What is the story about?
What's Happening?
Olam Group has closed its digital farmer services platform Jiva Ag, citing the need for continued investment during challenging times. The closure affects 606 employees, primarily in Indonesia, India, Australia, and Singapore. Jiva, launched in 2020, provided agronomic advice and credit facilities to smallholder farmers across Asia and Africa. The decision is part of Olam's Updated 2025 Re-organization Plan to de-leverage its balance sheet and divest assets.
Why It's Important?
The shutdown of Jiva Ag reflects the difficulties faced by agribusinesses in sustaining digital platforms amid economic challenges. This move may impact smallholder farmers who relied on Jiva for support, highlighting the need for alternative solutions in the agricultural sector. Olam's re-organization plan aims to streamline operations and focus on core business areas, which could influence its future market strategy.
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