Agri-tech firm Samunnati plans to raise $100 million in Series E round
Samunnati plans to raise $100 million in its Series E round by March as it looks to expand business across newer geographies.
Founded in 2014, Samunnati offers finance and commerce solutions to farmers' collective and agricultural enterprises in India.
The company claims to have processed a gross transaction value (GTV) of Rs 2,650 crore cumulatively across agri-ecommerce and agri-finance in the financial year 2021. It aims to double this by the end of the current fiscal.
Saminnati's lending size ranges from Rs 5,000 to Rs 20 crore which it offers at an interest of 13-18 percent. The company has presence across 22 states in India with access to 1,500 farmer collectives that have over 6 million farmers. In 2019, it had announced a $55-million Series D funding round which was led by global investment manager Nuveen. Existing investors Elevar Equity, and Accel Partners also invested in the round.