Unitus joins Series B for India's Leaf
US-based venture capital fund Unitus Impact has joined a Series B round for Indian produce logistics firm Lawrencedale Agro Processing, operator of the fruit and vegetable brand Leaf.
Other participants in the round include the Bestseller Foundation, a Denmark-based philanthropic organization, and existing investor Aspada Investments, which led the company's Series A round in 2013. Financial details of the transaction were not disclosed.
Leaf will use the new capital to expand its footprint in South India, add more produce categories and grow its partnerships with farmers, the company told YourStory. In addition to helping farmers distribute their crops to retailers, the company also works to spread knowledge of sustainable agricultural practices and connect growers with new seed resources.
Currently Leaf works with about 3,000 farmers; it hopes to grow this number to 10,000 in the next few years. It claims to handle over 7,000 tons of fresh produce annually and works with such high-profile retail chains as Future Group, Godrej Nature's Basket and Spar Hypermarket.
India's agriculture space has attracted the interest of a number of investors that see considerable opportunity to profit while contributing to its modernization.
GPs active in the sector include Mandala Capital, which earlier this year led a INR8 billion ($121.3 million) round for produce distributor Jain Farm Fresh Foods and closed its second fund at $140 million last month, and India Value Fund Advisors, which has backed the likes of hybrid seed developer Seedworks and agriculture-focused non-banking financial company Magma Fincorp.
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