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.
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.