Gramco Infratech raises $2.3M from Samridhi Fund
Aug 26, 2013
BY Bruhadeeswaran R
The firm plans to increase the number of farmers it serves from 700-800 to 10,000 by 2015. Gramco Infratech Pvt Ltd (Gramco), a rural-focused company that creates infrastructure to support farmers, secured its first-round of equity funding of Rs 15 crore ($2.3 million) from Samridhi Fund. Gramco will use these funds to construct agri-warehouses in Madhya Pradesh and to meet its working capital requirements. Indore-based three-year old Gramco primarily operates from the vicinity of villages and producing areas where it is involved in creating and leasing full service agri-infrastructure to the farmers. Currently, it owns two multi-service facilities near Indore and plans to set up another 11 by FY15, increasing the number of farmers it serves from 700-800 to 10,000 by 2015. The infrastructure it provides spans across inputs, warehousing, collateral finance and contract farming/seed production, fully automated handling/cleaning/grading and procurement of agri-commodities by creating market links for farmers. The Samridhi Fund was launched as a private sector development programme by UK-based Department for International Development (DFID) in partnership with Small Industries Development Bank of India (SIDBI). The fund has a targeted corpus size of around Rs 600 crore ($100 million) and recently its first close saw nearly 85 per cent of the commitment from DFID (see: SIDBI Ventures makes first close of Samridhi Fund at $58M ). Intellecap's investment banking vertical acted as the sole financial advisor for the transaction. (Edited by Joby Puthuparampil Johnson)
Gramco Infratech Pvt. Ltd.
Gramco Infratech Pvt. Ltd. is engaged in providing agricultural supply chain and farm infrastructure services. It offers agri inputs and nutrients, contract farming and seed multiplication program, procurement, warehousing, value-addition, collateral management and warehouse receipt finance services. The company was founded in 2009 and is based in Indore, Madhya Pradesh. Head office: