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NCMSL raises $18.5 Million in equity funding
By siliconindia
Bangalore: National Collateral Management Services (NCMSL), an agri-warehousing company, has raised $18.5 million in equity funding from three investors. Of this, World Bank's investment section IFC invested $6 million, Rabobank's India Agri Business Fund put in $7.5 million and Indian Farmers' Fertilizer Cooperative provided $% million, reports The Economic Times.
The fund will be utilized to build more warehouses. Sanjay Kaul, Managing Director and CEO, NCMSL, said that they plan to deploy funds over the next two years to create their own network of warehouses in over 40 locations across India. The existing investors, the National Commodity and Derivative Exchange, Karur Vysya Bank and the Haryana State Co-operative Supply and Marketing Federation, will also invest a sum of $3.5 million.
With the Indian food industry on a rise and estimated to grow to $258 billion by 2015 from current level of $181 billion, according to a report by E&Y India and FICCI. This has geared-up the existing equity funding in recent months and the agri-business is on an expansion of operations in various diversities.
