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Samunnati Financial Intermediation and Services Pvt Ltd, a non-banking financial company (NBFC) that provides customised financial and non-financial solutions to farmers, has announced that it has raised ₹387 crore through Series D funding.
The funding is led by Nuveen, the investment management arm of Teachers Insurance and Annuity Association of America (TIAA), and also saw the participation of existing investors such as Elevar Equity, responsAbility, and Accel Partners. Kotak Investment Banking acted as the exclusive financial advisor to Samunnati for this transaction. “As a non-bank operating in 14 States, we look at this round of funding as our growth capital to expand to more geographies and to go deeper into the value chains that we are already operating,” said Anil Kumar SG, Promoter and CEO, Samunnati.
Anil said the company will focus more on agriculturally-active States in central and northern India, besides focussing on Karnataka, Andhra Pradesh and Telangana in the southern region. “We are also looking at the North-East, which is a virgin territory in terms of market linkage perspective,” Kumar added.
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