Leap India Raises INR 104 Crore From CDC Group The fund will go towards building Leap India's agri-silo projects in India's low-income states
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Leap India Food and Logistics completed a round of debt financing from CDC Group (CDC), UK's development finance institution and impact investor. The company has received INR 104 crore from CDC Group. With a two-fold mission to connect the grain supply chain from farm to business, and to transform itself into a robust agri-silos and logistics platform, Leap India will utilise these funds towards building silos in low-income states.
"At Leap, our aim is to build a large platform of grain storage sites, which can help FCI and the private sector make grain storage more efficient with the use of technology and modern storage infrastructure. We support and work towards achieving the Sustainable Development Goals which focuses on ending hunger, achieving food security, and improving nutrition and promoting sustainable agriculture by 2030. CDC's debt investment along with the previously raised equity investments from IFU (A Danish Sovereign Wealth Fund) and Neev Fund, will allow us to expand and reach a critical size, while, at the same time, help us team up with strong foreign institutional investors," said Anurag Malempati, founder of Leap India.
"CDC is pleased to be investing in Leap India, and partnered on a joint ambition to help address food security challenges, which are intensified by climate change. We understand the integral role that the food & agriculture sector plays in ensuring good health, wellbeing, and long-term development of society," said Srini Nagarajan, MD and Head of Asia at CDC.
"As such, our investment is aimed at bolstering Leap India's handling and storage capacity, helping to reduce food loss, and ensuring that the nutritional needs of low-income households are met. Moreover, we hope that our investment in the nascent agri-silo sector will have a demonstration effect in the market and attract greater funding to similar projects over the next five years. Through this commitment, our goal is to help scale responsible businesses that are creating climate mitigating solutions that will ensure communities are fed, economic opportunities increase, while amplifying long-term inclusive development in the society," Nagarajan added.
