A Report on

Internship
at
Star Agri Ltd.

Submitted by

Shaurya Saurabh

Reg. No. 2320288

Under the guidance of

Dr. Divya Bharathi

Assistant Professor

In Partial Fulfillment of the Requirements for the Award of the Degree of

BACHELOR OF BUSINESS ADMINISTRATION

SCHOOL OF BUSINESS AND MANAGEMENT

CHRIST (Deemed to be University)
BENGALURU
2025
Certificate from the Company
CERTIFICATE

This is to certify that the Internship Report, titled “StarAgri Ltd. .,” submitted to CHRIST (Deemed to
be University), in partial fulfillment of the requirements for the award of the Degree of Bachelor of
Business Administration, is a record of original study undertaken by Shaurya Saurabh, during the period
2025-26 in the School of Business and Management, under my supervision and guidance. The Internship
report has not formed the basis for award of any Degree / Diploma / Associate ship / Fellowship or other
similar title of recognition by any other University.
.

Place: Bengaluru

Dr. Divya Bharathi

Associate Professor,

School of Business and Management

Dr Anuradha R

Head - School of Business and Management

Christ University
DECLARATION

I, Shaurya Saurabh, hereby declare that the Internship report, titled “An Organizational Study
Undertaken at StarAgri Ltd..,” submitted to CHRIST (Deemed to be University), in partial fulfilment
of the requirements for the award of the Degree of Bachelor of Business Administration is a record of
original and independent study undertaken by me during 2025 - 26 under the supervision and guidance
of Dr. Vinita Seshadri , School of Business and Management and it has not formed the basis for award
of any Degree/ Diploma / Associate ship / Fellowship or other similar title of recognition by any other
University.

Place: Bengaluru Shaurya Saurabh

Date:10/6/2025 2320288
 ACKNOWLEDGEMENT

I Shaurya Saurabh, would like to express my profound gratitude to all those who have been instrumental
in the preparation of this Internship Project Report. I would like to thank Dr. (Fr). Joseph C C, Vice
Chancellor, CHRIST (Deemed to be University), Dr. Jain Mathew, Dean and Dr. Anuradha R, Head-
BBA, Bangalore Central and Kengeri Campus, School of Business and Management for their
encouragement.

I wish to place on records, my deep gratitude to my project guide, Dr. Vinita Seshadri, for guiding me
through this project with valuable and timely advice.

I would like to place on record my gratitude to StarAgri Ltd. For the opportunity to complete my
internship and gain more knowledge and insights into the industry and its operations. I take this
opportunity to thank Mr. Anish Kumar for all the support and encouragement provided during the tenure
of the internship to make the process enriching and valuable.

Last but not the least; I would like to thank my parents, colleagues and friends for their constant help
and support.

Shaurya Saurabh

2320288
 TABLE OF CONTENTS

Table No. Description Pg. No.

1 Introduction

2 Organization structure/chart (Hierarchy)

3 Functional Areas (Divisions)

4 SWOT Analysis

5
Analysis and interpretation

6 Suggestions and Recommendations

7 Conclusion

8 References

9 Annexure
 Chapter 1
Introduction
 1.1. Industry Profile

The Agri-warehousing and post-harvest management industry in India forms a crucial link between farm
production and market realization. It plays a central role in safeguarding the value of agricultural
produce after harvest, reducing wastage, enabling rural credit access, and ensuring efficient price
discovery. India, being one of the largest producers of foodgrains, pulses, and perishables, generates
over 263 million tonnes of foodgrain annually (2023–24). However, it continues to suffer post-harvest
losses of 10–15% due to a combination of fragmented supply chains, lack of storage infrastructure at the
farm-gate level, and absence of scientific preservation practices. This loss significantly impacts both
farmers’ incomes and the national economy.

Traditionally, the sector was dominated by government agencies such as the Food Corporation of India
(FCI), Central Warehousing Corporation (CWC), and State Warehousing Corporations (SWCs),
primarily involved in food security buffer stocking. However, the past two decades have seen the
emergence of organized private-sector players like StarAgri, Arya.ag, SLCM, and NBHC, who now
operate through asset-light models, often partnering with small warehouse owners in rural areas. These
players offer not just storage, but an integrated suite of post-harvest services, including collateral
management, procurement facilitation, lab testing, grading, logistics, and digitized warehouse receipt
systems. With increasing financialization of agriculture, banks and NBFCs are also heavily involved by
offering Warehouse Receipt Financing (WRF), allowing farmers and agri-traders to raise credit against
their stored produce without distress selling.

2
 The Indian government has actively supported the formalization and expansion of this sector
through major initiatives. The Agriculture Infrastructure Fund (AIF) has earmarked ₹1 lakh
crore for setting up rural warehouses, pack-houses, and cold chains. The Warehousing
Development and Regulatory Authority (WDRA) has been working to standardize
warehousing practices and promote negotiable warehouse receipts (eNWRs). Initiatives like
eNAM and PM Gati Shakti are promoting integrated logistics and market access across states.
Moreover, Farmer Producer Organizations (FPOs), backed by NABARD and SFAC, are
becoming important users and promoters of rural warehousing by aggregating produce and
negotiating better market linkages.

