Gramco Infratech Private Limited, a rural-focused company that creates infrastructure to support farmers, secured a first-round equity funding of R15 Cr from Samridhi Fund. The funds raised will be used to construct agri-warehouses in Madhya Pradesh and to meet its working capital requirements.
Gramco also plans to utilise the funds to scale up the number of farmers it serves from 800 to 10,000 in 2 years.
Intellecap was the sole financial advisor to the deal.
Incorporated in 2010 and based out of Indore, Gramco Infratech is in the business of creating / leasing full service agri-infrastructure.
It offers complete bouquet of services in the vicinity of villages and producing areas - spanning across inputs, warehousing, collateral finance, contract farming/seed production, fully automated handling / cleaning / grading and procurement of agri-commodities by creating strong market linkages for farmers.
The company owns two multi service facilities near Indore and plans to set-up another 11 by FY' 15. It aims to increase the number of farmers served from the current 700-800 to 10,000 by 2015.
The Samridhi Fund was launched as a private sector development programme by Department for International Development (DFID) in partnership with Small Industries Development Bank of India (SIDBI).
Canara bank is planning to take over the assets and liabilities of the distressed Amanath Cooperative Bank, BS stated. The bank is awaiting the due diligence report of the Bangalore based cooperative bank to finalise its decisions.