Those who feed us, need us
Ricult comes from the middle syllables of the word ''agRICULTure". In keeping with this phonetic tradition, we aim to become integral to the agriculture of tomorrow. The solution to global problems like food shortages, malnourishment, poverty and rural unemployment needs to start with smallholder farmers. We aim to revolutionize farming by making it more inclusive and empowering for the very people who form its backbone. This goal defines the very core of what we are all about. We are not a charity, we are an empowering community transformation... a basis for a brighter future, built on hand-ups, not handouts.
Usman and Aukrit met at an MIT entrepreneurship class, where they both shared similar ideas for improving the livelihood of smallholder farmers. Interestingly, both had worked closely with farming communities in their respective countries of Pakistan and Thailand, and had been moved by the appalling conditions and challenges faced by these communities. They kickstarted Ricult around late 2015 and were soon joined by Jonathan Stoller (CTO) and Gabriel Torres (CSO).
Over the past few years, Ricult has launched operations in two different countries, multiple pilots and varied services with different partners. We have offices in three different countries. Through the ever-evolving and growing team and new offerings, one thing has always remained: Our belief that technology is the greatest democratizing factor and the answer to many of the problems faced by smallholder farmers, especially in developing countries.
2017 - 2018
2019 - 2021
Feb - Ricult started
June - Ricult Pakistan, credit lending to 36 farmers with 54% default. Also, Ricult gets selected for the MIT Delta V Accelerator
December - Ricult Pakistan wins Fintech Disrupt Challenge sponsored by Bill & Melinda Gates Foundation/ Karandaaz
Feb 17 - Ricult Pakistan brought default rate to 0% through improved Credit Scoring Models
May 17 - Received UNIDO International Award
June 17 - Ricult Pakistan launched Output Selling Model. Also, Ricult Thailand Operations started
June 18 - Launched beta version of farm management platform
Dec 18 - Launched Ricult Farmer app in Thailand
Dec 19 - Ricult Pakistan signed partnership with Jazz. Ricult crossed 100,000 downloads
May 20 - Partnered with ICP ladda to pilot eCommerce for Farm Inputs and worked with Thai government agency for Digital Crop Insurance