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Samunnati, an early stage agri-NBFC, has raised Rs 33 crore debt from impact-focused investment firm, Symbiotics. The non convertible debentures (NCDs) were subscribed by two investment funds managed and advised by Symbiotics.
With this investment, Samunnati becomes the first early-stage agri NBFC to raise five offshore debt investments within a span of 7 months. The funds raised will be utilised to finance small-holder farmer organisations and agri-enterprises.
Since its launch in 2014, Samunnati has so far disbursed over Rs 1,600 crore worth of credit, impacting 2 million farmers, indirectly. Announcing the fund raise, Anil Kumar SG, founder & CEO, Samunnati Financial Intermediation & Services said, “We see a strong mission alignment between Samunnati's focus on providing working capital solutions to value chain actors along with market linkages and advisory services and Symbiotics' stated mission of providing under-served businesses with access to capital.”
Commenting on the investment, Daniel Schriber, Head of Investments at Symbiotics, said, “We look forward to championing the development and growth of small-holder farmer organisations and agri-enterprises along the agricultural value chain in India.”
In India, agri-value chains continue to face immense constraints in accessing formal financial services. It is estimated that only 30 per cent of the total agriculture demand in India is met by institutional credit.
For Symbiotics, the transaction in Samunnati serves as another landmark in providing access to capital for small agri businesses in India as the investee promotes innovative financial solutions to meet working capital requirements of agricultural value chain actors in India, making it an unique investment.
srivats.kr@thehindu.co.in
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