CDC Group, the UK’s development finance institution (DFI) and impact investor, has closed a Rs 104 crore debt financing round in Leap India Food and Logistics Pvt Ltd, a warehousing and agricultural logistics.
Leap India will use the funds to build silos in low-income states as the company seeks to transform itself into an agri-silos and logistics platform, she said in a statement.
Algo Legal, a full-service law firm, was legal counsel to Leap India, while CDC was advised by J Sagar Associates.
“CDC’s debt investment as well as previously raised equity investments from IFU (a Danish sovereign wealth fund) and Neev Fund (managed by SBICap Ventures and supported by the UK government) will allow us to grow and reach critical mass, while at the same time teaming up with strong foreign institutional investors, ”said Anurag Malempati, founder of Leap India.
Leap India was founded in 2017 by Malempati, Rajeev Karthikeyan and Nikhila Karthikeyan and is headquartered in Coimbatore, Tamil Nadu. The company is engaged in the development of food storage silo terminals and logistics infrastructure for the private sector and the Food Corporation of India (FCI).
Leap India is currently developing 9 locations for Rs 700 Crore for the FCI under a public-private partnership mode. In 2020, IFU and Neev Fund had invested in Leap India as part of a Series B funding round, bringing the total amount of equity raised to Rs 200 crore.
Leap India joins CDC’s portfolio of more than 1,000 companies in emerging economies, with total assets of $ 9.3 billion. In 2020, CDC committed more than $ 1.5 billion to companies in Africa and Asia and plans to invest up to $ 1.75 billion in 2021.
The group has also committed over $ 1 billion in climate finance over the past four years and by October it had invested $ 70 million in the Green Growth Equity Fund (GGEF), India’s first fund dedicated to climate change. .
“Through this commitment, our goal is to help develop responsible businesses that create climate mitigation solutions that will ensure communities are nurtured, economic opportunities increase, while amplifying long-term inclusive development in the company, ”said Srini Nagarajan, managing director and head of Asia at CDC.