An Indonesian startup is using fintech to empower the nation’s poultry farmers.
Pitik, which has raised $14 million in its latest funding round, offers chicken farmers solutions on technology, financing, and supply-chains using its fintech apps.
Its aim is to provide support that is much needed by local farms that have to deal with low efficiency, operational difficulties, and late payment, or even non-payment, during harvest time.
Pitik says Indonesian poultry farms have a mortality rate 5-8 times the global average, while up to 2 billion rupiah per farm is lost due to the poor chicken growth rate.
Those issues are avoidable with the better care and farm management that fintech can provide, said co-founders Arief Witjaksono and Rymax Joehana, who launched the firm last year.
Fintech Offers Farm Management
“We have proven that our technology is effective in helping farmers improve their yield and our ecosystem is capable of providing value added services for farmers,” Witjaksono said.
The fintech company provides farm management technology to improve their productivity.
Upon joining the Pitik ecosystem, all farms are installed with Internet-of-things systems and farmers given access to a smart farming application to facilitate real-time farm monitoring.
Pitik partners hundreds of farmers in 53 districts in West and Central Java and will sell more than 16 million chickens this year.
Alpha JWC Ventures led the series A funding for the fintech with participation from existing investors MDI Ventures and Wavemaker Partners.
The fresh funding will also be used for expansion and add dozens of deep tech engineers, operational professionals, as well as poultry experts to its current team, Pitik said.
- George Russell