Chennai-based early stage agri-NBFC Samunnati raises debt capital from SymbioticsDebolina Biswas
Samunnati Financial Intermediation and Services becomes the first early-stage agri-NBFC to raise five offshore debt investments within seven months.
Following the execution of insurance of Non-Convertible Debentures (NCDs), Chennai-based Samunnati Financial Intermediation and Services becomes the first early-stage agri Non-Banking Financial Company (BBFC) to raise five offshore debt investments within seven months.
The company raised Rs 33 crore debt from Symbiotics on Tuesday by issuing Non-Convertible Debentures (NCDs).
Samunnati will be using the freshly raised funds to finance the capital requirements of small-holder farmer organisations and agri-enterprises across the value chain and build its portfolio.
Anil Kumar SG, Founder and CEO of Samunnati Financial Intermediation and Services, said:
"We are pleased to on-board Symbiotics as a partner in enabling agricultural value chains to reach a higher equilibrium. 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 Sumbiotics' states mission of providing under-served business with access to capital."
Earlier this year, Samunnati had raised $5 million in debt funding from Dutch development bank FMO, by issuing NCDs.
Samunnati was launched in 2014 to provide financial intermediation, market linkages and advisory services to individuals across the agriculture value chain. The company offers working capital loans to Community Based Organisations (CBO) and receivable finance to Agri-SMEs.
Since inception, Samunnati has expanded to 14 states and they focus on 34 value chains. So far, the company has disbursed credit worth more than Rs 1,600 crore.
Market access platform for impacting investment, Symbiotics, has over the years, structured 3,683 investment transactions on behalf of 452 companies.
Commenting on the investment, Daniel Schriber, Head of Investments at Symbiotics, said:
"We are delighted to establish this new partnership with such an innovative company as Samunnati and look forward to championing the development and growth of small-holder farmer organisations and agri-enterprises along the agricultural value chain in India."