AVCJ

Everstone, ICICI invest $23.5m in Sohan Lal Commodity

  • Andrew Woodman
  • LinkedIn  
  • Google plus  
  • Save this article  

Everstone Capital and ICICI Bank's Emerging India Fund (EIF) have jointly invested INR1.3 billion ($23.5 million) in Sohan Lal Commodity Management as part of a Series C round of funding. The two investors now own stakes of 25.55% and 6.93%, respectively.

Previous investors Mayfield Fund and Nexus India Direct Investment II also participated in the fresh round of funding for the warehousing and collateral management company. According to VC Circle, Sohan Lal is now India's largest PE-backed company in its industry.

The company focuses on post-harvest agricultural solutions and provides agri-commodity warehouse management and procurement solutions to farmers, processors, traders, agri-exchanges and the government across 70 locations and 12 states in India.

Sandeep Sabharwal, CEO of Sohan Lal, said new capital would be used to enlarge warehousing space and for ancillary services like agriculture financing, supply chain management and technology.

The firm currently has 90 warehouses and is looking to expand to 250 in the near future. It also plans to nearly double its workforce from 255 to 500 by the first quarter of next year.

In the last round of funding, which took place in March 2011, Mayfield India and Nexus Venture Partners invested INR355 million.

  • LinkedIn  
  • Google plus  
  • Save this article  

More on Investments

Latest News

world-hands-globe-climate-esg
Asian GPs slow implementation of ESG policies - survey

Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...

  • GPs