Creation, Everstone lead $15m round for India's SLCM
Everstone Capital and Creation Investments Capital Management have led a INR1 billion ($15 million) round for Indian agricultural logistics firm Sohan Lal Commodity Management (SLCM).
This is the first investment by Creation in SLCM and the second by Everstone, according to AVCJ Research. The company will use the funds to improve its non-banking financial company (NBFC) Kissandhan, VCCircle reported in a story reposted on Creation's website. It will also invest in expansion into global markets.
SLCM manages a network of 760 warehouses across India, storing agricultural products for farmers, processors, traders, commodity exchanges and the government. It plans to grow this number to 1,500. The company also expanded its warehousing operations into Malaysia last year.
In addition to the core logistics business, SLCM also provides financial services through Kissandhan, and assists banks with managing agricultural products that are being used as collateral for loans.
Everstone participated in SLCM's last funding round in 2012, committing INR1.3 billion in Series C funding jointly with ICICI Bank's Emerging India Fund (EIF). The firm is currently investing out of its third fund, Everstone Capital Partners III, which recently closed at $730 million and focuses on Indian companies, as well as overseas businesses that benefit from India's growing domestic consumption.
SLCM has also received backing from Nexus Venture Partners and Mayfield India. Nexus committed INR100 million to the company in 2010, and Nexus and Mayfield invested INR355 million together in 2011.
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