Leap India Food and Logistics Private Limited (“Leap India”) has recently completed its round of Debt Financing from CDC Group (“CDC”), the UK’s development finance institution and Impact Investor. With a twofold 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.
Anurag Malempati, Founder, Leap India said, “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 2nd goal of the IFC Sustainable Development Goals which focuses on ending hunger, achieving food security, and improving nutrition and promoting sustainable agriculture by 2030.”
He further said, “CDC’s debt investment along with the previously raised equity investments from IFU (A Danish Sovereign Wealth Fund) and Neev Fund (managed by SBICap Ventures and backed by the government of UK through FCDO) will allow us to expand and reach a critical size, while, at the same time, team up with strong, foreign institutional investors. As India and UK launch new initiatives at the current COP26 summit, we believe it is a great match with the timing just right to support the climate initiative. Welook forward to taking Leap to the next level, together with our investors”
Srini Nagarajan, Managing Director and Head of Asia at CDC, said, “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. As a DFI, we understand the integral role that the Food & Agriculture sector plays in ensuring good health, wellbeing, and long-term development of across society.”
“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 household 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 5 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,” he added.