Agriculture, Livelihoods, Energy
India (Gujarat, Karnataka, Odisha, and Telangana)
Debt (repayment based on free cash flow)
As an Indian-based technology startup with ties to MIT, CoolCrop’s mission is to create sustainable and affordable decentralized cooling systems to improve the operations and incomes of small and marginal farmers. CoolCrop’s cooling systems make it possible for farmers to store perishable produce to reduce food loss and its integrated smart analytics track real-time seasonal price fluctuations to ensure that farmers can find the best possible market prices. CoolCrop also offers affordable financing options to its customer base, facilitating a sustainable, and feasible path to asset ownership.
CoolCrop partners with local governments, organizations, and farmer groups to ensure that the end user’s needs are incorporated into their design, and final product. At the time of S3IDF’s investment, CoolCrop had served over 3,000 farmers, saved over 80 million tons of food waste, and increased farmers’ incomes by 25% on average, and was poised to expand its operations to serve many more.
S3IDF recognized the potential of CoolCrop’s unique package of hardware, software, and flexible end-user financing and the opportunity it provides to small and marginal farmers to strengthen their livelihoods and increase their incomes by providing a cool-storage option at the farm or farmer-cooperative level. The financial option to pay-as-you-earn enables farmers to pay for their CoolCrop systems over time and in alignment with their harvest cycle, reducing risk for default for the client and for CoolCrop. S3IDF’s investment at a critical, early-stage juncture, allowed CoolCrop to scale its production and sales, reaching more farmers throughout India.