Agritech Leap India raises INR164 Crore in Series B round of funding
The firm aims to build a large platform of grain storage sites that can help FCI and the private sector to make grain storage more efficient
source- public domain(leap-india.com)
Coimbatore based Agritech and logistics firm Leap India Food and Logistics Pvt. Ltd. had recently announced that it has raised INR. 164 crore in Series B funding from the Danish SDG Investment Fund and Neev Fund. Leap India said in a statement that the Danish SDG Investment fund is a fund that is managed by Investment Fund for Developing Countries (IFU).
The startup plans to connect grain supply chain from farm to business, and also to transform itself into a robust Agri-Silos and Logistics platform. Leap India would look forward to utilizing these funds towards a tangible future growth.
Leap India promoters have said that SDG Fund’s investment, along with round two of investment from the Neev Fund that would be backed by the UK Government’s Department of International Development (DFID) and State Bank of India. This would allow people to expand and reach a critical size, and also team up with strong, foreign institutional investors.
The founders state that the aim of Leap is to build a large platform of grain storage sites. This can help FCI and also the private sector to make grain storage more efficient with the use of technology and modern storage infrastructure.
Investors both from Neev Fund and IFU said that they are addressing one of India’s most pressing challenges, to improve food storage efficiency and reduce undernourishment. They even said that this fructifies the investors’ fidelity to the Sustainable Development Goals of poverty alleviation by doubling farmer income through food security in India.