Samridhi business plan

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Samridhi business plan

  1. 1. BUSINESS PLAN Samridhi Agri Products Pvt Ltd 5/82 , Vipul Khand, Gomtinagar, Lucknow 226010, Uttar Pradesh, India http://samridhiindia.com/ConfidentialityThis business plan is confidential and is the property of Samridhi Agri-Products Pvt. Ltd.Any reproduction or divulgence of its contents without prior written consent of theorganization is strictly prohibited. 1
  2. 2. Table of contentsExecutive Summary.............................................................................................................................................. 3Background ............................................................................................................................................................. 5Genesis of Samridhi .............................................................................................................................................. 7Target Villages ........................................................................................................................................................ 9About Uttar Pradesh ......................................................................................................................................... 10Current Operations............................................................................................................................................ 10The Model ............................................................................................................................................................. 11Employee Benefits ............................................................................................................................................. 14Evaluating Qualification & Selection .......................................................................................................... 16DownstreamMarketing…………………………………………………………………………………………………17Samridhi Value Chain……………………………………………………………………………………………………18Support Services................................................................................................................................................. 18Consumers ............................................................................................................................................................ 19Competitive Landscape.................................................................................................................................... 19Financial Analysis .............................................................................................................................................. 21Capital Requirement ......................................................................................................................................... 23Risk Mitigation .................................................................................................................................................... 25Key Values ............................................................................................................................................................. 30Partnerships: ....................................................................................................................................................... 31Management Profiles:....................................................................................................................................... 32Board Members .................................................................................................................................................. 33 2
  3. 3. Executive SummaryWith huge production potential and an insatiable demand for milk unmatched anywhere inthe world, India’s dairy industry holds the potential to create large-scale employment,provide stable and sustainable incomes, and build a bridge out of poverty for millions ofhouseholds in rural communities across the country. Recognizing this, Samridhi Agri-Products Pvt. Ltd. was established in 2009 to create many of those dependable anddignified jobs by filling the gaps in Uttar Pradesh’s rural dairy supply chain.Through its distributed model, Samridhi procures milk from two distinct producersegments – “ultra poor” households rearing Samridhi-owned livestock, and householdswho already own dairy animals. By serving both groups, Samridhi can create the largestpossible social benefit for asset-less households while ensuring that its facilities areoperating at their full capacity.Women who qualify as “ultra poor” (commonly understood as households earning lessthan $1.25 a day) are given the option of rearing Samridhi-owned cattle or goats, andpersonally select the animal(s) that will be kept at the family home. Each woman receives asteady salary of Rs. 600 per month that will cover the cost of rearing the animal inexchange for producing a pre-determined quantity of milk (approximately 50% of potentialproduction for cows and goats). She is also able to either sell the remaining milk toSamridhi at market rates, or keep the milk for her own family’s consumption. For theaverage ultra poor household, these milk sales can increase their household income by asmuch as 400%. Furthermore, as the dairy animals reproduce, Samridhi only claims onefemale calf or twelve calves, leaving the remaining offspring – up to two cows or 12 goats -as the property of the employee. This allows the woman to build a foundation of productiveassets over the course of her employment, and positions Samridhi as a trusted buyer ofmilk as animals produce milk over their lifetimes.Samridhi also purchases milk from middle or upper poor households, (commonlyunderstood as those earning more than $2 a day) who already own productive dairyanimals, at the rates used to purchase surplus milk from ultra poor women. Not only doesthis ensure that Samridhi facilities are maximizing their capacity, but it also reinforcesSamridhi’s position as a trustworthy, beneficial partner in the development of the wholecommunity.In addition to income security and access to productive assets, Samridhi also makes aseries of high quality and affordable services available to both employees and non-employees including skill-building trainings, linkages to high-yielding varieties of livestock,nutritional feed, veterinary services, artificial insemination support, and access to livestockinsurance. 3
  4. 4. For pricing milk, Samridhi uses industry standard calculations for measuring the quantitymilk fat content (FAT) and nonfat milk solids (SNF) to determine its value. Testing is donetwice in the collection process, first in the presence of the woman at her village collectioncenter to establish her variable income, and again at a central Bulk Milk Chiller (BMC)facility to verify measures, control quality, and identifies any possible fraud. This ensurestransparent pricing at the village level and builds Samridhi’s reputation as a dependablesupplier for wholesale buyers.Samridhi draws its revenues from the margin between the procurement price of milk inrural areas and the selling price to wholesale buyers. Through a single BMC, Samridhi canprovide employment to 288 ultra poor households and procures milk from an additional432 farmers by selling 2400 LPD to urban wholesale buyers. A single BMC can serviceapproximately 24 villages, employing 12 ultra poor women per village and purchasingfrom an additional 18 farmers per village. This translates to 72,000 litres of milk procuredeach month, generating revenues over Rs. 17 Lakhs. Against those revenues, Samridhibears the costs of the BMC’s capital investment, salaries for