Samunnati raises Rs 90 Cr in debt to provide loans to FPOs, agri-businesses
FMO and Triodos IM have committed EUR 5 million each in debt to Samunnati Financial Intermediation & Services Pvt Ltd.
Agritech start up Samunnati has announced that it has raised EUR 10 million (around Rs 90 crore) in debt to provide loans to farmer producer organisations (FPOs) and SME agri businesses.
Chennai-based Samunnati said in a statement it has raised EUR 10 million from FMO–Entrepreneurial Bank as well as Triodos Fair Share Fund and Triodos Micorfinance Funds, the two financial inclusion funds managed by Triodos Investment Management (Triodos IM).
"FMO and Triodos IM have committed EUR 5 million each in debt to Samunnati Financial Intermediation & Services Pvt Ltd, a non-banking financial company (NBFC) in India, to help the company expand financing and technical assistance to low-income farmers and enterprises throughout the agricultural value chain in India," the stated the company.
"The company plans to use the funds to make loans to FPOs and SME agri businesses that are currently underserved by the formal financial system," company said in statement.
Anilkumar SG, Founder and CEO, Samunnati said, “Samunnati is working with FPOs on the supply side and agri Enterprises on the demand side across 19 states in India. We are delighted to partner with FMO and Triodos Bank as this will help us further offer customized financial solutions, using social and trade capital, to FPOs and SMEs, enabling the agri value chain to operate at a higher equilibrium."