Mumbai: Mayfield India and Nexus Venture Partners invested Rs 35.5 crore in Delhi-based Sohanlal Commodity Management Pvt. Ltd (SLCM), an agri-commodity logistics and procurement company.
The funds will be used by the company for expansion – to invest in IT and add further warehousing capacity.
Explaining the rationale behind the investment, Nikhil Khattau, managing director, Mayfiled and who will be joining the board of SLCM said, “The agricultural logistics industry in India, after stagnating for half a century, is now going through a structural change.” In June 2010, Nexus had invested Rs 10 crore in the company.
Sandeep Singhal, managing director, Nexus Venture Partners said, “The additional capital will accelerate the momentum in adding new commodities, new markets and new clients.”