Samridhi management BMCstaff, and salaries to ultra poor employees, payments to non-employee producers, and thecost of maintaining its herd.Samridhi has also committed itself to rigorously benchmarking and evaluating the progressmade out of poverty by its ultra poor employees. Collecting information quarterly,Samridhi evaluates the social impact that increased income is having on employees in areassuch as quality of housing, value of household assets, nutritional quality of the family diet,and the children’s access to education. This information will be used by Samridhi tooptimize for both social and financial performance, and will ensure that the company’sprofitability is in lockstep with social gains made by its employees.Leading this effort is a core management team that brings together valuable insights andexperience from both India’s dairy industry and social sector. Pairing veterans of Amul, theworld’s largest milk cooperative, with experienced leaders from India’s microfinanceindustry, the Samridhi team collectively brings a diverse set of skills and specializedknowledge to the design and management of the organization. Furthermore, each memberof the team holds graduate degrees from India’s premier institutes for economicdevelopment. 4
  5. 5. BackgroundAs urbanization continues to dominate India’s current development agenda, stagnation inthe agricultural sector has left many rural poor households struggling to earn enough tomeet their most basic needs. Between 1991 and 2001, over 7 million1 farmers quit farming,meaning over 2,000 farmers every day were left suddenly looking for alternative ways toearn a living. Some of the reasons for the slowdown in agriculture include under-developedirrigation, severe weather (floods in some years and drought in others), increasedincidence of crop disease, land disputes that have left farmers with small parcels of land onwhich it is difficult to cultivate crops, and volatility in market pricing. Another growingchallenge is the problem of agents or middlemen that are extracting a greater proportion ofthe profit margins in the rural-to-urban supply chain. Most farmers sell their produce to amiddleman in the village or have to deal with brokers in government-authorized marketsin cities and towns. Because of their dependence on these delivery channels, they are oftenexploited and are given low prices for their produce. For the rural poor to avoid being leftfurther behind, new, localized, and sustainable employment opportunities must be madeavailable for those who are otherwise unemployed or underemployed.For India’s rural economy, dairy is a critically important industry. In the wake of uncertainincome from agriculture, small scale farmers and agricultural laborers can earn morereliable income from dairy farming. Dairy is the largest agricultural contributor to India’seconomy and adds Rs 1.179 billon2 to its GDP. From acute shortage of milk until the 1960s,India has become the largest producer of milk in the world. In 2006, India reported over100 million tonnes of milk produced. India’s dairy industry relies heavily on a “crop-livestock production system,” in which the feed provided to dairy cows is a mixturecomprised of residual output from the crops grown by small-holder farms. These farmlabourers also split their time between tending to crops in the field and managing the careand feeding of the dairy livestock. The large and growing rural labour force, combined withthe large number of livestock, has helped India’s dairy industry grow to its current size.1 Online article - http://www.thehindu.com/opinion/columns/sainath/article2484996.ece accessed online:January 20122 Meeta Punjabi, “India: Increasing demand challenges the dairy sector”, part of Smallholder dairydevelopment - Lessons learned in Asia, Food and Agriculture Organization (FAO) of the United Nations.Accessed online: January 2012: page 44 ftp://ftp.fao.org/docrep/fao/011/i0588e/i0588e00.pdf 5
  6. 6. Despite current production levels, however, India’s dairy industry can and should be farmore productive. One of the industry’s biggest challenges is the weak productivity of itslivestock. India’s cattle produce 987 kg per lactation, compared to the global average of2084 kgs per lactation2. Some of the prevailing factors that lead to low productivity arepoor quality of domestic cattle breeds, lack of accessible veterinary services, inadequatelytrained caretakers, and poor quality feed. Any intervention that addresses one or more ofthese challenges can positively impact rural households by increasing milk yields andtherefore, increasing the incomes of dairy farmers.Goat milk production, too, represents a reservoir of untapped potential. Goat milk isextremely nutritious and has anti-fungal and anti-bacterial properties, and is commonlyadministered in hospitals across India for recuperating patients as goat milk is easier thancow’s milk to digest. As the marketing of goat milk slowly overcomes common prejudices,the nascent market for this high value commodity is growing. For herders, goats are lowcost, are easier to care for, do not require expensive fodder, are more compact and easier tohouse – all benefits that make goat rearing a more viable and attractive livelihood activityfor poorer households. Finally, goat meat is in high demand in the country and there are nosocial taboos associated with goat slaughtering, as there are with the slaughtering of cowsin India. As goats are valued for both their milk and meat, they can potentially contribute agreat deal towards the creation of new livelihoods for rural households.As per the 2007 livestock census, India has over 140 million goats. Over the past 10 years,the goat population has increased by 15%. This growth rate is in spite of an annualslaughter rate of 38%. In terms of total volume of goat milk production, India is the worldleader producing 4 million metric tonnes in 20083.Even though India is the largest producer of milk, it could soon face a shortage of milk tofeed its burgeoning population. According to the National Dairy Development Board(NDDB), India has to grow its milk production by five million tonnes each year (currentrate is 2.5 million tonnes/annum) to meet the demand of 180 million tonnes by 20214. Theonly way India can accomplish this is if more of its farmers are able to own cattle, andincrease the productivity of that cattle through effective training of farmers, access toquality feed and availability of veterinary services when critically necessary.3Dr. D. Swarup, Annual report 2010-2011, Central institute for research on goats (CIRG). Accessed online:February 2012: Page 1 http://www.cirg.res.in/downloads/ar1011.pdf4Online article - http://articles.timesofindia.indiatimes.com/2010-02-17/vadodara/28149024_1_milk-production-milk-shortage-higher-import accessed online: February 2012 6
