Agricultural warehousing and logistics firm Leap India Food Logistics (LIFL) Wednesday announced it has raised about $23 million (Rs 164 crore) in Series-B funding from the Danish SDG Investment fund and Neev Fund.
Danish SDG Investment fund is a fund managed by Investment Fund for Developing Countries (IFU) while Neev Fund is backed by the UK government – Department for International Development (DFID).
Leap India will utilise these funds towards tangible future growth, it said in a statement.
“SDG Fund’s investment, along with round two of investment from the Neev Fund, backed by the UK Government – Department for International Development (DFID) and State Bank of India, will allow us to expand and reach a critical size, while, at the same time, team up with strong, foreign institutional investors,” Leap India promoters said.
They added, LIFL intends to build a large platform of grain storage sites, which can help Food Corporation of India (FCI) and the private sector to make grain storage more efficient with the use of technology and modern storage infrastructure.
“By investing in Leap, we are addressing one of India’s most pressing challenges, namely helping to improve food storage efficiency and reduce undernourishment, while having secured an attractive risk vs. return profile in the deal,” IFU South Asia VP Deepa Hingorani said.