ESG First Fund, managed by Aavishkaar Capital, an Aavishkaar Group company and set up in partnership with KfW, a German state-owned development bank, has announced its first investment of ₹16 crore ($1.95 million) from the ESG First Fund into INI Farms.
Founded in 2009 by Purnima and Pankaj Khandelwal, INI Farms is an exporter of fruit and vegetable crops with pan-India operations spanning contract farming, aggregation, supply chain management and serving food retailers globally.
INI Farms is working together with AgroStar, an agri-tech firm having built an agronomy advisory center, a digital farmer network with over 5 million users, and a retail network of over 2,000 stores.
Purnima Khandelwal, CEO & Co-founder, INI Farms said “This investment will provide us with a great opportunity to grow multi-fold with expansion into the entire agriculture output business and leveraging our strong supply chain capabilities.”
Abhishek Mittal, Partner- Credit - Aavishkaar Capital said, “INI along with Agrostar, is well placed to meet the demands of global markets while empowering farmer at the back-end. We are committed to empowering such businesses with non-dilutive and flexible financial solutions that are better aligned to their growth needs.”