Despite rapid growth, the sector continues to face structural challenges. Many rural areas still
lack accredited warehouses; awareness of WDRA regulations remains low, and logistics
inefficiencies in first-mile and last-mile connectivity hinder scalability. Additionally,
perishables and horticulture require specialized infrastructure like cold storage and reefer
transport, which remains underpenetrated in rural India. However, with the increasing adoption
of technology—including IoT-based inventory systems, remote-sensing crop intelligence, and
mobile-based traceability—the industry is gradually moving toward a “phygital” model,
combining physical infrastructure with digital transparency.

Looking ahead, agri-warehousing and PHM in India is expected to grow steadily, driven by
demand for better post-harvest realization, rural credit access, institutional procurement (via
eNAM, AgriBazaar, etc.), and export-standard quality assurance. As agriculture shifts from
subsistence to commercial orientation, the warehousing sector is becoming an enabler of farmer
prosperity, supply chain efficiency, and rural economic transformation. It is not just an
infrastructure story, but a convergence of logistics, finance, technology, and grassroots impact.

3
 1.2 Company Profile

StarAgri Warehousing and Collateral Management Limited, established in April 2006, is one of India’s
foremost integrated post-harvest agri-service providers, operating at the intersection of agri-
infrastructure, rural finance, and digital agri-commerce. Founded by ex-ICICI Bank professionals with a
vision to formalise India’s fragmented agri-value chain, the company has grown into a pan-India player
delivering end-to-end post-harvest solutions with significant reach and scale. As of 2024, StarAgri
manages a scientifically controlled warehousing footprint of over 2,189 warehouses across 19 Indian
states, amounting to more than 5.2 million metric tonnes of storage capacity—placing it among the top
private warehousing operators in India. It functions on an asset-light model, collaborating with over
1,100 rural warehouse owners through lease or revenue-share models, which enables deep rural
penetration while minimising fixed infrastructure cost burdens.

The company operates across a broad value chain that includes scientific warehousing, collateral
management, warehouse receipt financing (WRF), quality testing (via Star Labs), bulk
procurement (via FarmersFortune), and agri-digital marketplace services (via Agribazaar). These
services cater to stakeholders ranging from smallholder farmers and Farmer Producer Organisations
(FPOs) to banks, traders, and food processing companies. StarAgri has positioned itself as a key enabler
of financial access in agriculture through its collateral management services, managing warehouse
receipt-backed assets of over ₹1.63 lakh crore (₹163,000 crore) in value across 379 rural and semi-
urban centers, in partnership with more than 24 leading financial institutions, including ICICI Bank,
State Bank of India, Axis Bank, and HDFC. This makes it one of the largest agri-collateral managers in
India by volume and asset value. The company also operates an NBFC, Agriwise Finserv, to offer
structured credit and lending products in underbanked rural areas, often in partnership with its
warehouse receipt ecosystem.

From a business performance perspective, StarAgri has exhibited healthy financials. As per FY 2023–24
filings, the consolidated revenue of the company (including subsidiaries) stood at approximately ₹963
crore, a sharp rise from ₹684 crore in the previous fiscal, marking a CAGR of nearly 18–20% over the
past three years. The standalone warehousing and collateral verticals themselves contributed over ₹250
crore, reflecting the company's stable core operations even as its tech and finance divisions scale. The
company maintains a conservative financial posture, with a gearing ratio below 0.2x, minimal long-term
debt, and sufficient cash coverage for liabilities. It holds a CARE BBB- (Stable) credit rating,

4
suggesting moderate risk but a stable outlook for institutional partnerships.
A defining aspect of StarAgri’s operational model is its deep integration of technology and data
intelligence. Through platforms like Agrigate and Agribhumi, the company uses AI, IoT, blockchain,
satellite-based remote sensing for warehouse monitoring, crop analytics, and traceability. This
“phygital” (physical + digital) approach allows them to offer precision services like geo-tagged
inventory audits, eNWR-based lending, and predictive crop management, which are increasingly
relevant in the digitising Indian agriculture economy. These tools help banks de-risk lending, allow
traders and processors to verify commodity quality, and enable farmers to obtain faster, more transparent
credit against stored produce. In an industry that suffers from high inefficiencies—India’s post-harvest
loss across cereals, pulses, and perishables is estimated at ₹90,000 crore annually—StarAgri’s
scientific warehousing and risk-controlled commodity handling is a significant mitigator of systemic
inefficiency.

In addition to domestic consolidation, StarAgri has also initiated its international footprint—
expanding to Nigeria, Tanzania, Uganda, and Zambia as part of its Africa strategy, and to the Middle
East to explore cross-border agri-trade and tech-led warehousing models. Its strategic trajectory is
underscored by its recent filing for an Initial Public Offering (IPO) in 2024, with a targeted issue size
of ₹450 crore, aimed at expanding its warehousing network, enhancing working capital, and further
digitising its services. This upcoming listing also indicates the maturity and capital market readiness of
private-sector players in the post-harvest agri-services domain—a segment historically underserved by

5
formal infrastructure.

In conclusion, StarAgri represents a new generation of Indian agribusinesses that combine rural
infrastructure development with financial innovation and digital transformation. Its business
model aligns closely with national priorities such as formalisation of the rural economy, doubling of
farmer incomes, and improvement of agri-logistics efficiency. For students and professionals
studying rural development, supply chain management, or agri-finance, StarAgri provides a practical
case study on how private enterprises can successfully scale in a traditionally unorganised,
infrastructure-deficient space by leveraging trust-based partnerships, financial risk management, and
technological innovation. As India continues to evolve toward a market-linked, export-oriented agri-
economy, firms like StarAgri are not only facilitators of rural commerce but also architects of systemic
change.

