The funding, which is IDFC PE’s first in agriculture, was made through the firm’s PE Fund III.
Staragri said the money would be used for expanding their high-quality warehouse network and for creating a pan-India footprint in the allied services market.
IDFC PE has also acquired a significant minority stake in the company, although the size and valuation were not disclosed.
Firm partner Girish Nadkarni said, “Staragri’s unique and innovative model not only protects agricultural produce but also connects farmers to centres of consumption and sources of financing.
“It brings better realisations for farmers and makes available agri-financing at lower cost.
“Bringing prosperity to farmers is in line with IDFC’s ethos of building India.”
IDFC PE managing partner Satish Mandhana said, “Agri services business has the potential to bring positive change to 70 per cent of Indian population who depends on agriculture for livelihood.
“Agri infrastructure and allied services, such as warehousing, irrigation, mechanisation, logistics, etc., address the core of developing India.”
Copyright © 2012 AltAssets
You must be logged in to post a comment.