  7. 7. Genesis of SamridhiSanchetna Financial Services Pvt. Ltd. was founded in 2008 to offer financial services – suchas small, working capital loans to promote livelihoods – to a predominantly rural section ofsociety that was not being served by the traditional banking sector. After working closelywith rural populations, Sanchetna’s promoters realized that financial services alone couldnot sufficiently and sustainably improve livelihoods unless they were combined with otherbusiness support services.Thus, to create a supportive economic ecosystem in rural areas, Sanchetna’s promoters setup Samridhi Agri-Products Pvt. Ltd. in 2009. Equipped with the valuable insights gainedfrom their experience with Sanchetna, combined with prior professional experience in thedairy sector, milk production was identified as the activity through which Samridhi coulddramatically improve livelihoods in poor areas. As an industry, dairy requires severalsupport services such as linkages to high-yielding varieties of dairy cattle, nutritional cattlefeed, institutionalization of village milk procurement, timely payments to producers,artificial insemination support, veterinary training services, livestock insurance, and retailmilk processing, packaging and marketing. Samridhi seeks to build up these various links inorder to effect a well-functioning supply chain – from farmer to retail outlet – for the dairyindustry. In a short span of time, Samridhi’s work as already resulted in greater benefit topoor, rural households.Addressing the market needThe dairy industry currently is fragmented on the production end. It is largely driven bysmall-holder farmers located in different parts of the country, who together account for asignificant portion of the total milk production, but have little collective bargaining powerover pricing and market value.A large number of these dairy farmers face numerous challenges in milk production, suchas intermittent electricity to run the cooling system for milk before it is sold. This leads to alot of wastage. In order to save the milk, the farmer is forced to sell it to middlemen atlower than market rates. For most of these farmers, daily milk sale from the few cows theyown is their only source of income. Yet the entire value chain from taking the milk tomarket to collecting payments is fraught with inefficiency and unfairness.While individual farmers struggled to find even some of these support services locally, thefounding team believed that a new enterprise would be well placed to best manage these 7
  8. 8. activities and allow farmers to focus on simply producing milk. Samridhi’s goal is to build aformal supply chain to connect the dairy farmers with the milk processing units, coolingfacilities, and delivery channels to retail outlets. This will increase the predictability of anassured income for the farmers. Samridhi will also train one woman in each village to be apara-vet. This will ensure access to a trained professional in case of any health concerns.The team will also train farmers on effective ways to milk and manage the livestock.Another critical gap in the industry is access to quality feed for the livestock. Samridhi willsource livestock feed from reputed organizations and make it accessible to the farmers. Aformal market linkage, access to a para-vet, training, and availability of quality feed willensure that the livestock is productive and generates stable income for the farmer.Commitment to the “ultra poor”Most dairy models across India currently work with farmers who already have somelivestock. Even Gujarat’s cooperative milk marketing federation limited (Amul), the largestmilk producer in the world, provides market linkages only to farmers who already havecattle. However the poorest of the poor, or the “ultra poor,” can’t afford their own livestockand are left out of these programs. Samridhi is committed specifically to working with thissegment, and will also ensure its infrastructure is open to other milk producing households.The ultra poor are typically the poorest households in a village, and cannot to afford topurchase cows and/or goats as other households can. They live in makeshift housing –commonly made of mud and thatch – and cobble together odd jobs, such as manual labour,waste-picking, or begging, to earn an income each day. Samridhi intends to provide thesehouseholds with livestock (cow or goat), training on how to take care of the assets andproduce milk on a daily basis, and give them a combination of a fixed and a variable salary toensure a steady, predictable income for their efforts.The team feels strongly that dairy activities not only improve the economic aspects of life inrural communities, but also promoting gender and social equity. 58% of the total workersengaged in the dairy sector are women, a much higher rate than the rest of the regionalagricultural sector. Furthermore, the majority of dairy workers belong to socially andeconomically disadvantaged communities: Scheduled Tribes (STs), Scheduled Castes(SCs) and Other Backward Castes (OBCs) constitute 69% of the dairy sector. Increasing theincome from dairy activities would directly benefit those most commonly among thepoorest in any community. 8
  9. 9. Target VillagesSamridhi first piloted the dairy model in the Deva block of the Barabanki district of UttarPradesh, and is eyeing future expansion through neighboring blocks. By 2016, Samridhi’sgoal is to reach 28,000 households in over 1100 villages spread across three districts ofUttar Pradesh. The team hopes to have 48 BMCs installed with a total capacity of over1,00,000 litres of milk/day.Deva block is a rural part of Uttar Pradesh, where agriculture, animal husbandry, and bee-keeping are the main income-generating activities. The primary crops are wheat, paddy(rice) and maize, and menthol oil is also a widely grown cash crop in the region. Theaverage income for farmers and dairy producers is very low and, as a result, the district ishome to large numbers of households falling below the national poverty line. 9
  10. 10. About Uttar PradeshUttar Pradesh, located in North India, is the most populous state in the country, accountsfor 16.4% of the country’s population, and is the world’s most populous sub-nationalentity5. Lucknow, where Samridhi is based, is the capital city. The per capita income of thestate is among the lowest in India and, along with Bihar and Orissa, it lags behind in manysocial indicators such as medical facilities, birth rate, death rate, infant mortality rate,literacy, unemployment, etc.6The majority of the population is dependent on farming as its main occupation. Povertyestimates provided by the Planning Commission reveal that Uttar Pradesh has 59 millionpeople who are below the national poverty line. Government schemes and market reformshave failed to reach the rural economy in Uttar Pradesh, and the state is home to over 134million people (21% of India’s poor) who qualify as multi-dimensionally poor on the multi-dimensional poverty index (MPI)7.Current OperationsSamridhi began piloting milk procurement in April 2010. The firm currently collects nearly1,000 litres of cow milk per day from 13 villages. In these areas, Samridhi is purchasingfrom a population that did not previously have any control over pricing or reliability ofpayments, and consequently did not view dairy as a viable business.As a way of differentiating from other dairy players and ensuring fair pricing for itsfarmers, Samridhi has developed a differential pricing strategy that gives weight to Milk-Fat content (FAT) and “Solids-Non Fat” (SNF). With testing done on-site, the considerationand inclusion of these measurements increases pricing transparency for both theindividual farmers and the company, and allows the company to pay higher rates forindividuals producing better quality milk.Samridhi has set up one model unit that currently serves 12 villages and has the capacity tocollect approximately 2,000 litres per day. Each of these units includes one bulk milk chiller(BMC), is staffed by a single manager, and employs up to four individuals to administer5 http://www.tourismofindia.info/uttar-pradesh-tourism/6Website of the Govt. of UP - http://upgov.nic.in/upinfo/up_eco.html accessed online - December 20117 The Multidimensional Poverty Index (MPI), an Oxford poverty and human development initiative,complements income poverty measures by reflecting the deprivations that a poor person faces all at oncewith respect to education, health and living standard 10
