Samunnati becomes first agriculture NBFC to raise five offshore debt investment

Samunnati Financial Intermediation and Services Pvt Ltd Tuesday said it has successfully executed issuance of non-convertible debentures (NCDs) aggregating Rs 33 crore. With this investment, the city-based firm has become the first early-stage agriculture non-banking finance company to raise five offshore debt investments, within a span of seven months, the company said in a statement.

The funds would be utilised to build the portfolio by financing the working capital requirements of small-holder farmer organisations and agri-enterprises, the statement said. The NCDs were subscribed by two investment funds managed and advised by Symbiotics, an investment firm, dedicated to inclusive and sustainable finance in emerging and frontier markets.

"We are pleased to on-board Symbiotics as a partner in enabling agricultural value chains to reach a higher equilibrium," company founder-CEO Anil Kumar SG said. "We see a strong mission alignment between Samunnati's focus on providing working capital solutions to value chain along with market linkages and advisory services...," he said. Samunnati has a presence in 14 states focusing on 34 value chains. Since 2014, it has disbursed over Rs 1,600 crore worth of credit, it added.

(With inputs from agencies.)