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AVAX Putting India's grain economy on the chain
India's agricultural technology startup Arya.ag and fintech infrastructure company Finternet are working together to bring grain reserve assets worth more than US$2 billion to the @Avax blockchain. The move aims to address long-standing inefficiencies in India's agricultural sector: credit markets are slow, fragmented and heavily reliant on paper documents.
Project Background and Scale
The initiative was announced by Nandan Nilekani, co-founder of Infosys, at the Global Fintech Festival in Mumbai in September 2026. As one of India's largest agricultural logistics and warehousing operators, Arya.ag currently has more than 12,000 warehouses across the country and manages grain stocks worth more than US$2 billion. The company supports approximately $1.26 billion in loans annually, and its lending arm, Arya Dhan, issues approximately $230 million in loans annually.
Technical Implementation Mechanism
Arya.ag is testing a grain warehouse receipt tokenization system based on the dedicated Avalanche Layer-1 blockchain. Finternet is responsible for aggregating multi-dimensional data covering farmers, commodities, warehouses and insurance to form a "composite token." According to Sanmesh Kalyanpur, director of Finternet, this token structure helps banks more accurately assess collateral risk. Devika Mittal, head of Ava Labs India, confirmed that testing is underway and that each tokenized warehouse receipt represents actual ownership of the stored goods.
Addressing Fraud and Credit Delay Pain Points
When farmers deposit grain in warehouses, they can choose to borrow with the grain as collateral rather than sell it immediately. However, because information to record the storage of goods, whether they have been pledged as collateral, and the amount of debt is often scattered across different systems, the process for lenders to verify details before approving loans is time-consuming. Avalanche-based infrastructure directly solves this pain point.
Shared ledger is designed to help banks verify that grain used as collateral for loans does exist and has not been repeatedly pledged to other institutions. The project has incorporated institutional lenders such as Singularity Credit and Aryadhan, using grain stocks as collateral. Devika Mittal noted that the dedicated Layer-1 blockchain, operated by Arya.ag, will be expanded to support other warehousing businesses in the future, with three major banks already joining the network.
Future Vision and Technology Origins
Arya.ag is building a dedicated Layer-1 blockchain based on Avalanche technology and plans to open it to other warehousing companies in the future. The concept of Finternet dates back to a paper published by the Bank for International Settlements (BIS) in 2024, co-authored by Nandan Nilekani and Agustín Carstens, then general manager of BIS, proposing the idea of an interconnected unified ledger for tokenized assets. As of now, officials have not announced the specific official release date or initial deployment scale.
