Samreen Ahmad · · 1 min readAccel-backed agritech startup eyes $100m fundraise
Samunnati, an India-based agritech startup, is in talks to raise US$100 million from new and existing investors in a series E round.
Team Samunnati with farmers / Photo credit: Samunnati
The company has onboarded financial firms Kotak Security and InCred Mape (Cantor Fitzgerald) to assist it during the latest round and beyond, Anilkumar SG, Samunnati’s founder and CEO, told Tech in Asia in an email.
The startup will use the fresh funds to attract talent and expand its offerings in agrifinance and agricommerce, with a deeper investment in technology. “Our vision is to positively impact one in every four farmer households by 2027,” said Anilkumar.
Founded in 2014, the startup is on a mission to create an agricultural network to unlock the more than trillion-dollar potential of Indian agriculture, with smallholder farmers at the center of its plans.
Apart from providing short-term loans to farmers and farm-related groups, the firm aims to support smaller farmers by helping them with financial literacy, market awareness, business plan, and leadership preparation.
See also: Indonesian agritech is pandemic-proof, but here are the warning signs
Present in nearly 22 Indian states, Samunnati has nearly 6 million farmers in its network so far.
In 2019, Samunnati raised US$55 million from Nuveen, Elevar Equity, and Accel Partners in a series D round.
Editing by Collin Furtado and Arpit Nayak
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