The deal will help to build Suumaya Agro as a holistic agribusiness and drive the sector significantly
Suumaya Industries, an emerging diversified conglomerate group having recently ventured into agri-commodity business, has acquired 51 per cent stake in payAgri Innovations, a tech-driven agri and food business company for an undisclosed valuation.
The company through our wholly-owned subsidiary Suumaya Agro is acquiring payAgri, a fast-growing ‘Seed 2 fork’ start-up poised to become a global leader in agri and food business. This will enable Suumaya Agro to gain a strong foothold in the agri value chain business in India. Agri business is witnessing strong traction. We would be differentiating our approach in the entire Agri Value Chain and endeavour to be a dominant player in the segment.”
Ushik Gala, CMD, Suumaya Industries said, “Suumaya Industries has embarked onto an ambitious journey with Suumaya 2.0 Strategy. Diversifying into the agri business is a new pathway for the company which is unfolding new opportunities and markets for us. Agri business has been instrumental in the robust financial performance of the company. In line with this vision, the company is also exploring various inorganic opportunities to be recognised as a significant player driving the sector in unchartered frontiers.”
Gala added, “The capital infusion by Suumaya Industries will help drive the growth and expansion of payAgri as a farmer-centric value chain focussed hybrid bulk and retail supply chain, model. We are excited to partner with Rajkumar KVM and Rajeev Kaimal, both first-generation entrepreneurs, who have created a strong business through their market acumen and perseverance. There is a great synergy as it will give access to Suumaya in the Southern markets, entry into higher value agri commodities as well as a wider range of customers and a vast access to the farmer’s network which are the key strengths of payAgri.”
KVM Rajkumar, Co-Founder & MD (Bulk Value Chain Business), payAgri Innovations said, “We are building a unique and workable ‘seed to fork model’ with a focus on spices and grain value chains. We are excited to see the acceptance and appreciation from our B2B customers, especially Food Processing MSME customers for our quality and supply reliability. We plan to scale up our bulk value chain business by on-boarding 100+ MSME & Overseas buyers and increase our wallet share to min. 50 per cent of their procurement requirements in the coming 12 months.”
The investment will help in critical farm-gate and supply chain infrastructure, expand the FarmConnect Hubs within and outside India and also strengthen tech platforms.
Rajeev G Kaimal, Co-Founder & MD (Products & FinTech Business), payAgri Innovations said, “With this investment support from Suumaya, we aimed to take this model across geographies in the coming months and establish ourselves as a prominent player in the Agri Value Chain space providing unique tailor-made market and financial solutions to the various value chain players.”
