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Home > PE News > By PE Sector > Venture/Growth Capital

Nine Rivers Capital takes $7m stake in Indian agribusiness Nine Rivers Capital takes $7m stake in Indian agribusiness

12 Mar 2010. Source: AltAssets
India-focused private equity firm Nine Rivers Capital has taken a $7m stake in Global AgriSystem Private (GAPL), a New Delhi agribusiness supply chain specialist. The promoters of GAPL also participated in the funding round to strengthen the company’s capital base.

GAPL provides procurement, storage, processing and distribution services for the fresh fruits and vegetables sector, currently operates six bases in various parts of the country and has expressed plans to expand its footprint to 20 or more over the next three years. According to the company, the demand for all-season availability of produce is increasing in India in light of the country’s growing wealth and emerging middle class.

Kunal Kumthekar, director and founder of Nine Rivers Capital, said, "We are pleased to be associated with GAPL and believe that the company is uniquely positioned to benefit from the opportunities in the food and agri space. Where the majority of market participants are focused on creating cold storage infrastructure, we found GAPL’s business model far differentiated.”

Last year, Nine Rivers paid $10m for a minority stake in Pranav Construction Systems, an Indian formwork engineering company.

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