  11. 11. village-level milk collection. Currently, Samridhi procures milk from 150 women across 12villages and pays top of the market rates.For the individual producers, regular milk sales allow their households to move fromsubsistence activities to earning a stable income. Typically, the household already owns 1-3cows and sells milk daily to a middleman despite habitually delayed and below-marketpayments. By selling instead to Samridhi, they receive fair and timely payments that notonly surpass those of the middlemen, but also those provided by Parag, the state dairycooperative.The ModelSamridhi purchases milk from two distinct client segments: Qualifying Ultra PoorEmployees and Private Livestock Producers.Qualifying Ultra Poor Employees Private Livestock Producers> Livestock owned by Samridhi (cow or goat) > Owns dairy animal (cow or goat)> Salaried employee > Not a salaried employee> Produces a set quantity for Samridhi > Sells milk to Samridhi at will> Sells excess to Samridhi or another buyer1. Qualifying Ultra Poor Employees (under $1.25 / day)In these villages, the ultra poor are those who have little to no productive assets and areamong the poorest groups in the country. These are households that are too poor even toown cows or goats of their own. At present, they cobble together odd jobs such as manuallabour or field work to earn an income. Without a steady income, they live in a state ofconstant volatility and are unable to consistently address their most basic food, housing,health, and education needs. Samridhi has developed a robust selection process to ensurethat it can identify the poorest households in these villages and help them earn a stableincome in an area where they have no other options. 11
  12. 12. Under this model, each qualifying household rears one-to-two Samridhi-owned cows withtotal productivity expectation of eight litres of milk per day, or three-to-five Samridhi-owned goats with total productive expectation of three-to-five litres of milk per day. Asemployees of Samridhi, they receive a guaranteed salary of Rs. 600 per month and areeligible for bonuses based on the quantity and quality of milk produced.In addition to this salary, the model also gives families an opportunity to build a stable baseof productive assets: after the contract period initial dairy animal is owned by employee,the majority of offspring become the property of the individual employee. Not only doesthis create social benefits through steady income and a chance to own productive assets forthe individual employees, but it also expands the pool of Private Livestock Producers fromwhom Samridhi can purchase milk.Cow MilkWomen from qualifying households employed by Samridhi rear the Samridhi-ownedcow(s) on their own and pay all related expenses. As long as she provides milk worth Rs.18,840 each year, she gets a fixed wage of Rs. 7,200 per year. On an average, it costs aboutRs 10,000 per year to maintain a cow. Any milk above this minimum requirement belongsto the employee and she can decide whom to sell this milk to, though she is stronglyencouraged to sell the milk to Samridhi.Based on the eight liter productivity expectation, the woman can end up making Rs. 600 /month as fixed wage and an additional Rs. 1250 / month by selling the milk to the Samridhicollection center. Furthermore, Samridhi will only take back one female cow calf born to aSamridhi cow. The original livestock and other offspring will be entirely owned by the ultrapoor employee. Even when a Samridhi livestock is between lactation cycles, and not givingmilk, the company still pays employees Rs. 600 each month, provided the employee istaking good care of the cow.The table below shows a year-over-year timeline for expected milk generation from a two-year-old cow (all amounts in Rs.): Total Total Fixed revenue Value of Total Samridhi’s Employee’s Samridhis revenue/co Employ Month that Production Share Share Margin w for ee employee Samridhi Wages receives Year 1 33,180 18,840 14,340 4,977 16,617 7,200 21,540 Year 2 33,180 18,840 14,340 4,977 16,617 7,200 21,540 12
  13. 13. Assumptions 1. Total Samridhi benefit includes revenue (Rs 23/litre) that Samridhi receives by selling the mandatory milk (2.75 litres/day) that employees have to give and the margin (Rs 3/litre) that Samridhi receives from the additional milk (2.09 litres/day) that Samridhi receives from employees. 2. Total production starts from eight litres per day, and goes on decreasing gradually with time. A cow typically gives eight litres milk for three months of the year and gradually reduces over the next six months. During lactation (which lasts three months), the cow is unproductive. Samridhi continues to pay the fixed salary of Rs 600/month to the employee throughout the year. 3. The figures taken here are an average over a year. However, as cow productivity declines, Samridhi’s share also declines with it. 4. The table given here assumes a very conservative, worst-case scenario with respect to reproduction. In the first year, we assume a male calf, and in the second year a female calf that will hold a value only in the third year. Each employee receives a cow and a female calf at the beginning. At the end of two years, the calf belongs to Samridhi while the original cow and remaining calves are owned by the employee.Goat MilkAs a livelihood option, goat rearing holds tremendous potential to provide a quality incomefor the ultra poor. The reproductive cycle of goats is shorter (five months), and goatsgenerally give birth to multiple kids (two-to-three per gestation). And from a nutritionalperspective, goat milk is the only dairy product that contains beneficial anti-bacterial andanti-fungal minerals. However, due to social stigma, many have been reluctant to rear goatsas livelihoods and the market for dairy goats is less developed than the market for cattle.Seeing both the economic and nutritional benefits of goat milk, several organizations areworking to market the virtues of goat milk and increase demand. It is in this work thatSamridhi sees a tremendous opportunity, leading Samridhi to enter into an agreement withLucknow-based The Goat Trust to source the necessary livestock and provide criticalsupport services to its employees.Under this programme, Samridhi provides three goats to each employee with a totalproductivity expectation of 3-5 litres per day. In the first batch, Samridhi is procuring goatsof the Sirohi breed (a large breed that hails from the state of Rajasthan) and the localbreeds from within Uttar Pradesh through The Goat Trust. Given that a goat reproducestwice in a year, Samridhi leaves the original goat with the employee and takes one offspringper goat per lactation over a span of two years. 13
  14. 14. For goats, the annual expected productivity is shown below: Revenue Total Total Value of Total by Fixed Employe Samridhi Total Samridhi’ Employee’s Samridhis revenueMonth selling Employe e Benefit Productio s Share Share Margin /goat for goat/Em e Wages benefits n Samridhi ployeeYear 1 16,425 11,220 5,205 2,463 9,000 18,000 7,200 23,205 15,666Year 2 16,425 11,220 5,205 2,463 9,000 18,000 7,200 23,205 15,666Assumptions 1. Total Samridhi benefit includes revenue (Rs 23/litre) that Samridhi receives by selling the mandatory milk (0.6 litre/day) that employees have to give and the margin (Rs 3/litre) that Samridhi receives from the additional milk (0.2 litre/day) that Samridhi receives from employees. 2. Average total production stands at 3 litres per day. 3. A goat is assumed to be in lactation for eight months in a year. For the four months when the goat is not producing milk, Samridhi still pays an amount of Rs. 600 per month to each employee. 4. This is a conservative estimate of the goat’s reproductive capacity. Each goat gives birth to at least two kids in each lactation. Out of these, Samridhi takes back one kid.Employee BenefitsThe main advantage to the client is that the employee quickly comes to own her own milk-producing livestock. In case of a cow, the employee owns a milk producing livestock in twoyears, and in the case of goats, the woman owns her own dairy animal within one year. Theaverage cost of rearing one cow or three goats should average out to be around Rs. 600 permonth. The employee gets a fixed payment of Rs. 600/month to cover these costs, andreceives a good market rate for the milk produced over and above the agreed upon limit.Below is a graphical representation of the value chain:Once the dairy animal is with the employee, she immediately becomes solely responsiblefor rearing the livestock including feed and maintaining its health and ensuring that the 14
