[Funding alert] Origo raises Rs 35 Cr debt from Northern Arc Capital, others
Agritech supply chain and trade finance firm Origo on Monday said it had raised Rs 35 crore debt from Northern Arc Capital and other investors.
Origo provides end-to-end agriculture supply-chain solutions such as procurement, storage, and financing.
Origo group firms Origo Commodities and Origo Finance will use the fund for securitising agricultural markets and streamlining the supply chain mechanism for agri produce in India.
Origo Commodities India (OCI) has raised Rs 15 crore from Northern Arc while Origo Finance raised Rs 20 crore for development of micro-lending avenues and agri supply chain financing.
The funding will help Origo to improve agri processes, warehousing, and accessibility for lakhs of Indian farmers in dire need of tech-enabled services. Origo has managed 25 million tonnes of commodities and reduced food grain wastage of 3 million tonnes so far.
Sunoor Kaul, Co-founder, Origo Commodities, said, "Through the support of Northern Arc and other financial partners, we aim to serve the agri ecosystem by providing solutions that can take care of all commodity needs for procurement, financing, and warehousing."
Origo Commodities manages assets worth Rs 8,500 crore and is present in 12 states in India.
Through its trade finance platform, TradeFi, Origo enables trade and trade finance for better price discovery and a national platform for agri commodities.
“We have been working with Origo Commodities for over five years and are excited to have played an important role in supporting their mission to build a robust commodity supply chain that can benefit farmers, FPOs, and processors. The efficiency from their solutions can have a positive impact on the entire agri supply chain ecosystem in the long run,” said Kshama Fernandes, Managing Director and Chief Executive Officer, Northern Arc Capital.
(Disclaimer: Additional background information has been added to this PTI copy for context)
Edited by Teja Lele