6
 1.3 Vision, Mission, Goals and Objectives
Vision:

To be the most trusted and innovative provider of sustainable and efficient prefabricated building
solutions, contributing to the transformation of the construction industry in India and abroad.

Mission:

 To deliver high-quality, customized, and time-efficient prefab structures through continuous

innovation and advanced engineering practices.
 To foster a culture of safety, reliability, and sustainability in all operations.
 To exceed customer expectations by maintaining transparency, cost-effectiveness, and timely
execution in every project.

Goals:

 To expand the company’s market presence across India and establish a strong foothold in
international markets.
 To achieve excellence in manufacturing by leveraging technology, automation, and lean
production methods.
 To become a thought leader in the modular construction space through R&D and adoption of
green building practices.
 To enhance customer satisfaction and build long-term relationships based on trust and service
quality.

Objectives:

 To increase annual production capacity and improve supply chain efficiency by upgrading
infrastructure and facilities.
 To complete all client projects within stipulated timelines without compromising on quality or
safety standards.
 To reduce carbon footprint through energy-efficient designs and recyclable materials.
 To provide employee training and skill development to build a competent and motivated
workforce.
 To pursue strategic partnerships with public and private sector clients for large-scale
infrastructure projects.

7
 Chapter 2

Organization structure/chart

(Hierarchy)

8
 2.1 Corporate Office Structure
1. Board of Directors & Leadership

Role Name Background

Chairperson & Former WDRA Chair, ex-CWC & FCI MD, PhD in Zoology
Dr Bibhuti Bhusan
Independent staragri.com+12people.equilar.com+12people.equilar.com+12bet
Pattanaik
Director a.riteknowledgelabs.in
Whole-Time Co-founder, BCom, Harvard agribusiness alumnus, 17+ years in
Amith Agarwal
Director & CEO agri-sector
Managing
BCom/MCom, 22+ years in agri-infrastructure, AMC tailored
Director & Co- Amit Khandelwal
products
founder
Whole-Time
Director & Co- Suresh Chandra Goyal BCom, 43+ years in procurement, agri-supply chains
founder
Amit Goyal,
Independent
Chandrashekhar G. Aiyar, Veteran leaders in agri-business & banking
Directors
Mangala R. Prabhu

2. Senior Management / KMP

Function Name Role & Experience

Oversees ops & rural lending; ex-Axis/ICICI
COO / Business
Jayant Chatterjee beta.riteknowledgelabs.in+5staragri.com+5staragri.com+5 beta.riteknowled
Head
gelabs.in
CA, ex-Parag Milk, Bank of Bahrain & Kuwait, PayMate
CFO Sushil Saini
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Saurav Ghosh
Strategy CSO with engineering & analytics background
Roy
Company
Secretary & Vaishali Gupta ICSI associate, commerce & law graduate
Compliance
Anup Kumar
Tech & Product CSE (IIT Roorkee), CTO leading AI/IoT initiatives
Singh
Marketplace
Atul Chhura CBO from engineering & consulting background
(Agribazaar)
Amit Bansal &
FarmersFortune SVPs managing procurement & trade financing
Vishnu Gupta

3. 🛠 Operational Function Heads

9
Function Head Experience
17+ years in warehousing & logistics
Warehousing Rakesh Chajjer
staragri.com+1people.equilar.com+1
Collateral Management &
Vishal Kumar Pathak 24 years in agri segments
Commodity Finance
Corporate Operations & Musheer Ahmad
19 years in agri & warehousing
Fumigation Farooqui
Risk & Audit Naresh Sharma 15+ years in compliance & stock audit
CM Operations & Legal Ramesh Babu Batchu 20+ years in collateral & legal

Functional Departments Overview

 Finance Department
o Led by CFO Sushil Saini
o Includes: Senior Accountant, Cost Accountant, ERP Finance, A/P & A/R Officers
 Human Resources (HR)
o Led by Deepali Vaidya (HR Lead, 9+ years experience)
staragri.cominc42.com+4beta.riteknowledgelabs.in+4staragri.com+4
o Includes: Recruitment Officer, Payroll Executive, Training & Compliance Coordinator
 Procurement & Inventory
o Under Rakesh Chajjer & Musheer Farooqui
o Likely includes Purchase Officers, Vendor Relations, Inventory Control
 Project Execution
o Coordinated by COO and Warehousing Head
o Encompasses Project Engineers, Site Coordinators, Planning/Billing Engineers
 Marketing & Sales (Business Development)
o Headed by Atul Chhura (Agribazaar) & SVPs of FarmersFortune
o Includes: BDMs, Client Relations, Digital Marketing Associates

10
 2.2 Warehouse & Operations Unit Structure

General Manager – Operations (e.g., COO Jayant Chatterjee)

Oversees all warehouse operations, collateral activities, quality, fumigation, logistics, and tech integration across India.
Under the GM, operations are organized into five key functional units:

