Origo raises Rs 35 cr venture debt
Hyderabad: Agritech supply chain and trade finance company Origo has received a fresh round of debt funding from capital investment firm Northern Arc Capital, and others.
Origo provides agriculture supply-chain solutions such as procurement, storage, and financing. Through the debt funding, the commodities arm Origo Commodities, and the finance arm Origo Finance, will be able to carry out the intended plans of securitising the agricultural markets and streamlining the supply chains mechanism for agri produce in India.
Origo Commodities India (OCI) has raised Rs 5 crore from Northern Arc as an investment dealing to expand its Trade Finance while Origo Finance raised Rs 20 crore for development of micro-lending avenues and agri supply chain financing.
Prior to the funding announcement, Origo had already concluded a securitised transaction through the purchase of maize from Bihar, worth Rs 7 crore.
Including the securitisation transaction, Origo plans to increase its trade finance volumes to Rs 400 crores this fiscal year. The funding received by Origo will help them improve agri processes, warehousing, and accessibility to Indian farmers in need of tech-enabled services in the country.
The financing will aim at helping rural entrepreneurs rejuvenate their businesses in the pandemic.
So far, Origo has managed 25 million tonnes of commodities, reducing food grain wastage of 3 million tonnes, which has brought down CO2 emissions by 2.3 mega tonnes, a release said.
Sunoor Kaul, co-founder of Origo Commodities said, “We aim to serve the agri ecosystem by providing solutions that can take care of all commodity needs for procurement, financing and warehousing. Our trade partners see value in consolidated services that we provide, and we hope to grow to make commodity supply chains efficient.”
Kshama Fernandes, MD and CEO, Northern Arc Capital –said, “We have been working with Origo Commodities for over five years and have played a role in building a robust commodity supply chain which can benefit farmers, FPOs and processors.”
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