  15. 15. animal remains productive. When returning the calf, Samridhi expects it to be in the samecondition as it were at the time of assigning to the employee (expecting a certain degree ofnatural aging).Samridhi’s support, however, does not end once the dairy animal is assigned andtransferred to the employee. The grid below explains the division of responsibilitiesbetween different players of Samridhi’s value chain:Activity Samridhi EmployeeLivestock Purchases and transfers the animalPurchase to the employee Receives livestock from SamridhiLivestock Feeds and maintains livestockMaintenance No involvement healthMilk Collects milk from the employeesProcurement and sells it ahead Transfers milk to SamridhiRisk Mitigation Holds insurance No involvement Keeps the original animal afterCalving – Cows offspring starts giving milk Owns the offspring Owns the original goats and allCalving – Goats Takes one offspring per lactation remaining offspring Trains one person/village to be a para-vet. Para-vet charges theVeterinary women for services other than Has access to Samridhi trainedServices vaccination and de-worming para-vet on pay for service basisSince rearing of the livestock is a low-skilled job requiring roughly 1-2 hours of work daily,the Samridhi program allows the household to supplement its income without having adramatic impact on lifestyle. This is a home-based activity designed to be minimallydisruptive to households’ current routines. Most of Samridhi’s dairymaid positions arefilled by women; the women, then, can bring in as much income as the male members of thehousehold. In many cases, this supplemental income will double current income levels. Inaddition, the predictability and regularity of the Samridhi income could conceivably helphouseholds quickly move out of extreme poverty and meet its most basic needs. 15
  16. 16. The below table summarizes the key features of both the cow and goat dairy models:Snapshot of cow and goat modelModel Cost/animal Employee Assets owned by Pros Cons (US $) pay-out employee at the end of two yearsCow 400 Fixed pay: Original cow and at • Asset ownership – • Zero value of male Rs 600 least one female calf Original cow belongs to calves the member • Higher maintenance Variable pay: • Social empowerment: costs Rs 1250 higher status associated with cow ownershipGoat 100 Fixed pay: Original three goats • Asset ownership – • Nascent retail market Rs 600 and 12-24 calves Original goats belong for goat milk to the member. She • Limited insurers Variable pay: also receives 8-10 • High mortality rate Rs 500 calves over two years among goats • Easy to maintain • High reproductive rate • Potential market for goat milk in citiesTargeting and SelectionTo measure the income levels and suitability for the programme, Samridhi visits the homeof potential employees to evaluate each household using estimates of incomes andexpenditures, a proprietary housing index, education levels, utilization of governmentprogrammes,8 and the Grameen Foundation’s Progress Out of Poverty Index™ (PPI).Generally, qualifying households: • Have an average monthly income of Rs. 1500 to 2000 (among all members) • Work in manual or farm labour • Reside in ‘kachha’ houses made of mud or thatch, seldom have access to private source of water, and have no access to sanitary facilities • Have on an average between four and six children who are enrolled but not attending school regularly • Are enrolled in ration or housing subsidy schemes • Have a PPI™ score less than 18, indicating insufficient productive and household assets to meet a family’s needs8 The PPI™ is used for internal operational purposes only. 16
  17. 17. 2. Private Livestock Producers (earning between $2 - $3 / day)More than 40% of Indian farming households fall in this income band, with roughly two-thirds owning less than one hectare of land. It is quite common for these households to beengaged in milk production as regular milk sales allow them to move from subsistencefarming to earning a commodity-based income. Typically, these households own one-to-three cows and sell milk to a middleman every day, but as described earlier, they areconstantly subject to delayed and below-the-market payments for their work. Some ofthese households also own a few goats, however, the lack of a market means that thesepeople are unable to generate an income from goat milk production.Samridhi provides these households with an alternative, offering accurate and timelypayments for their product. They are paid predictable amounts on a weekly schedule andat transparent prices consistent with Samridhi’s FAT/ SNF pricing scheme.The Downstream market – Milk processing and retailingSamridhi sells the milk collected from both ultra poor employees and private livestockproducers to Devashish dairy, which in turn sells milk and milk products in retail outletsunder the brand of ‘Shuddha’.Devashish has a plant capacity of around 40,000 litres per day. Devashish does not itselfcollect milk from the villages and depends on aggregators in villages for procurement.Samridhi is the only permanent customer that they have. This gives Samridhi the leverageto bargain prices with Devashish. Currently Samridhi delivers the milk on a daily basis toDevashish’s processing plant in Lucknow. Devashish pays Samridhi a commission of Rs3/litre for the milk that Samridhi procures. Going forward, Samridhi would prefer to workwith organizations that collect milk directly from Samridhi’s BMC. This would eliminate thetransportation costs and the risk of milk getting spoilt in transit.To be attractive to other milk processors, Samridhi needs to consistently deliver 2,000litres/day. At capacity, each BMC can store up to 3,200 litres of milk every day. At thatscale, Samridhi can also demand a better commission for the milk. Given Devashish’scapacity, Samridhi can deliver milk from up to eight BMCs before the capacity at Devashishgets saturated. At that scale, Samridhi will need to partner with other dairies.Samridhi is currently negotiating with other dairies and is hopeful of establishing a seriesof purchasing partnerships by the early fall of 2012. Some of these brands include Gyaan,Mother Dairy, and Namaste India: all with a plant capacity of over 1, 00,000 litres per day. 17
