Origo Commodities, an agritech startup based in Gurgaon with offices in Kota and Hyderabad has raised INR 80 crores from a group of investors including Oikocredit, Caspian SME Impact Fund IV and Triodos Investment Management (through Hivos-Triodos Fund). Origo Commodities plans to utilize the fresh capital to strengthen its logistics solutions by enhancing its expenditure and finances.
Mayank Dhanuka and Sunoor Kaul, Co-Founders of Origo, said, “We are very excited to partner with Oikocredit, Caspian and Triodos. We look forward to leveraging our investors’ experience to further Origo’s growth to strengthen our product and reach people in need of financing and logistics solutions.”
Anirudh Sarda, Equity Officer at Oikocredit, said, “Origo’s business model allows it to serve all participants in the agriculture value chain. With our investment, we aim to support Origo in creating a positive impact within this value chain.” Ravi Narasimham, Investment Director, Caspian said, “We see Origo playing a key role in providing end-to-end solutions for buyers and sellers at every stage of the commodity supply chain. We are excited about the relationship and look forward to working with the Company.”
Origo Commodities was assisted by Unitus Capital as its exclusive financial advisor for the transaction. Founded in 2010, the startup provides various solutions for reducing post-harvest damages and losses for farmers and maximize the value for all the participants in the supply chain. The supply chain includes farmers, traders, processors, bulk buyers, warehouse owners and financial institutions.
The startup’s services also include Origo Finance, a subsidiary of Origo which offers lending products including warehouse receipt finance, procurement finance, and MSME finance. Currently, the startup manages agriculture commodities of approximately $1.09 Bn (INR 8K Cr) across 12 states.
Agriculture, which provides employment to about 60% of the population, is one of the pillars of the Indian economy. According to the IBEF, the Gross Value Added (GVA) by agriculture, forestry, and fishing combined is estimated at INR 17.67 Tn (US$ 274.23 Bn) in FY18.
