Chennai-based NBFC Samunnati Financial Intermediation & Services has raised Rs 150 crores ($23.5m) in a Series-C funding round led by Swiss investment firm responsAbility with participation from existing investors Elevar Equity and Accel Partners, as reported by VCCircle and The Hindu. The investment was done by way of subscription to 100 equity shares and 317,423 compulsory convertible preference shares of Samunnati.

Khaitan & Co acted for responsAbility Investments and was led in its core transaction team by partner Bharat Anand, principal associate Aditya Patni and associate Abin Francis with assistance from their due diligence team represented by associates Akshay Sharma and Akhil Sharma, along with associate director Vinita Krishnan and associate Ankit Namdeo who handled the direct tax aspects of the transaction.

Update 6 February 2018: Samvad Partners assisted Samunnati Financial Intermediation & Services and promoter Anil Kumar S.G. in the reviewing share subscription and restated shareholders’ agreement along with other transaction documents, advising structuring the transaction, and in the corporate compliances, including filings with the RBI. The team was led by partners Vineetha M.G. and Neela Badami accompanied by associates Apoorva Chandrika and Darren Lobo.

IndusLaw acted as the legal advisors for existing investors Elevar Equity and Accel Partners in the transaction.

As part of the investment, Akshay Dua, responsAbility’s Asia Pacific head of private equity for agriculture and food sectors, will join the board of Chennai-based Samunnati. The start-up, which is focussed on financing agriculture value chains, said it aimed to provide support to small and marginal farmers.

2017-12-27

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