  18. 18. Snapshot of Samridhi’s value chainIn a nutshell, after ultra poor and non-ultra poor producers supply milk to Samridhi’s fieldofficers, the following diagram illustrates the process of how the milk reaches thedownstream market:Support ServicesSamridhi also provides extension services to its ultra poor and non-ultra poor dairyproducers, working with organizations to make available professional veterinary servicessuch as artificial insemination, vaccination and de-worming of livestock. Samridhi hasalready partnered with Indian Immunological Ltd., a wholly owned subsidiary of NationalDairy Development Board, for extension services. 1. Cattle Insurance - The cattle will be insured before being transferred to the employee. For this purpose, Samridhi has contracted with TATA AIG, to provide cattle insurance for its herd. In case of an animal death, the employee does not bear any additional expenses or responsibility, and the claim will be given to the company. There are very few organizations providing goat insurance. Given the low cost of goats, it is not sustainable for commercial insurance companies. Samridhi is talking to organizations that provide community based insurance for goats. 18
  19. 19. 2. Network of “Pashu Sakhi” - For regular check-ups on the animal, Samridhi will train a woman from each village as a para-veterinarian (Pashu Sakhi in the local dialect) to provide basic veterinary services in that particular village. The Pashu Sakhi will be trained and given access to basic medicines at low costs to heal basic ailments. She can charge a fixed fee on these medicines while selling them as needed, providing an additional channel of income to the Pashu Sakhi. 3. Cattle Feed - Samridhi also sells cattle feed to employees at competitive rates. The cattle feed is delivered at their doorstep, saving travel and time costs. Given the dietary needs of goats, specialty feed is not required. 4. De-Worming Tablets and Vaccination for livestock - Samridhi provides de-worming tablets and vaccinations for all livestock owned by the company, and makes these same services available to Private Livestock Producers. Samridhi educates all producers about the importance of these tablets, and how they are supposed to be consumed by the livestock 5. Artificial Insemination - Samridhi will assist the employees with reproductive services for their livestock. Although the expenses will be borne by the employee, veterinary services will be provided to facilitate the breeding process. A safe and healthy practice of artificial insemination is important in part to ensure a steady supply of quality milk and in part to ensure ultra poor households are recipients of healthy and productive calves.ConsumersCompetitive LandscapeThe following is a snapshot of the Samridhi’s positioning vis-a-vis other market players: Parag (State Milk Private Retail Informal Middle Samridhi Co-Operative) Milk Companies MenOutreach Villages on the Towns Interior Villages Interior Villages connecting roadsMilk Rate Basis FAT and CLR FAT Only (Favours No Scientific Basis FAT and CLR Buffalo Milk) (about Rs. 1/Ltr more than that of Parag)Payment Monthly Basis Monthly Basis Erratic WeeklyPoint of Contact for Co-ordinator Milk Middleman Farmer Farmerthe farmerFinancial Not Available Not Available Available Available 19
  20. 20. Assistance forcattle/feedLivestock Not Available Not Available Not Available AvailableInsuranceVeterinary Services Available but Not Available Not Available Available erraticCompetitive AdvantageSteady Production and PurchasingRegional milk production currently follows a seasonal pattern with many small dairiesoperating only during the flush period. Since none of these dairies currently paycompetitive rates to producers or provide any support services to improve cattleproductivity, farmers have very little incentive to produce more milk. Furthermore, thelong marriage season during periods of lower production guarantees a volatile market forproducers and buyers. In this market, Samridhi’s professional approach will distinguish theorganization as the preferred purchaser.Cows reach their maximum productivity in the winter season. Ideally, productivity beginsto rise from July-August and goes on to reach its peak level in December-January. Milkproduction fluctuates as much as 40% between peak and dry seasons.For goats, the seasonal pattern is relatively less variable. They produce maximum in thesummer season, and stay dry for approximately a month before delivering a kid, whichcould be at a regular gap of seven months.The biggest advantage with Samridhi is the steady and predictable rates that farmers willreceive. Even during the lactation period when the cow is unproductive, Samridhi willcontinue to pay the fixed salary of Rs 600/month to its employees.Few CompetitorsThe state dairy cooperative (Parag) is the only player in the market with a reasonablepresence in areas surrounding Lucknow, covering villages which are situated on the mainroads but leaving out large swaths of surrounding areas and the poorest, interior villages.Samridhi is currently establishing trusted relationships with villages that have beenoverlooked by other players and is setting pricing at more favourable levels.Brand Familiarity 20
  21. 21. Having a symbiotic relationship with Sanchetna - which is already providing the farmerswith capital and insurance services - Samridhi is able to provide complementary serviceswhere the microfinance institution already has a presence. A large number of Sanchetnaclients have cattle. When Samridhi started providing cattle feed, it was very well receivedby the clients of Sanchetna for their cattle. Through research and discussion with multipleplayers, Samridhi ensures that it only procures cattle from quality organizations. Samridhiprovides the feed at the doorstep of the farmer. Otherwise these farmers have to travel toBarabanki to procure the feed. This saves them the time, cost of transportation, and theopportunity cost of a day’s labour. Another advantage is that Samridhi gets feed at a lowerprice due to larger scale and passes those benefits onto the farmer.ProfessionalismThe promoters have put a lot of emphasis on direct and regular touch with the milkproducers, economic empowerment of milk producers, transparency in pricing, respectfulcustomer service and high standards of professionalism. Through this professionalism,Samridhi is building a strong brand reputation and is increasingly viewed by individualproducers as the preferred purchaser.Financial AnalysisThe Samridhi model is based on the margin between the procurement price of milk in ruralareas and the selling price to wholesale buyers.Samridhi will procure milk from two sets of village-level producers: 1. Private Livestock Producers: Population already owning one or more dairy animals with variable rates paid based on milk volume and quality. 2. Qualifying Ultra Poor Employees: Population living below poverty line that own no productive assets and have been furnished with a Samridhi dairy animal through their employment. These employees will be paid a set salary of Rs. 600 per month plus variable rates paid based on milk volume and quality.Other assumptions are as follows: 1. Price of milk will be determined on the basis of FAT and SNF 2. Margin between procurement and selling price is Rs. 3 per litre. This is same for both cows and goats 3. Fixed cost of maintaining Bulk Milk Cooler for one month including salaries, transportation and utilities is Rs. 86,000 In case of Samridhi’s cattle being reared by 21
  22. 22. employees, 2.75 litres per day per employee will be transferred to Samridhi to satisfy production requirements including in conditions of employment. Variable pricing will be in effect for every milliliter beyond the 2.75 litres per day requirement.Benefits of scaleAs Samridhi continues to scale and adds new BMC’s, there are certain costs whose per unitcost decreases with the increase in the number of units. Some of these include: • Cost of cattle – Once Samridhi assures a steady supply of orders for livestock, the organization can demand a better rate from the agents and/or cattle farms • Cattle feed – Even at one BMC level, Samridhi will work with over 700 farmers. A majority of these people would require feed for their livestock. At this scale, Samridhi can get better rates from the manufacturers • Head office overheads – Samridhi does not anticipate needing to add staff at the head office level as it increases the capacity of one BMC and continues to add BMCs to its operations. As such, the cost of existing staff can be spread across the expanding capacity. 22
