[Funding alert] Leap India raises Rs 104 Cr in debt from CDC Group
Leap India will use these funds towards building silos in low-income states, the company stated.
Leap India Food and Logistics Private Limited has recently completed its round of debt financing from CDC Group (CDC”), the UK’s development finance institution and Impact Investor.
With a two-fold mission to connect the grain supply chain from farm to business, and to transform itself into a robust agri-silos and logistics platform, Leap India will use these funds towards building silos in low-income states, the company said in a statement.
Speaking about the new development, Anurag Malempati, Founder,said,
“At Leap, our aim is to build a large platform of grain storage sites, which can help FCI (Food Corporation of India) and the private sector make grain storage more efficient with the use of technology and modern storage infrastructure. We support and work towards achieving the second goal of the IFC Sustainable Development Goals which focuses on ending hunger, achieving food security, and improving nutrition and promoting sustainable agriculture by 2030.
Srini Nagarajan, Managing Director and Head of Asia at CDC, said, “CDC is pleased to be investing in Leap India, and partnered on a joint ambition to help address food security challenges, which are intensified by climate change. As a DFI, we understand the integral role that the Food & Agriculture sector plays in ensuring good health, wellbeing, and long-term development across society.
"As such, our investment is aimed at bolstering Leap India’s handling and storage capacity, helping to reduce food loss, and ensuring that the nutritional needs of the low-income households are met," he added.