1 min read.Updated: 09 Nov 2021, 03:54 PM ISTLivemint
The funds will go towards building Leap India’s agri silo projects in India’s low-income states and as a step to building the largest network of grain storage and PFTs
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MUMBAI: Leap India Food and Logistics Pvt. Ltd, on Tuesday said it has completed its round of debt financing, raising ₹104 crore from the CDC Group, the UK’s development finance institution.
The funds will go towards building Leap India’s agri silo projects in India’s low-income states and as a step to building the largest network of grain storage and PFTs in the country, the company said.
Anurag Malempati, founder, Leap India said, “At Leap, our aim is to build a large platform of grain storage sites, which can help FCI and the private sector make grain storage more efficient with the use of technology and modern storage infrastructure. We support and work towards achieving the 2nd goal of the IFC Sustainable Development Goals which focuses on ending hunger, achieving food security, and improving nutrition and promoting sustainable agriculture by 2030."
"CDC’s debt investment along with the previously raised equity investments from IFU (A Danish sovereign wealth fund) and Neev Fund (managed by SBICap Ventures and backed by the UK government through FCDO) will allow us to expand and reach a critical size, while, at the same time, team up with strong, foreign institutional investors.
Srini Nagarajan, Managing Director and Head of Asia at CDC, said, “...our investment is aimed at bolstering Leap India’s handling and storage capacity, helping to reduce food loss, and ensuring that the nutritional needs of low-income household are met. Moreover, we hope that our investment in the nascent Agri-silo sector will have a demonstration effect in the market and attract greater funding to similar projects over the next 5 years. Through this commitment, our goal is to help scale responsible businesses that are creating climate mitigating solutions that will ensure communities are fed, economic opportunities increase, while amplifying long-term inclusive development in the society."