NEW DELHI, Dec 24: Agri-logistics firm Sohan Lal Commodity Management’s (SLCM) NBFC arm Kissandhan Monday said it has raised Rs 29 crore through an issue of non-convertible debentures (NCDs) to Geneva-based Symbiotics Group.
The debentures were subscribed by AAV Sarl, an affiliate of global impact investment company Symbiotics Group.
“Getting funding from large foreign institutions like Symbiotics Group is a testament of the confidence on the sector and our organisation,” SLCM Group CEO Sandeep Sabharwal said.
The funds would be used to finance farmers against warehouse receipts, he added.
SLCM said it took agriculture financing initiative by making a forward integration into warehouse receipt financing in March 2014 with its NBFC Kissandhan that provides loans against storage receipts of agri commodities.
Kissandhan offers financing solutions irrespective of the balance sheet of the borrower, the company said, adding that the emphasis is purely on the agri collateral (the crop) that the borrower pledges.
In a short tenure, Kissandhan has already financed more than Rs 1,751 crore for multiple commodities pan India. It has impacted about 3,83,380 farmers till November 2018.
SLCM is equipped with technology to offer storage and protection services for the entire range of agri-commodities. The company has been handling about 921 agriculture commodities including rice, wheat, maize, mustard, pulses, cotton, barley, bajra, castor seeds, spices, etc.
It manages a technology-enabled network of more than 3,012 warehouses and 19 cold storages pan India spread over 51.20 million sq ft. (PTI)
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