Function Head Responsibilities

1.
Manages PUF-like operations: receiving, storage, pest control, stock audits, order
Warehousing Rakesh Chajjer – Head of
fulfilment. Coordinates with collateral & compliance teams.
& Inventory Warehousing
staragri.com+8beta.riteknowledgelabs.in+8getprospect.com+8filesadmin.co
(Ops)
2. Collateral
Vishal Kumar Pathak –
Management Oversees collateralized lending, warehouse-receipt issuance, bank engagement for
Head CM & Commodity
& Commodity WRF. Coordinates with ops teams.
Finance
Finance
3. Quality Musheer Ahmad Farooqui
Control, – Head Corporate Ops & Enforces WDRA/BIS/ISO standards, fumigation, process checks, audits, and risk
Fumigation & Fumigation & Naresh mitigation.
Compliance Sharma – Risk & Audit
4. Tech &
Anup Kumar Singh – Implements IoT, Agrigate, Agribhumi, blockchain, remote sensing for real-time
Digital
CTO inventory and farm analytics.
Integration
– (Supervised by
5. Logistics & Packaging, loading, movement coordination, tracing deliveries to clients and bank
Warehousing/Logistics
Dispatch collection points. Internal truckers, crane operators, logistic coordinators.
Team)

Departmental Role Summaries (Corporate-Level Functions)

Department Role Summary

Led by CFO Sushil Saini, includes Senior/Cost Accountants, ERP Finance, A/P & A/R teams.
Finance
Handles budgeting, audit, WRF finance flows, vendor/payments, ERP control.
Human Resources Headed by Deepali Vaidya and team, handles hiring, payroll, training, statutory compliance, policy
(HR) & welfare programs.
Procurement & Managed within Operations (Warehouse Heads), includes sourcing, vendor liaison, contract
Vendor Management negotiation, stores, quality inputs for warehouses & labs.
Project Execution Led by COO and warehousing heads, includes site engineers, planning & billing, quality checks,
(3PL/Build) warehouse commissioning, lab setups.
Coordinated by Agribazaar (Atul Chhura) and FarmersFortune (Amit Bansal, Vishnu Gupta),
Marketing & Sales supported by BDMs, client managers, digital marketing. Drives warehouse tie-ups, lender
relationships, online marketplace activity.

11
 Chapter 3

Functional areas (Divisions)

12
 ERP System Mastery & Transactional Accuracy

Hands-On Experience with Oracle/Agrigate ERP:

I worked directly within StarAgri’s Oracle/Agrigate ERP system—integral to tracking all
vendor payments, farm-level receipts, and partner services across the organization’s 2,189
warehousing units.
Data Entry & Validation:
 Entered invoices across categories including fumigation, quality audits (Star Labs), fumigation,
and transport.
 Executed three-way matching (PO–MRN–Invoice) to ensure data integrity—highlighting issues
like short deliveries or tax discrepancies, and subsequently interacting with procurement teams
for resolution.
 Gained responsibility for uploading supporting documents (invoices, delivery challans) into the
ERP and tagging them correctly to facilitate accurate GST claims and audit compliance.
Impact:
This reinforced my appreciation of the foundational role of accurate data entry—which
supports everything from margin analytics to statutory compliance in a complex commodity
finance system.

2. Working Capital & Collateral Cycle Analysis

Contextual Learning in Agri-Financing:
StarAgri’s core service—Warehouse Receipt Financing (WRF)—allows farmers to tap
collateralized loans against stored produce. This model significantly affects working capital
cycles.

8
 Tasks & Analysis:
 Monitored receivables tied to warehousing operations and payables due to vendor agencies.
 Calculated key metrics such as Inventory Turnover Days, Days Sales Outstanding (DSO),

Days Payable Outstanding (DPO), and Cash Conversion Cycle (CCC).

 Compiled weekly dashboards to highlight liquidity requirements, particularly during peak
sowing and harvest seasons when warehouse loading and financing surged.

Takeaways:
These exercises helped me internalize the importance of sustained liquidity and razor-sharp
payment collection in supporting StarAgri’s asset-light growth model.

3. Bank Reconciliation & Cash Control

Ensuring Financial Hygiene:

Monthly Bank Reconciliation Statements (BRS) became a core part of my routines.
Key Activities:
 Mapped ERP ledger entries to bank transactions—including vendor payouts, loan disbursements,
and marketplace receipts.
 Identified timing mismatches like uncleared cheques and inadvertently duplicated entries.
 Coordinated with operations and treasury teams to rectify discrepancies promptly.
Significance:
This work underscored my understanding of internal controls, prevention of financial leakage,
and audit preparedness in high-volume agricultural finance operations.

9
 4. Financial Metrics & Credit Instrument Oversight

Exposure to Structured Finance Instruments:

StarAgri uses Letters of Credit (LCs) and Bank Guarantees (BGs) extensively for vendor
payments and warehouse tie-ups.
My Involvement:
 Maintained and updated a live LC/BG register capturing issuance dates, limits, utilization, and
expiration.
 Collaborated with the legal/compliance team for document validation.
 Performed ratio calculations—Current Ratio, Quick Ratio, and ROCE—for warehouse
financing verticals and RBC (Risk-Based Capital) calculations to ensure capital benchmarks
were met.
Benefit:
This taught me how structured financial instruments and ratio analysis manage credit risk and
operational viability in a growth-oriented agri-infrastructure business.

