Sohan Lal Commodity Management (SLCM), an agri-commodity logistics and procurement company based in Delhi, announced on Friday that it has received a Rs.10 crore investment from Nexus Venture Partners, a leading venture capital firm.
SLCM provides comprehensive agri-commodity warehouse management and procurement solutions to farmers, processors, traders, agri-exchanges and government organizations across 70 locations and 12 states in India.
Last year the company handled over Rs.5000 crore of agri-commodities ranging from grains, oilseeds, pulses and spices among others. SLCM works with leading commodity exchanges as their delivery partner across India and provides collateral management for banks for their warehouse receipt-based financing products.
Speaking about the funding, Sandeep Sabharwal, Founder & CEO, SLCM, said, “We plan to become the leading agri-logistics company in India covering the whole gamut from farm to port. The funding will help us expand our warehousing capacity and help us grow our pan-India presence. Nexus Venture Partners with its strong understanding of the agriculture ecosystem in India is an ideal partner for us in this journey. We are happy to be associated with them.”
Sandeep Singhal of Nexus Venture Partners who will join the SLCM board, said, “The agriculture supply chain in India is currently very inefficient leading to huge losses in agri commodities in India. Sabharwal is a high energy passionate entrepreneur who has developed high quality processes to ensure very low wastage while procuring, transporting and warehousing of commodities.”
ICICI bank was the sole advisor to this transaction.