CHENNAI, May 28: City-based Samunnati Financial
and Intermediation Services Tuesday said it has raised Rs 387
crore Series D funding for its plan to expand into newer
geographies, among other requirements.
The fund raising was led by global investment manager
Nuveen and existing investors — Elevar Equity, responsAbility
and Accel Partners co-invest, a company statement said.
Kotak Investment Banking acted as the exclusive financial
advisor to Samunnati for the transaction, it said.
With the latest raising of funds, total equity raised by
Samunnati was at Rs 587 crore. The funds raised would be
utilised for scaling up the current book size and to expand
into newer geographies and agriculture value chain.
“We are pleased to welcome Nuveen to our ever-supporting
group of investors. This investment will help to continue with
our differentiated offerings and enable agricultural value
chains reach a higher equilibrium”, Samunnati’s promoter and
CEO Anil Kumar S G said.
“We see a strong potential for alignment between impact
investment arm of Nuveen and Samunnati’s focus on providing
working capital to value chain players”, he said.
Samunnati has a presence in 14 states. Since its
inception in 2014, the company has disbursed Rs 1,500 crore
and has managed assets over Rs 460 crore as of March 2019, it
added. (PTI)
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