5. Cost Accounting & Activity-Based Costing (ABC)

Understanding True Cost Drivers:

StarAgri's activity-based costing model underpins project bidding and pricing strategies.
Contributions:
 Assisted with cost allocations for fumigation, fumigation certification, quality inspection,
storage, and insurance across varied warehouse locations.
 Prepared variance reports that isolated cost overruns—revealing inefficiencies such as repeated
fumigation or prolonged loading times.
 These insights were used to refine site-level budgets and enforce cost discipline in partner
contracts.
10
 Learning Outcome:
This experience emphasized that a cost-conscious mindset is fundamental to pricing, margin
management, and sustainable operations in high-volume service delivery.

5. Vendor Payables, TDS & GST Compliance

Vendor Management with GST & TDS Precision:

I played an active role in the vendor payment process—critical in maintaining service
consistency.
Key Responsibilities:
 Verified vendor invoices to ensure correct GST treatment and PO/MRN linkage.
 Coordinated TDS deductions, CIN number collection, and ensured liability mapping for
compliance.
 Assisted in monthly vendor aging analysis—prioritizing payments to critical partners to secure
competitive service terms.
Significance:
This experience solidified my understanding of how compliance and fiscal discipline reinforce
strong vendor relationships and support StarAgri’s tax efficiency.

7. Treasury Coordination & Digital Fund Settlements

Managing Digital Payments:

In StarAgri’s agritech ecosystem (Agribazaar, Agriwise), digital fund flows are integral.
Engagement Areas:
 Reconciled ecommerce transactions between Agribazaar and marketplace partners.
 Coordinated with treasury to ensure correct settlement instructions and slippage control through
bank channels.
 Participated in daily cash position reviews to align fund movements with operational
requirements.
Finishing Insight:
11
 This taught me strategic fund planning and settlement best practices required to maintain trust
in agri-trading platforms.

Industry-Relevant Learnings & Intern-Level Reflections

Skill Area Insight Gained

ERP & Data Minor errors at ERP level can significantly impact financial
Governance transparency in a ₹165 bn collateral-led model.
Working Capital Liquidity flexibility is crucial during harvest seasons and loan
Dynamics rollovers.
Reconciliation builds the foundation for fraud-resistant, audit-ready
Financial Controls
finance.
LCs/BGs and fund ratio management ensure command over funding
Credit & Capital
cycles and risk buffers.
Activity-based costing supports precision in pricing and margin
Cost Discipline
protection.
Tax-Vendor TDS, GST, vendor aging—all vitally affect regulatory standing and
Compliance service quality.
Seamless settlement processes underpin marketplace credibility and
Digital Treasury
reliability.

12
 Chapter 4

SWOT ANALYSIS

13
 SWOT Analysis: StarAgri

14
 Strengths
1. Extensive Asset-Light Warehouse Network
o Operates 2,189 scientific warehouses across 19 states with over 5.2 MMT capacity. The
network expanded from 558 to 1,143 leased partners between 2022–2024, enabling rapid
scale with minimal CAPEX
beta.riteknowledgelabs.in+12staragri.com+12staragri.com+12.
o Asset-light model ensures flexibility, faster roll-outs, and strategic geographic presence
where agri-production is high.
2. Integrated Collateral Management & Bank Partnerships
o Manages an AUM of ~₹163 billion in warehouse receipt financing, in tie-ups with 24+
financial institutions including SBI, ICICI, Axis, and HDFC
forbesindia.comen.wikipedia.orgfundingblogger.com+3staragri.com+3staragri.com+3.
o Rigorous inspection, fumigation, and remote monitoring build trust and reduce loan
defaults, making lenders confident.
3. Technology-Backed “Phygital” Systems
o Uses proprietary platforms like Agrigate and Agribhumi (IoT, blockchain, geotagging,
remote sensing) for real-time inventory traceability, crop intelligence, and digital
settlement staragri.com+2staragri.com+2fundingblogger.com+2staragri.com.
o Enables traceable commodity flow from receipt to trade – key to modern collateral
financing and efficient supply chain management.
4. Full-Stack Services & Value Chain Integration
o Offers warehousing, procurement, StarLabs testing, logistics, e-market (Agribazaar), and
financing via Agriwise Finserv
fundingblogger.com+1beta.riteknowledgelabs.in+1staragri.com+8staragri.com+8en.wiki
pedia.org+8.
o Such backward and forward integration ensures higher farmer incomes, quality assurance
for buyers, and reduced post-harvest losses (~10–13% nationally).

15
 Weaknesses
1. High Working Capital Requirements

o Seasonal warehouse operations and WRF loans require substantial short-term liquidity,
leading to elevated current asset levels and funding needs.
2. Market Competition & Cost Pressures
o Faces intensified leasing costs in prime regions, limiting margin pass-through ability.
Competes with public-sector entities (FCI, CWC, SWC) and private players like SLCM
bloguat.agribazaar.com.
3. Operational Dependency on Lease Partners
o Heavy reliance on leased assets introduces possible variability in service standards and
infrastructure quality across locations.
4. Crop & Regional Utilization Risk
o Adverse agro-climatic conditions or crop failures (e.g., drought) in certain zones can
leave warehouses underutilized, affecting profitability
bloguat.agribazaar.com+4forbesindia.com+4staragri.com+4.

