Agri-logistics firm Sohan Lal Commodity Management (SLCM) today said it has raised Rs 100 crore from private equity players Creation Investments and Everstone Capital.
The fund will be utilised in its NBFC arm Kissandhan.
"Sohan Lal Commodity Management has raised Rs 100 crore in the fourth round of private equity funding led by Creation Investments Capital Management, and existing investor, Everstone Capital," SLCM said in a statement.
SLCM has already been backed by private equity funds Everstone Capital, Mayfield Advisors, Nexus Venture Partners and Emerging India Fund of ICICI, in prior successful rounds of funding.
"The company plans to utilise funds for its NBFC, Kissandhan eyeing a three-fold growth of 300 per cent in loans disbursement by the end of this fiscal and its expansion to global markets," it added.
SCLM Group's agri-financing arm 'Kissandhan' has already achieved a total disbursement figure of about Rs 250 crore in just 15 months of existence.
The company plans to expand the warehouse management network from current 760 to 1500 warehouses pan-India.
After successfully demonstrating the 'Integrated Asset Light Agri-Logistics' model in India, the group started providing services in Myanmar from last year.
SLCM's Promoter and Group CEO Sandeep Sabharwal said: "We welcome Creation Investments on board and believe our partnership will be a catalyst for the company's future plans."
"We will leverage our operational expertise with the knowledge of Creation Investments which have invested in, and possess in-depth insight of financial solution providers, across Asia and other developing economies," he added.
Ken Vander Weele, Co-Founder & Partner of Creation Investments Capital Management said: "We are pleased to enter the agricultural services sector in India via this investment of growth equity in SLCM."
At present, SLCM manages a technology enabled network of more than 760 warehouses and 17 cold storages pan-India with a total capacity of over 1.77 million tonnes spread over 9.66 million sq ft area.
It has been handling more than 157 agri-commodities including cotton, barley, bajra, castor seeds, wheat, pulses, maize, spices, aloe vera, etc across India.
