Delhi based agri logistics group Sohan Lal Commodity Management (SLCM)s NBFC arm Kissandhan on Friday announced raising of Rs 29 crores through an issue of non-convertible debentures (NCDs) that were subscribed by AAV Sarl, an affiliate of global impact investment company Symbiotics Group.
On the achievement Mr. Sandeep Sabharwal, Group CEO, SLCM said, "We have been the pioneers in the field of post-harvest logistics & agri-financing in India. Getting funding from large foreign institutions like Symbiotics Group is a testament of the confidence on the sector and our organization. It reaffirms our commitment and we will use this funding for reaching out to Agri fraternity to offer them our Financing solutions and help improve their lives.”
SLCM 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 just within 24 hours, the emphasis is purely on the agri collateral (the crop) that the borrower pledges.
“With the launch of Kissandhan, continuing the ritual, we again became the first company in this sector to provide finance against farm products after arriving at valuation of the goods stored, using collateral at risk model. Till now, Kissandhan has disbursed loans worth Rs 1,751 crores to different segments & brought real inclusive growth through availability of credit on agriculture commodities to about 3,83,380 farmers based on an internal study in about 4 years of operations and serviced over 42,225 storage receipts at 307 warehouses till 30th November 2018,” Sandeep further stated.
Geneva-headquartered Symbiotics Group is an investment company that focuses on emerging, sustainable and inclusive finance.
Original Article
[contf]
[contfnew]
ET Markets
[contfnewc]
[contfnewc]
