Mumbai, 20 January, 2022: JM Financial Private Equity (the “Fund”) has finalized a total investment round of INR1,000 mn, along with co-investors, as a part of Series B fund raise in a Bengaluru based agri-digital platform, BigHaat Agro Pvt Ltd (“BigHaat” or the “Company”), to fund the Company’s current growth plans. Beyond Next Ventures, one of the earlier investors in BigHaat also participated in the fund raise. Proceeds from the investment will support augmentation of the existing technology infrastructure and accelerate expansion of the Company’s operations. This marks the closing of the ninth investment by JM Financial India Fund II.
Set up in 2015, BigHaat functions on a unique direct-to-farmer model and is transforming the agriculture value chain by leveraging science, data and technology. It is impacting a large number of farmers across the country by providing access to over 7,000 SKUs of high quality inputs, end-to-end crop guidance and market linkages for various commodities, thus offering a 360 degree solution to farmers. BigHaat’s industry leading technology also allows farmers to diagnose and receive advice on growth and disease related issues. The Company’s pan-India presence has enabled over 700,000 farmers to regularly engage on its platform on a monthly basis. The Company has been catering to the input needs of farmers in over 13,000 unique pincodes of the country. BigHaat was founded by first generation entrepreneurs – Sateesh Nukala, Sachin Nandwana and Kiran Vunnam, who have combined their strong technology background and their deep roots in agriculture, to bring about a fundamental shift in the life and earnings of the farmers of the country.
Commenting on the investment, Mr. Darius Pandole, Managing Director & CEO, PE & Equity AIFs, JM Financial said, “We are extremely bullish on the fundamental shift that we are witnessing in the Indian agriculture sector driven by the increased internet and smartphone usage in rural India. It’s the start of a decade long story and will eventually go on to digitize the oldest, biggest and employment-wise the most important sector of the Indian economy. With its strong emphasis on technology and direct connect with the farmers, BigHaat has developed a unique model of aspiring to work alongside the farmers to not only help increasing yields and limiting losses, but also to fetch the best price for their end-produce. We believe that BigHaat could eventually emerge amongst the most trusted brand in the farmer community.”
Commenting on the capital raise, Mr. Sateesh Nukala, Managing Director, BigHaat said, “This growth capital infusion and partnership with a seasoned investor like JM Financial Private Equity will help us accelerate our current expansion plans and expand our reach across the Indian hinterlands. Because of their strong agrarian background, the founders deeply understand the challenges and the needs of the Indian farmer and this has led BigHaat to adopt a distinctive approach of directly reaching out and establishing a long term connect with the Indian farmer as a trusted advisor. We are committed to deepening this relationship with each passing year and to create the first profitable, end-to-end agri-tech platform in the country”
This is the ninth investment from the Fund II, and is in line with its stated strategy of investing in growth –oriented companies in the mid-market space.
BigHaat owns and operates the agri-input marketplace www.bighaat.com. The company along with its subsidiaries, provides farmers an end to end platform from providing quality inputs, offering farm advisory services and facilitating market linkages with large institutional buyers for sale of their final produce. More information about BigHaat can be found at: http://www.bighaat.com/
About JM Financial India Fund II: JM Financial India Fund II, a category II AIF registered with SEBI, is a sector-agnostic growth-capital private equity fund that targets to invest in high-growth, small to mid-market companies, with a strong focus on financial services, consumer, IT/ITeS, infrastructure services and manufacturing sectors. Existing investments of the Fund include India Home Loan Limited (an affordable housing finance company), Spandana Sphoorty Financial Limited (a leading micro-finance institution), Vendiman Private Limited (India’s leading vending solutions provider), Innovcare Lifesciences Private Limited (a leading nutraceutical player), Isthara Parks Private Limited (a leading coliving, student housing and urban living operator), BRFL Textiles Private Limited (one of India’s largest fabric manufacturers), Canpac Trends Private Limited (a leading manufacturer of folding cartons and other packaging materials) and Walko Food Private Limited (a fast growing direct to consumer natural ice cream brand “nic”). For further information please refer to: https://www.jmfpe.com/
About JM Financial
JM Financial is an integrated and diversified financial services group. The Group’s primary businesses include (i) Investment Bank (IB) shall cater to Institutional, Corporate, Government and Ultra High Networth clients and includes investment banking, institutional equities and research, private equity funds, fixed income, syndication and finance; (ii) Mortgage Lending includes both wholesale mortgage lending and retail mortgage lending (home loans, education institutions lending and LAP); (iii) Alternative and Distressed Credit includes the asset reconstruction business and alternative credit funds; and (iv) Asset management, Wealth management and Securities business (Platform AWS) shall provide an integrated investment platform to individual clients and includes wealth management business, broking, PMS and mutual fund business.
The Group is headquartered in Mumbai and has a presence across 601 locations spread across 181 cities in India. The equity shares of JM Financial Limited are listed in India on the BSE and NSE.
For more information, log on to www.jmfl.com or contact:
Tel.: +91 22 6630 3475 / +91 97022 92446