Non-banking financial company Samunnati Financial Intermediation and Services Pvt. Ltd is in talks with private equity firms General Atlantic and Warburg Pincus to raise around $70 Mn, two people aware of the development said.
Bengaluru, 14 Jan, 2019. RedNewswire/-
The fundraise will help the agri-focused lender scale up its loan book and expand network. Investment bank Kotak Mahindra Capital is advising Samunnati on the fundraise, report said.
Samunnati was founded in 2014 by Anil Kumar S.G., a banker with more than 27 years of experience with banks such as ICICI Bank and Canara Bank.
The company is a specialized Agri Value Chain enabler that provides innovative and customized financial and non-financial solutions.The company began active operations as an NBFC from July 2016.
The development comes exactly a year after Samunnati raised Rs 150 crore from Swiss impact investor responsAbility Investments AG and existing investors Accel and Elevar Equity.
Samunnati claims on its website that it has disbursed over ₹1,000 crore in loans till date and has an outstanding loan portfolio of ₹380 crore. The lender operates across 12 states, catering to 34 agricultural value chains.