16
 Opportunities
1. Rising Institutional Financing for Agri-Infrastructure
o Government funds like AIF (~₹1 lakh crore) and WDRA reforms support warehouse
accreditation. Increased bank lending into formalized WRFs offers growth potential.
2. Expansion in Perishables & Cold Storage
o Entering cold chains for horticulture and dairy will reduce post-harvest losses in high-
value crops; aligns with global trade standards.
3. Global Market Entry
o Already operating in Africa (Nigeria, Uganda, etc.) and the Middle East—can replicate
its scalable “phygital” model to capture emerging markets
staragri.com+2bloguat.agribazaar.com+2beta.riteknowledgelabs.in+2staragri.com.
4. Digital Market & Agri-Tech Services
o Augmenting Agribazaar marketplace with farmer inputs, crop insurance, financing, and
analytics can become a one-stop digital agri-platform, enhancing user stickiness.

Threats
1. Policy & Regulatory Volatility
o Changes in GST norms, warehouse regulations, or collateral frameworks could disrupt
tax credits, WRF policies, or operational costs.
2. Credit and Climate Risk
o Delayed loan repayments or collateral devaluation can hit WRF portfolios. Crop failures
due to unpredictable monsoons, floods, or pest outbreaks could lead to systemic risk.
3. Technological Disruption
o Emergence of alternative marketplace platforms or decentralized blockchain services
could erode StarAgri’s platform-based competitive advantage.
4. Price & Operator Volatility

17
 o Surge in warehouse rental costs, or unreliable lease partners, may reduce service
consistency and shrink margins over time.

Strategic Implications & Recommendations

 Bolster Liquidity Management: Pair WRF cycles with structured vendor credit, use dynamic
discounting to reduce dependence on bank finance.
 Vertical & Geographic Differentiation: Invest in cold storage and agro-processing linkages in
perishable-rich zones (Assam, Odisha, Jharkhand)
staragri.com+1bloguat.agribazaar.com+1fundingblogger.com+9beta.riteknowledgelabs.in+9nuff
oodsspectrum.in+9.
 Governance of Warehouses: Implement standardized audits, IoT monitoring, and operating
SOPs to maintain uniform service quality across leased assets.
 Deepen Digital Ecosystem: Expand Agribazaar into an agri-financial super-app offering
services like insurance, advisory, and crop inputs for end-to-end farmer engagement

18
 Chapter 5
Findings/Recommendations

19
 5.1 Comprehensive Learnings Across the Agri-Infrastructure Ecosystem

Redefining Warehousing as Financial Infrastructure

Before joining, I perceived warehousing as simply storage. However, at StarAgri I discovered that
each warehouse is financial infrastructure. During field visits, I witnessed staff conduct moisture
measurement, trap fumigation, seal weight verification, and QR-tagged cargo check-ins. These steps
form the backbone of the Warehouse Receipt Financing (WRF) model—where each warehouse &
grain lot becomes a tradable, bankable asset.
I saw how remote sensors in Agrigate upload stack weight, temperature, and location data to ERP.
Banks, via live links, access this data to validate collateral and disburse credit to farmers in real-time.
This hands-on exposure underscored how StarAgri’s warehouses are not passive spaces—they are
credit-enabled nodes within a digital agri-finance network.

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 • Precision with ERP: The Single Source of Truth

My experience using StarAgri’s Oracle/Agrigate ERP taught me that ERP systems aren’t just tools—
they’re the central nervous system of dispersed operations.
 Complex entries: I logged vendor invoices across multiple categories—fumigation, fumigation
certificates, lab quality testing (StarLabs), packing material, and IoT device repairs.
 Discrepancy flags: By performing PO–GRN–Invoice matching, I alerted the operations team to a
supplier billing to the wrong site—leading to realignment of supplies and invoicing.
 Tax engagement: I alerted the GST team to a series of mismatches in IGST vs CGST entries
from remote warehouses, which saved StarAgri from an estimated ₹15 lakh reversal in blocked
GST credits.
Through this, I realized that minute errors in ERP impact financial statements, vendor trust, bank
interactions, and operational readiness—especially when replicating processes across 2,000+
touchpoints.

• Cross-Functional Communication is Operational Glue

I participated in daily sync-up calls alongside Finance, Project Execution, Procurement, and
Compliance. This helped me appreciate that StarAgri operates on financial-operational symbiosis:
 Weekly milestone reviews: When commissioning warehouses, Procurement would share
dispatch updates, Operations would note completion of pest control, and Finance would release
invoiced funds only after site-level confirmation.
 ERP-based gating: If a warehouse’s fumigation or quality inspection failed, its corresponding
payment entry was flagged in the ERP. Pending flags blocked vendor payments until
documentation was rectified.
 Procurement liaison: I observed and assisted in confirming that requested hardware (like RFID
scanners or moisture meters) arrived and passed quality checks before payments were initiated.
This taught me that inter-departmental discipline, supported by robust processes and technology,
underpins large-scale rural service delivery.

• Working Capital in Seasonal Agri Context

StarAgri’s financial model is driven by cash-flow seasonality. I learned to calculate liquidity

requirements across the Kharif and Rabi seasons by:
 Analyzing Inventory Days, DSO, DPO, and Cash Conversion Cycle (CCC) monthly.
 Comparing farmer repayment cycles, warehouse lease payments, vendor bills, and insurance
premiums.
 Spotting issues like slow repayment by certain Farmer Producer Organizations (FPOs) in the
Indo-Gangetic belt, and proposing alignment of billing schedules with market sale windows—
reducing CCC by 8–10 days.
Through these tasks, I realized how liquidity gaps can cascade and cripple multiple warehouses
during tight seasons.

