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Agri-tech firm offers finance and commerce solutions to farmers’ collective and agricultural enterprises. The loan size ranges from Rs 5,000 to Rs 20 crore at an interest of 13-18 percent.
Agri-tech firm Samunnati plans to raise $100 million in its Series E round by March as it looks to expand business across newer geographies.
“A bulk of this would be deployed in expanding the business, deepening technology, and hiring tech talent,” Anilkumar SG, Founder and CEO, told Moneycontrol in an interaction, adding that the company has hired Kotak Investment Banking and InCred Cantor for the deal.
Founded in 2014, Samunnati offers finance and commerce solutions to farmers’ collective and agricultural enterprises in India.
The company claims to have processed a gross transaction value (GTV) of Rs 2,650 crore cumulatively across agri-ecommerce and agri-finance in the financial year 2021. It aims to double this by the end of the current fiscal.
Samunnati’s lending size ranges from Rs 5,000 to Rs 20 crore which it offers at an interest of 13-18 percent. The company has presence across 22 states in India with access to 1,500 farmer collectives that have over 6 million farmers.
The aim is to help the Farmer Producer Organisations across the country meet the supply of markets by providing aggregation, market linkages, and advisory services.
The company last raised around $12 million in a debt round of funding from Entrepreneurial Development Bank and Triodos Fair Share Fund and Triodos Microfinance Funds. They are the two financial inclusion funds managed by Triodos Investment Management.
In 2019, it had announced a $55-million Series D funding round which was led by global investment manager Nuveen. Existing investors Elevar Equity, and Accel Partners also invested in the round.
