FreshNet Farms is a social enterprise that aims to put more of the value in the coconut value chain into farmers’ and employees’ pockets
Seattle, WA – July 19, 2022
Upaya Social Ventures (Upaya) today announced its investment in FreshNet Farms, an agribusiness based in Tamil Nadu whose founder, Senthil Kumar, has a vision to improve what he calls “the village economy” by creating efficiencies in the disorganized coconut value chain. The enterprise was part of the 2022 cohort of companies trained through Upaya’s well-regarded accelerator program for high-potential social enterprises.
FreshNet Farms Pvt Ltd is a social enterprise that aims to build a global marketplace for coconut farmers, increasing their net income and enhancing living standards of smallholder coconut farmers in India. FreshNet Farms also provides processing and other jobs for unemployed rural youth and others in remote communities. They currently operate in the Southern part of India.
Upaya Country Director, AB Chakravarthy explained Upaya’s interest in the company this way: “FreshNet farms’ single crop focus and deep operational expertise in the value chain is compelling, as a lot of edible by-products and non-food by-products, such as activated carbon and charcoal, can be manufactured, which presents a massive market potential for future growth.”
India accounts for 34% of global coconut production. Globally, coconut and its products such, as tender coconut water and virgin coconut oil, are recognized as a ‘super food’ for their inherent nutrient qualities which adds to the future potential. There are about 1 million coconut farmers in India. At least 85% of them are small and marginal and own less than five acres of land. FreshNet farms’ is bringing convenience and transparency to the coconut growers through farm gate collection, fair prices, and timely payments.
“FreshNet Farms is exactly the kind of company that Upaya seeks out — a strong, focused business model that succeeds based on excellent execution. The more they grow, the more opportunity they create for the people they employ and the farmers they procure from." Upaya CEO, Kate Cochran added.
CEO Senthil Kumar spent 15 years in the corporate sector, but felt like he was wasting his time. So he pledged all of his assets to focus on self-fulfillment and his vision to improve what he calls “the village economy.” He commented on the investment: "As a Social Entrepreneur, I am fully excited and thrilled to work with Upaya Social Ventures and strongly believe that they are the perfect strategic and investing partner to realize FreshNet Farms’ dream of empowering rural youth and improve the livelihoods of poor families in India through crop value chain business.
Upaya is an impact-first investor, seeking companies that can generate livelihoods that can lift poor families out of poverty. Upaya’s Director of Impact Measurement & Management, Shruti Goel noted: “FreshNet Farms, on the one hand, is doing downstream integration of impact by working with smallholder farmers and ensuring fair and predictable rates for their produce. On the other hand, they are creating jobs with better wages and adequate living conditions for migrant workers, one of the worst hit groups in India by the pandemic.”
ABOUT UPAYA SOCIAL VENTURES
Upaya Social Ventures is fighting extreme poverty through dignified jobs. Founded in 2011, Upaya provides investment and consulting support to early-stage businesses aimed at creating jobs for the poorest of the poor. Upaya’s continually growing portfolio of impact investments has created over 25,000 lasting, dignified jobs. Endorsed by ImpactMatters as a high-impact, cost-effective nonprofit, Upaya’s teams in Seattle and Bangalore are committed to a goal of helping entrepreneurs create jobs for 50,000 people in India by 2025. Please visit www.upayasv.org for more information.
CONTACT
Heather Targosz
Upaya Social Ventures
hsoehn@upayasv.org