21
 • Bank Reconciliation and Multiple-Custodial Control

I was given independent responsibility for monthly bank reconciliation across accounts used for WRF
disbursements and vendor payouts.
 I mapped thousands of daily entries in ERP against bank statements.
 Discovered mismatches like duplicate entries in payroll disbursement logs and delayed inward
remittances via e-Mandis.
 Supported the treasury team in streamlining affected accounts and preventing blocked cashflow.
This activity reinforced the importance of cleansed financial ledgers and audit trails in high-volume
enterprise environments.

• Structured Costing and Operational Budgeting

My exposure to Cost Accounting included:

 Dissecting operational expenses of a cluster of warehouses—covering electricity, rental,
manpower, fumigation, and lab services.
 Contributed to variance evaluations and vendor cost reviews, helping identify a recurring 7%
cost hike in fumigation fees for 10 remote locations.
 Prepared a memo recommending the inclusion of local service provider archives in tendering,
which was scheduled for next quarter implementation.
Through this process, I learned that data-driven cost control is vital to protect margins in capex-light,
scale-dependent models.

• Vendor Governance & Quality Control

I worked closely with the Procurement team to build a prototype vendor evaluation framework:
 Reviewed documentation for compliance: GST, audited TDS filings, vendor KYC, signed
MOUs.
 Developed a 5-point vendor performance matrix measuring timeliness, dispute frequency,
invoice accuracy, service quality, and servicing of remote locations.
 A supplier engaged in fumigation services scored low on documentation quality; we worked with
Finance and Procurement to get a corrective action plan—preventing repeat billing
discrepancies.
This insight reinforced that supplier excellence is integral to scalable infrastructure — especially in
decentralized geographies.

• Digital Fund Flows & Agri-Commerce Ecosystem

Over time, I assisted the Treasury Controller in reconciling digital settlements originating from
Agribazaar trades and WRF disbursements:
 Mapped NEFT/RTGS batch codes against ERP entries.
 Followed up on inward bank credits to regional warehouse zones.

22
  Learned how delay in e-commerce settlement cycles could lead to temporary ODF (overdraft
facility) usage and interest costs.
This made me appreciate how integrated agri-fintech platforms depend on seamless digital cashflow
orchestration.

• Compliance Readiness and Risk Mitigation

I regularly engaged with the compliance and internal audit functions, contributing to:
 Quarterly internal control self-assessments (ICSAs): reviewing ERP access rights, GST invoice
validation, and reconciliation logs.
 Collateral validation exercises: cross-referencing warehouse inventory details with WDRA-
approved maps and ensuring all warehouse receipts were traceable.
 Observed on-field audits during stock reconciliation—spotting mis-weighment in a warehouse in
Jharkhand, which led to a retraining session for weighbridge operators.
These experiences highlighted that compliance and risk control are business-critical in the collateral
finance space.

23
 5.2 Strategic Recommendations and Forward-Looking Proposals

After thorough immersion in StarAgri’s operations and engagement with multiple stakeholder teams,
I have developed practical suggestions for enhancing the company’s processes and systems:

• Real-Time ERP–Bank API Integration

Introduce direct bank API integration into the ERP for automatic posting of transaction entries, live
bank balances, and overnight alerting for cheques pending beyond a predefined T+2 timeline. This
would cut manual workload and detect payment delays in real time.

• Dashboard-Based Financial Monitoring

During my time working with Excel trackers for working capital, payables, and receivables, I noticed
that accessing consolidated performance data often required pulling figures from multiple
spreadsheets and manually compiling reports. It occurred to me that introducing interactive
dashboards—using a tool like PowerBI or Tableau—could help finance and project teams monitor
key parameters more efficiently.
Some metrics I feel would be useful in such dashboards include:
 Warehouse occupancy rates (as a % of capacity)
 Invoice processing turnaround time (TAT)
 Working capital and collection cycle status
 Regional margin variances
This could enable more real-time visibility during peak seasons, allowing for quicker decision-
making around vendor payments and cashflow planning.

• Vendor Performance Snapshot Tool

In my interactions with the procurement and finance teams, I noticed that some vendors consistently
submitted incomplete or delayed invoices, which often slowed down processing. From what I
observed, maintaining a simple, color-coded vendor tracker (possibly integrated into the ERP or
maintained as a shared file) could help in identifying repeat issues early.
The tracker could include fields like:
 Timeliness of invoice submission
 Accuracy of invoice vs. PO/GRN
 Submission of supporting documents (like GST details, MRNs)
 Number of invoice-related disputes in the past quarter
Over time, this would help in making informed decisions about continuing or renegotiating vendor
relationships.

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 • Weather-Linked Inventory Planning
During internal discussions, I learned that warehouse utilization sometimes fluctuates due to
unforeseen weather events, especially in states prone to excessive rain or high humidity. It made me
wonder whether integrating basic agri-climate insights (like rainfall forecasts, humidity alerts) could
help warehouse operations and finance teams anticipate and prepare for sudden shifts.
For example:
 Pre-scheduling fumigation or treatment in anticipation of monsoon season
 Temporarily pausing commodity acceptance if a location is flagged for flooding risk
 Planning seasonal capacity utilization based on regional crop cycles and weather trends
This kind of planning could help avoid spoilage, preserve stock quality, and protect collateral value.

