Aspada Investment Company has promised to invest Rs 20 crore in Mumbai based INI Farms, a horticulture company focused on pomegranates and bananas.
Aspada Investment, a holding company backed with a significant commitment from the Soros Economic Development Fund, has made a commitment of Rs 20 crore to Mumbai’s INI Farms that operates across fresh fruit value chains in specific fruit like pomegranate and banana.
Significantly, INI provides farm extension services to the small-hold farmers along with post harvest management and processing for both domestic consumption and export markets.
Commenting on the matter, Pankaj Khandelwal, Chairman and Managing Director, INI Farms said, "We look forward to working with the Aspada team given their significant experience in investing in India's supply chain and agricultural logistics sectors. Aspada's investment will allow us to continue to build scale in the pomegranate and banana business units while expanding into other fruit categories.”
Known as the leading exporter of pomegranates and banana in India, INI Farms has sales in 19 countries across Europe, Middle East and South East Asia. Earlier, the company has received venture investments from Unilazer Ventures of Bollywood Producer Ronnie Screwvala and Aavishkaar along with angel investors like Pavan Vaish and Ashish Gupta.
With the new investments, INI have big expansion plane, as disclosed by the company.
"Over the next 24 months, we will be expanding our sourcing belts by expanding into adjoining regions of Maharashtra, Madhya Pradesh and Gujarat, while also bolstering farm extension activities and augmenting processing capabilities so as to work with many more small-hold producers to enable market linkages for their produce,” unveiled Purnima Khandelwal, Chief Executive Officer, InI Farms.
Meanwhile, Kartik Srivatsa, Managing Partner of Aspada Investment Advisors shared, “We are partnering with an exceptional team that brings significant management experience in India's fruit value chains. We believe that there is a significant opportunity to organize India's fresh fruit supply chains and deliver quality products directly from farm gate to shelf that are traceable, and safe.”
Aspada Investment Company is one of the active investors of India, with investments across agricultural supply chains and logistics, financial services, and education and healthcare. The company also manages the portfolio of the SONG Fund, an early stage venture capital firm funded by the Soros Economic Development Fund, Omidyar Network and Google.