Mumbai: Horticulture platform Sahyadri Farms said on Friday that it raised Rs 390 crore in the funding round led by Responsability and GEF Capital. Existing investors FMO, Proparco, Incofin and Korys also participated in the funding round. Reportedly, the raised money will be utilized to expand climate-resilient patented varieties of table grapes and citrus and augment packhouse and processing capacities for fruits and vegetables (FnV) and value-added products like aseptic, IQF, freeze-dried, juice concentrates and dry fruits.
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Sahyadri Farms raised Rs 390 crore to expand climate-resilient agriculture and enhance processing capacities.
The company operates an end-to-end FnV supply chain from facilitating farmers/FPOs to grow international-quality produce to primary/secondary processing to marketing the products to marquee international and domestic customers. The 2011-founded company has a network of 25,000 farmers, many of whom are also shareholders, and the customers include Tesco, Edeka, Hindustan Unilever Limited and Coca-Cola. It has been actively contributing to climate change adaptation and mitigation through sustainable farming practices like soil regenerative practices, promoting women's participation across its value chain, and reducing its carbon footprint.
Sahyadri Farms Eyes Growth with Funding Boost and Plans for Public Listing
The company first raised Rs 310 crore from external investors in September 2022 from FMO, Proparco, Incoin and Korys. In the last two years, it has nearly doubled its revenue to Rs 1,482 crore in FY24 with healthy profitability. With this additional funding, the business is projected to grow at around 40 per cent yearly over the next five years, the statement said. It plans to go public in the coming years, creating a one-of-its-kind farmers-owned listed company on the Indian stock exchanges.
"Sahyadri Farm's mission has been to change people's outlook towards Indian agriculture by professionalizing farming and making Indian farmers successful entrepreneurs. In doing so, Sahyadri Farms has scaled to become India's largest profitable and sustainable horticulture platform," the company's chairman and managing director, Vilas Shinde, said.
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