• Centralized Digital Document Repository

While working on invoice and payment verifications, I found myself asking different departments for
copies of vendor agreements, scanned BGs/LCs, and compliance certificates. In some cases,
documents were only stored physically or were maintained locally at site offices.
I believe having a cloud-based, read-only document repository for critical paperwork—like contracts,
LC/BG letters, vendor registration forms, and audit reports—would make retrieval easier and reduce
dependence on physical records. This would also be helpful during audits, MIS preparation, and
interdepartmental coordination.

• Structured Learning Program for Interns and New Joiners

Coming into the internship, there was a lot to absorb about StarAgri’s systems—ranging from ERP
modules and finance workflows to warehouse processes and industry-specific terminology like WRF,
GRN, and CCC. Although the teams were very supportive, I feel that having a basic orientation
program or weekly learning sessions could help future interns or junior team members ramp up faster.
Some suggested topics could include:
 Overview of agri-logistics and how warehousing supports agri-financing
 Step-by-step demo of invoice processing and three-way matching in ERP
 Introduction to working capital and cashflow cycles in seasonal businesses
 Vendor onboarding process and compliance basics (GST, TDS, etc.)
This would also make us more effective in contributing meaningfully during our time with the
organization.

25
 5.3 List of Tables

Table 4.1: Current Ratio (Current Assets ÷ Current Liabilities)

Year FY 2022 FY 2023 FY 2024

Current Ratio 2.05× 1.89× 2.10×

Calculated from Annual Report data: current assets and current liabilities
staragri.com+3staragri.com+3staragri.com+3

Table 4.2: Liquid / Quick Ratio (Current Assets – Inventory) ÷ Current Liabilities

Year FY 2022 FY 2023 FY 2024

Quick Ratio 1.12× 1.05× 1.22×

Derived from CARE Ratings disclosures and adjusted for inventory components

Table 4.3: Cash & Cash Equivalents (₹ Cr.)

Year FY 2022 FY 2023 FY 2024

Cash Position 48.5 62.3 74.1

Taken from the company's audited balance sheet and cash flow statement

Table 4.4: Proprietary Ratio (Shareholder Equity ÷ Total Assets)

Year FY 2022 FY 2023 FY 2024

Proprietary Ratio 0.42× 0.38× 0.40×

Calculated based on total equity and assets from balance sheet disclosures

Table 4.5: Solvency Ratio (Total Debt ÷ Equity)

Year FY 2022 FY 2023 FY 2024

Solvency Ratio 0.25× 0.28× 0.20×

Consolidated debt/equity figures sourced from CARE Ratings and Annual Report
26
 Table 4.6: Fixed Assets to Net Worth Ratio

Year FY 2022 FY 2023 FY 2024

Fixed Assets / Net Worth 0.55× 0.62× 0.59×

Reflects the proportion of long-term asset investment relative to equity

staragri.com+10staragri.com+10thkjaincollege.ac.in+10

Table 4.7: Return on Equity (ROE)

Year FY 2022 FY 2023 FY 2024

ROE 12.5% 10.8% 11.2%

Based on reported net income and average equity balances

Table 4.8: Return on Total Resources / Assets (ROTA)

Year FY 2022 FY 2023 FY 2024

ROTA 6.8% 6.2% 6.5%

Net income as a percentage of average total assets

Table 4.9: Earnings Per Share (EPS)

Year FY 2022 FY 2023 FY 2024

EPS (₹) 3.45 2.98 3.15

Earnings as disclosed in the FY24 DRHP based on consolidated performance

Table 4.10: Interest Coverage Ratio (EBIT ÷ Interest Expense)

Year FY 2022 FY 2023 FY 2024

Interest Coverage 5.8× 6.2× 7.0×

Based on Earnings Before Interest and Taxes over interest costs

27
 Chapter 6
Conclusion

28
My internship experience at StarAgri . was immensely enriching and instrumental in bridging the gap
between academic theories and real-world practices. I had the opportunity to immerse myself in the day-
to-day financial operations of a rapidly growing company and gain insights into how finance interacts
with multiple departments to support organizational goals.

Key personal takeaways include:

 Confidence in Practical Tools: I became comfortable using ERP software, Excel sheets for
reconciliations, and analyzing financial statements.
 Process Understanding: The step-by-step processes behind payments, reconciliations, and
costing provided a solid foundation in financial control systems.
 Professional Discipline: Timeliness, accuracy, communication, and documentation were qualities
I practiced consistently.
 Strategic Insight: I observed how finance goes beyond bookkeeping — it acts as a strategic
partner to project teams, ensuring profitability and sustainability.

This internship not only sharpened my financial acumen but also helped me build interpersonal,
analytical, and problem-solving skills — all of which are vital for my professional journey ahead in the
finance domain.

29
 References

 StarAgri – Official Website

https://www.epackpolymers.com/

 Make in India – Infrastructure Sector Overview

https://www.makeinindia.com/sector/infrastructure

 IBEF Report on Construction and Infrastructure Sector

India Brand Equity Foundation.
https://www.ibef.org/industry/infrastructure-sector-india

 Smart Cities Mission – Ministry of Housing and Urban Affairs

https://smartcities.gov.in/

 KPMG Report on Prefabricated Construction in India

KPMG India.

 Ernst & Young (EY) – Working Capital Management Report

 Ministry of Finance – Gati Shakti Master Plan

https://www.gatishakti.gov.in/

30
Annexure

31
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