Samunnati raises Rs 387 crore Series D funding

City-based Samunnati Financial and Intermediation Services Tuesday said it has raised Rs 387 crore Series D funding for its plan to expand into newer geographies, among other requirements. The fundraising was led by global investment manager Nuveen and existing investors -- Elevar Equity, responsibility and Accel Partners co-invest, a company statement said.

Kotak Investment Banking acted as the exclusive financial advisor to Samunnati for the transaction, it said. With the latest raising of funds, the total equity raised by Samunnati was at Rs 587 crore. The funds raised would be utilised for scaling up the current book size and to expand into newer geographies and agriculture value chain.

"We are pleased to welcome Nuveen to our ever-supporting group of investors. This investment will help to continue with our differentiated offerings and enable agricultural value chains to reach a higher equilibrium", Samunnati's promoter and CEO Anil Kumar S G said. "We see a strong potential for alignment between impact investment arm of Nuveen and Samunnati's focus on providing working capital to value chain players", he said.

Samunnati has a presence in 14 states. Since its inception in 2014, the company has disbursed Rs 1,500 crore and has managed assets over Rs 460 crore as of March 2019, it added.