The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
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Upadhyay: Agri trade inefficiency is driven by trust deficits, not information asymmetry
“So it's the inefficiency comes from trust deficit rather than from information symmetry.”
Upadhyay: 85% of an Agri Aggregator's Margin Is Risk Premium
“So we have seen that, you know, of a local aggregator of all the money that he makes, 85% of it is just risk premium.”
Upadhyay: 80% of India's $300B Agri Commodity Trade Runs on Credit
“So, 80% of agri commodity trades are on credit, right? So the three hundred billion dollar space that we talk about, 80% is on credit, right?”
Upadhyay: Direct farm-to-fork models are difficult across India's fragmented agriculture
“You cannot go in and try to, you know, just disrupt the existing ecosystem and be a replacement for it, right? So you're talking about thousands of regions, hundreds of crops, being able to do farm to fork there or farm to retail there is, is difficult.”
Upadhyay: Teaching farmers how to farm stems from founder arrogance
“We felt that, you know, it's sometimes very common for us people including us to assume that, you know, farmer needs help with what he's doing. Where then we come in and it's almost some sort of arrogance that we have that we can teach him to do farming which …”
Bijak targets gaps in data, financing, and tech instead of replacing traders
“We decided that, you know, we would let the unorganized sector do the things that it can it's good at, and we should focus on things where the unorganized sector has clear gaps. So there are gaps around data analysis. There are gaps around financing options. T…”
Upadhyay: Severe counterparty friction drove traders to adopt digital payments
“Fortunately for us, what worked was the problem was so Big for our users that they were willing to adjust, willing to, you know, slightly change their behavior for the hope that this problem of being able to identify, identify the right counterparty, that prob…”
Upadhyay: Market liquidity changes farmer behavior better than education does
“It becomes very easy to change behavior when you have when you are able to give assurance of liquidity, right? So I can come in and ask the farmer to grow pulses instead of sugarcane because the, you know, soil quality is such or the, you know, Water availabil…”
Upadhyay: Traditional agricultural suppliers work with fewer than 10 lifetime buyers
“The current way of a typical supplier who's, you know, can be a source, Monday trader, or a local aggregator who works directly with farmers at farm gate level works with less than 10 buyers throughout his lifetime.”
Upadhyay: Mutual respect and delegation trust bind co-founders better than friendship
“We felt that it was more important for us to respect each other and their style of working, that that's a better adhesive for a team than just, you know, Liking each other, right? So I can like a lot of people have great time with them but I wouldn't want to s…”
Upadhyay: Bijak is the first business app used by most users
“In fact, for most of our users, Bijak is the first business app that they use. That's the only apps that they other than BJAG they use are for entertainment or communication, right?”