Gurugram-based agritech startup Origo has raised INR 35 Cr debt from Northern Arc Capital and other investors.
The company plans to use the funds to strengthen its trade finance and supply chain and improve agri processes and warehousing facilities.
Origo Commodities and Origo Finance will use the fund for securitising the agricultural markets and streamlining the supply chain mechanism for agri produce in India, the company said in a statement.
Founded in 2010, Origo, through Origo Commodities and Origo Finance, provides solutions for reducing post-harvest losses in the commodity supply chain, including farmers, traders, processors, bulk buyers, warehouse owners and financial institutions.
Additionally, it also helps dairy and small enterprises in rural India obtain required financing to support their businesses. The company has a team of around 1,800 employees across 12 states in the country.
As an agri-supply chain company, Origio has assets under management worth INR 85 Bn, with a storage capacity of more than 3.5 Mn metric tonnes managed by over 1150 employees at its various warehouses.
Earlier, Origo had raised INR 48.5 Cr from Switzerland-based responsAbility, the Netherlands-based Oikocredit’s Indian subsidiary Maanaveeya, and IndusInd Bank.
Its competitors include agritech startups like StarAgri, SLCM, Competent Agri Solutions and Fasal.
Speaking on the funding, Sunoor Kaul, cofounder of Origo Commodities said, “Our partners including Northern Arc Capital have been of great support over the years to Origo’s visions of building a strong ecosystem in the agriculture supply chains. Through the support of Northern Arc and other financial partners, 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 the extent of making commodity supply chains highly efficient.”
While Origo Commodities India (OCI) has raised INR 15 Cr from Northern Arc to expand its Trade Finance, Origo Finance raised INR 20 Cr for development of micro lending avenues and agri supply chain financing.