New Delhi, Feb 5 () Agricultural warehousing and logistics firm Leap India Food and Logistics Pvt Ltd on Wednesday said it has raised Rs 164 crore in Series-B funding from the Danish SDG Investment fund and Neev Fund.
The Danish SDG Investment fund is a fund managed by Investment Fund for Developing Countries (IFU), Leap India said in a statement.
With a twofold mission to connect the grain supply chain from farm to business and to transform itself into a robust Agri-Silos and Logistics platform, Leap India will utilise these funds towards tangible future growth, it added.
"SDG Fund's investment, along with round two of investment from the Neev Fund, backed by the UK Government - Department for International Development (DFID) and State Bank of India, will allow us to expand and reach a critical size, while, at the same time, team up with strong, foreign institutional investors," Leap India promoters said.
At Leap, the aim is to build a large platform of grain storage sites, which can help FCI and the private sector to make grain storage more efficient with the use of technology and modern storage infrastructure, they added.
"By investing in Leap, we are addressing one of India's most pressing challenges, namely helping to improve food storage efficiency and reduce undernourishment, while having secured an attractive risk vs. return profile in the deal," IFU, South Asia VP Deepa Hingorani said.
In a similar vein, Neev Fund CIO Manav Bansal said: "We welcome the Danish SDG Investment Fund as a partner and co-investor in Leap India. This fructifies our fidelity to the Sustainable Development Goals of poverty alleviation by doubling farmer income through food security in India."
The investment positions Leap India as a trailblazer in defining the food infrastructure industry, which is the next sunrise industry of Asia, he added.
Neev Fund was the first investor in Leap India and has also invested alongside the Danish SDG Investment Fund in this round. AKT SHWSHW
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