Exclusive: Nimit Finance picks 50% stake in Vadodra-based Avity Agrotech

Ahmedabad-based Nimish Finance Pvt Ltd, has picked up 50 per cent stake in Avity Agrotech Pvt Ltd, company’s top executive told DEALSTREETASIA.

However, he declined to share the value of the deal which was closed two-three months ago. As part of the investment, Miten Manchanda, partner at Nimit Finance, has joined Avity Agrotech’s board.

“We have been using the money for expanding our infrastructure, add some machines to increase our production,” said Amit Pandya, director, Avity Agrotech.

Earlier, Avinash Manchanda, MD Nimish Finance, had public limited company in the oil and gas space which he divested to a private equity player. At Nimit Finance, he manages investments in the unlisted space (micro and small enterprise). Prior to this, he has served as the MD of Asian Oilfield Services Ltd.

The deal was done through SMERGERS, a private market network for businesses, investors, acquirers, lenders, M&A advisors and boutique investment banks.

“At times when heavily funded startups are killing traditional SME businesses, this deal is a welcome change. On SMERGERS.com, it’s great to see investor interest in small businesses, which target real sectors impacting the economy. Even though agriculture is the largest contributor to India’s GDP, technological innovation in this sector has been insignificant. We wish Avity Agrotech the very best in their journey of making a positive impact to the Agri sector,” said Vishal Devanath, MD, SMERGERS.com.

Avity Agrotech was incorporated in 2005 and is engaged in manufacturing and supplying of plants for cleaning, grading, separation, hulling and classification of seeds, spices, oil seeds and grains.spices, oil seeds and grains. It also manufactures and supplies individual machines like screen graders, drum graders, pressure de-stoners, vacuum de-stoners, gravity separators, air classifiers, spices crushers, garlic de-podders, maize de-germinators, seed scarifiers and various types of conveyors.

The company’s customer portfolio includes the likes of MDH Spices, Ramdev Spices, Aashirvaad Atta etc.

Avity Agrotech competes with the companies like Agrosaw, an Ambala-based company which manufactures cleaning, grading, sorting & handling equipment for seeds, grains, spices, pulses, oil seeds, fruits and vegetables. The company has three manufacturing plants at Ambala Cantt and Saha.

Also Read:

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Philippines: SL Agritech Corp targets $170m IPO proceeds

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.