  23. 23. 5-Year Financial Projections9 Income Statement 2012-13 2013-14 2014-15 2015-16 2016-17 Total Revenue from Cow Milk 34831591 114053136 276917148 556733952 975250968 Total Revenue from Goat Milk 7013160 23448960 56933280 114462720 200508480 Non-operating Income 432200 1416000 3438000 6912000 12108000 Total Income 42276951 138918096 337288428 678108672 1187867448 Milk Price Paid to UP Women 5468232 18283392 44391456 89247744 156338496 Milk price paid to Non-UP Women 18921600 61171200 148521600 298598400 523065600 Field Staff Salary 5549600 18325600 44098800 88615200 154360800 BMC Cost 812000 2920000 6702000 13584000 22512000 Head Office Overheads 1913850 2348600 2592600 3036600 3612678 Interest Expenses 123750 0 0 0 0 Depreciation 192000 600000 1332000 2664000 4392000 Total Expenses 32981032 103648792 247638456 495745944 864281574 Surplus 9295919 35269304 89649972 182362728 323585874 Tax Payable 3101119 11765840 29907231 60836206 107948248 Reatined Earnings 6194800 23503464 59742741 121526522 215637626 Balance Sheet 2012-13 2013-14 2014-15 2015-16 2015-17 Assets Cash and Equivalent 18854,68 10783,33 194746,74 463083,96 1496404,22 Fixed Assets 56000,00 153600,00 300000,00 592800,00 872400,00 Accumulated Deprec. 1920,00 7920,00 21240,00 47880,00 91800,00 Net Fixed Assets 54080,00 145680,00 278760,00 544920,00 780600,00 Livestock 153096,00 473352,00 953736,00 1914504,00 2801880,00 Total Assets 226030,68 629815,33 1427242,74 2922507,96 5078884,22 Liability - - - - - Term Loan 1250,00 - - - - Equity 213456,81 592404,48 1350720,19 2767761,99 4852598,929 Details in accompanying Excel financial model 23
  24. 24. Retained Earnings 11323,88 37410,84 76522,55 154745,97 226285,30Liabilities + Equity 226030,68 629815,33 1427242,74 2922507,96 5078884,22(INR) 2012-13 2013-14 2014-15 2015-16 2016-17Cash FlowOpening Balance 72,68 18854,68 10783,33 194746,74 463083,96Total Revenue from Cow Milk 348315,91 1140531,36 2769171,48 5567339,52 9752509,68Total Revenue from Goat Milk 70131,60 234489,60 569332,80 1144627,20 2005084,80Other Income 4322,00 14160,00 34380,00 69120,00 121080,00Capital Infusion 135000,00 170000,00 200000,00 280000,00 -Term Loan 15000,00 - - - -Total Inflow 572842,19 1578035,64 3583667,61 7255833,46 12341758,44Milk Price Paid to UP Women 54682,32 182833,92 443914,56 892477,44 1563384,96Milk Price Paid to Non-UP Women 189216,00 611712,00 1485216,00 2985984,00 5230656,00Fixed Assets 39000,00 97600,00 146400,00 292800,00 279600,00Livestock 142336,00 320256,00 480384,00 960768,00 887376,00Field Staff Salary 55496,00 183256,00 440988,00 886152,00 1543608,00BMC Cost 8120,00 29200,00 67020,00 135840,00 225120,00Head Office Overheads 19138,50 23486,00 25926,00 30366,00 36126,78Loan Repayment 13750,00 1250,00 - - -Interest Expenses 1237,50 - - - -Tax Paid 31011,19 117658,40 299072,31 608362,06 1079482,48Total Outflow 553987,51 1567252,32 3388920,87 6792749,50 10845354,22Closing Balance 18854,68 10783,33 194746,74 463083,96 1496404,22 24
  25. 25. Capital RequirementIn addition to the seed funding of roughly Rs. 32 lakhs provided by Upaya Social Ventures,Samridhi is looking to raise roughly Rs. 2,40,00,000 in coming two years in order to reachfurther 260 odd villages. We shall be able to reach scale with access to additional capital.Risk MitigationCurrently, insurance companies do not have an extensive network in rural areas of NorthIndia. Organizations in this area commonly rely on NGOs or insurance agents to meet theirregulatory requirement of rural portfolios. Furthermore, lack of awareness among the ruralpeople makes it difficult for them to access insurance products. As it is our goal to enableproducers to maximise profits from dairy activities, they could just as easily be pushedback to below-poverty levels if their cattle are not properly insured. Thus, like any otherbusiness, risk mitigation has to be provided. Currently, Samridhi is purchasing cattleinsurance for its own herd through TATA-AIG, a general insurance company.Private Livestock Producers of Samridhi are also offered this service, albeit at a slightlyhigher price. Veterinary services at affordable prices and other business-support servicesare also valued by Samridhi as they will reduce business risk for the producers and ensurea steady milk supply. 25
  26. 26. Risk/ Source Impact Way to MitigateChallengeFactorProcurement It is difficult to procure This could be slow the • SamridhiRisk livestock in large numbers, scalability of the project. will partner with the necessary service especially higher yield breeds. providers to provide Artificial Insemination for the livestockQuality Risk – Since we are procuring the The result could be low • Goats are purchased on agreementGoats goats from Rajasthan, it is productivity of goats. with the supplier, which will clearly possible that the supplier does state that the payment to the supplier not provide genuine breed. will be made only after the goat delivers the pre-stated amount of milk. • Identify high yielding local breeds and their suppliersUpkeep of the Since the cost of the original The result could be • The formation of Village Committees tolivestock animal is not borne by the deteriorating health of the ensure continuous monitoring. employee, they might not take animal, as well as low proper care of the animal. productivity. • Village supervisor to make daily visits to each household and record the health status of the animal with a camera. The body weight of the animal will be measured at regular intervals and if it falls below a particular level, 26
  27. 27. the cattle to be taken back by the company. All of this will be communicated to the employee beforehand in the agreement. Also, since a major part of the milk will be owned by the employee, s/he has a positive incentive to maintain the cattle.Competition The employee might report The result could be a • The initial agreement will stipulate thefrom other lesser milk, and sell it substantial decrease in amount of milk expected by Samridhi.milk buyers elsewhere to other parties in Samridhi’s revenues. In case the shortfall reaches a milk business. particular amount, Samridhi will take the livestock back from the employee. • Day-to-day monitoring done by the Village Supervisor.Reproductive Time distortions in the Slower scalability. • Samridhi will arrange for ArtificialRisk - Goats delivery of goat kids resulting Insemination for the goats, improving from external factors beyond the likelihood of consistent the control of the goat rearer. reproduction. Also the Pashu Sakhi will record regularly track the time of goat’s heat period to time the artificial insemination appropriately.Copycat Another organization could The potential employee may • As the incumbent purchaser in the imitate the model in the same shift to the competitor, thus target area, it is difficult to another 27
  28. 28. Competitors geography, and become a causing a decline in our party to enter the same geographical direct competitor. revenues. area. Furthermore, Samridhi has established an expertise in its management personnel and partnerships.Livestock Cows and goats are both being Adaptability to the extreme • Each village will have a Pashu SakhiMortality procured from another state. winter climate in UP (para-vet) trained in basic veterinary services, and livestock management. • Village supervisor will make weekly visits to the livestock rearers’ houses to ensure that livestock is being fed properlyMilk Supply Women diverting their milk to Decline in Samridhi’s • Samridhi will form a village committee other channels specially revenues consisting of one Samridhi field staff, during festivals or local events two ultra poor members and one opinion leader in each village. The committee meets regularly and ensures that there is peer pressure maintained to discourage women from diverting the milk 28
