NEW DELHI: Open agri network Samunnati on Wednesday said it has secured Rs 41 crore debt funding through an external commercial borrowing from global impact investment advisory firm Enabling Qapital.
The infusion of fresh capital will facilitate Samunnati’s expansion efforts, enabling it to reach a broader spectrum of farmers across India while advancing financial inclusion initiatives, it said in a statement. “Samunnati secures $5 mn (Rs 41 cr) from Enabling Qapital in the first month of FY24-25,” a statement said.
Anil Kumar, founder-group CEO, Samunnati, said, “This strategic funding from Enabling Qapital is a testament to the confidence investors have in the role Samunnati plays in bridging the credit gap for smallholder farmers. With these resources, we are well-positioned to empower countless farmers, drive agricultural progress, and contribute to a more prosperous rural India.”
During 2023-24 fiscal, Samunnati secured Rs 1,291.54 crore in funding, comprising Rs 1,099.82 crore in debt funding and an additional Rs 191.63 crore in equity funding through the pre-series E round. The company had garnered investments from 13 lenders, including USDFC, Credit Saison, Tata Capital, Poonawalla, Hinduja Leyland Finance, Wint Wealth, Altifi, Alteria Capital, and Anicut Capital.