The Aspada Investment Company, backed by Soros Economic Development Fund, has made a commitment to invest Rs 20 crore in Mumbai-based InI Farms Pvt Ltd, which operates across fresh fruit value chains in crops such as pomegranate and banana, the investor said in a statement. InI Farms provides farm extension services for small-hold farmers coupled with post harvest management and processing for both domestic consumption and export markets. The company has previously received venture investments from Unilazer Ventures (Ronnie Screwvala) and Aavishkaar along with angel investors like Pavan Vaish and Ashish Gupta.
"We look forward to working with the Aspada team given their significant experience in investing in India's supply chain and agricultural logistics sectors. Aspada's investment will allow us to continue to build scale in the pomegranate and banana business units while expanding into other fruit categories", said Pankaj Khandelwal, Chairman and Managing Director of InI Farms.
"Over the next 24 months, we will be expanding our sourcing belts by expanding into adjoining regions of Maharashtra, Madhya Pradesh and Gujarat, while also bolstering farm extension activities and augmenting processing capabilities so as to work with many more small hold producers to enable market linkages for their produce", said Purnima Khandelwal, Chief Executive Officer of InI Farms.
"We are partnering with an exceptional team that brings significant management experience in India's fruit value chains. We believe that there is a significant opportunity to organize India's fresh fruit supply chains and deliver quality products directly from farm gate to shelf that are traceable, and safe," said Kartik Srivatsa, Managing Partner of Aspada Investment Advisors.
InI Farms is a leading exporter of pomegranates and banana from India and has sales in nineteen countries across Europe, Middle East and South East Asia. InI is fully compliant with domestic and international food safety standards and amongst the first few Indian companies with social compliance certifications.
The Aspada Investment Company is a holding company backed with a significant commitment from the Soros Economic Development Fund (SEDF). The firm is an active investor in India, with investments across agricultural supply chains and logistics, financial services, and education and healthcare. Aspada also manages the portfolio of the SONG Fund, an early stage venture capital firm funded by the Soros Economic Development Fund, Omidyar Network, and Google.