  29. 29. 29
  30. 30. Samridhi’s Key Values • Transparency: Quality standards and pricing information are shared with producers without restriction. Additionally, producers witness quality tests being done on the milk right in their villages, and are given clear tools on how price is determined along with test results. This guarantees fair treatment for all individuals who Samridhi purchases milk from. • Direct & Regular Touch with Producers: Due to their inability to procure sufficient quantities of milk, many dairy facilities have no option but to run below capacity. This inability to maintain regular milk supplies can be attributed in part to their negligible presence in producing villages. Most private companies normally tend to ignore this crucial part of dairy business and have to depend on middlemen for procurement. Samridhi’s promoters hold degrees in rural management from premier institutes, but also have worked in the rural areas alongside milk producers. Under their leadership, Samridhi’s systems have been developed to ensure regular contact with the milk producers. • Professional Management As a highly perishable commodity, milk handling, processing & marketing requires a great deal of domain knowledge. Samridhi places a lot of emphasis on professionalism in its operations, regularly collecting and analyzing data on both the milk it is purchasing and the individuals who are collecting it. Information on production levels and quality is reviewed daily by management to identify any potential issues in the process. And a series of social metrics are systemically gathered and evaluated to ensure all Samridhi employees are meeting their most basic needs and making continued progress out of poverty. • Expected Outcomes Each Samridhi BMC is expected to create 1500 jobs at full capacity. Many of these jobs are filled by women without any other predictable income stream. These employees are expected, after receiving steady and increasing incomes, to meet their critical needs and benefit from a better quality of life. Samridhi is diligent about collecting and reporting on social metrics to ensure the salaried positions are generating a tangible improvement in the lives of employees. 30
  31. 31. Based on initial lessons from pilot activity, below are the key metrics and expectedoutcomes over a period of one to two years: Metric Pre-intervention Post-intervention Measured via Residence Live in a “kaccha”9 house Live in a “pucca”10 house Household Index Household Assets Household asset value less Household asset value of Household Asset Index than $100 over $300 including cots and other furniture, refrigerator, electric fans, etc… Grameen PPI ™ Average score less than 25 Average score 35 or above Grameen PPI™11 Score Children’s Children not enrolled in 75% of school-age children Household Cash Flow Education school because parents are enrolled in either cannot afford school fees government or private schools Financial Don’t have bank accounts Active bank accounts with Samridhi metrics Inclusion and don’t save regular savings Number of Meals Average 1.5 meals/day Eat 2.5 meals/day on Samridhi metrics average Customers note increase in variety of foodCurrent PartnershipsPartner Services Offered ArrangementSanchetna 1. Providing customized loan products to Identical set of promotersFinancial meet the requirements of the clienteleServices in the area of operationPrivate 2. Information sharing about the possibleLimited areas of intervention9 Temporary made of natural materials such as mud, grass, bamboo, thatch or sticks10 A more stable house that has fixed walls constructed of stones, cement/ concrete, timber, etc. but roof is made up of the material likeun-burnt bricks, bamboo, grass, thatch, etc.11 The Grameen Foundation Progress out of Poverty Index™ (PPI) is designed to measure the poverty levels of households and to trackchanges in poverty levels over time. 31
  32. 32. Upaya Social 1. Bridge capital investment Capital InvestmentVentures 2. Technical support on the business planning and inclusion of ultra poor householdsThe Goat 1. Sourcing of milk cattle Memorandum ofTrust 2. Training of Pashu Sakhi Understanding 3. Breed enhancement of goat population in the area of interventionDevashish 1. Purchasing milk from Samridhi Memorandum ofMilk Foods 2. Providing support in chilling milk UnderstandingPvt. Ltd.Management Profiles:Lokesh Kumar SinghLokesh is a Chemical Engineer from HBTI, Kanpur and holds a diploma in ruralmanagement from IRMA. He has over seven years of experience in different fields. Heworked in SKS Microfinance Pvt. Ltd. (India’s largest NBFC-MFI) for over 3 years where heheaded the expansion between 2004 and 2007 in 12 states including UP, MP, Rajasthan &Bihar. During this time, he built and managed a loan portfolio of over Rs. 200 Crores with100% repayment rate. During this period he recruited and managed over 1200 employees.Having been associated with Samridhi since inception gives him insights into managing theoverall operations of Samridhi. He looks after the functions of procurement as well as newinitiatives which has mandate to enhance the procurement as well as other interventions tomeet the requirements of customers of Samridhi.Niraj PareekNiraj is an alumnus of the Accenture-XLRI HR Academy (first batch) and has over five yearsof experience. He worked in the Accenture India Delivery Centre at Bangalore for over twoyears in the HR Team. As part of their recruitment team, he was involved in recruiting over24,000 employees in two years. Prior to Sanchetna, he had a stint with a UP based MFI,where he managed their Varanasi and Dehradun regions.Niraj was instrumental in spreading the operations of Samridhi to different geographies.Currently he looks after the function of procurement which includes starting new centers, 32
  33. 33. maintaining chilling facilities, looking for prospective buyers of the chilled milk as well asco-ordination with Business Development team so as to enhance the procurement.Board MembersMember Qualification Current Occupation Prior ExperienceLokesh Kumar Singh B.Tech. Founder – Samridhi Over 7 years in social sector including PGDRM (IRMA) Agri Products 3 years with SKS handling operations in 11 states. Promoted Sanchetna NBFC-MFI based in LucknowNiraj Pareek PG Certificate from Director – Samridhi Over 5 years including 2 years with XLRI Agri Products Accenture in HR Team. He is co promoter of Sanchetna as well as Samridhi Agri Products Private LimitedSachita Shenoy MBA - University of Executive Director Capital Markets – JP Morgan Chase Chicago Upaya Social Ventures Global Programs Director – Unitus In charge of new initiatives for the ultra poor, social performance, and livelihood promotion activities.Chris Turillo MBA – University of Co- Founder – Medha Director – SKS Foundation USA Chicago Intern – Sequoia India Has co-founded Medha which is organization in the field of skill enhancement for graduate studentsPrabhat Singh Bisht B. Tech. – Pantnagar Management Sr. Manager - NDDB Agriculture Consultant Has worked with village communities University in order to enhance the milk 33
  34. 34. production and to get them remunerative prices for the same34

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