Tun Yat is an innovative agritech startup based in Myanmar that claims it is the country’s first ever online platform that connects farmers and machine suppliers to facilitate the rental of farming machinery so as to benefit both farmers and machine owners, and also the country’s agriculture sector, as a whole. The startup is also utilizing Internet of Things (IoT) technology as part of its plan to turbocharge the country’s agricultural revolution, enabling machine owners to check on the status of their rented machines such as running time and location no matter where they are. To date, the startup has acquired US$45,000 in pre-seed funding though it has not disclosed its investors.
Tun Yat was co-founded by 4 entrepreneurs, Hujjat Nadarajah, Kyaw Wint Thu, Chit Oo Maung and Nam Mo Hoam in 2017 when the group met each other at the Phandeeyar Startup Challenge, of which the agritech startup also emerged as the eventual first prize winner. The startup aims to make a positive impact on the lives of small and medium-sized farmers, especially smallholder farmers that possess farming land of less than 5 acres. For smallholder farmers, it is a challenge to harvest their crops as machine owners and harvesters tend to gravitate towards the bigger farms first, and will only harvest their farmland as a last priority. Tun Yat aims to address this issue by using emerging technology and IoT to connect farmers to nearby machine owners that can provide the necessary machinery for harvesting their crops. What is more, the startup makes certain that the machines that they rent out are of superior quality, capable of saving farmers 2 to 3 days in harvesting time and markedly reducing yield wastage. Additionally, the agritech company is very selective when it comes to hiring drivers, operators and technicians for running its machinery, which ensures lower repair risks.
For machine owners and suppliers, Tun Yat gives an opportunity to them for increasing their income by lending out their machinery to farmers in need. For using their service, machine owners and suppliers are given discounts on fuel as well as on the transportation costs for ferrying their machines via trucks and barges. Crucially, the startup is introducing a new IoT-enabled service that allows owners and suppliers to track the data of their harvesting machines, such as location, servicing and repair reports, and duration of operation, in a secure and reliable manner even from the comfort of their homes.
Tun Yat also places a high priority on corporate social responsibility as evidenced by their company aspirational equity model, which is aimed at fulfilling their goal of creating prosperity for all involved stakeholders whereby farmers are able to earn future shares or profits in the form of a socio-economic development program. In this program, the startup reinvests their dividends and profits back to their customers and clients, thus creating a beneficial cycle for all. Thus far, Tun Yat claims to have served more than 200 farmers, with 190 of those farmers being smallholders with less than 5 acres of farmland.
As Tun Yat, the Myanmar-based agritech startup, continues its mission of mechanizing the country’s farming industry to benefit more stakeholders and local communities and raise the industry’s standard as a whole, it will depend on the development of its IoT technology to drive that growth. As IoT and other emerging tech begin to permeate more and more of Myanmar’s ecosystem and landscape, Tun Yat will be among one of those innovating tech startups leading the charge.
