. Exp. 8.7 8.12 29.2 67.02 135.8 Interest 2.48 1.23 0 0 0 Depreciation 0.7 1.92 6 13.3 26.64 Total Expenses 117.4 318.8 947.99 2230.4 4441 Net Profit Before -14.6 16.55 85.7 242.6 505 Tax 18
Risks and Mitigants Risk Factor Source Mitigation Strategy Lack of Productivity of cattle Expected quantity is function of Standardization variable cow productivity making sure that the member is not penalized Scalability Difficulty in procuring Partnership with The Goat Trust to cattle in large numbers buy and maintain goats Sourcing of cattle No formal market for Purchase through Agent with buy cattle back guarantee 19
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