Summit Partners, a US private equity investor with an impressive 25-year record, announced on Friday, its first foray into India and agriculture sector. After three-month long discussions, the firm completed an investment of $30mn in the Indian agricultural biotech firm Krishidhan Seeds Ltd (KSL).
With this deal, Summit Partners acquired a minority stake in the Indian company. Amit Chaturvedy, vice president of Summit Partners will join KSL board. He said that his company has been looking at entering the Indian market for close to a year. “When it came to the Indian economy we did not have a view that we have to invest in a specific sector. We just looked for high growth companies and made this investment,” he said.
Mr. Chaturvedy said, “India is one of the major agrarian economies of the world, with a growing population and rising per capita income that have placed significant pressure on its agricultural productivity. Krishidhan’s research-driven products increase farm productivity and offer Indian farmers a strong value proposition, which will increase as KSL commercializes more than 125 hybrid seeds and selections from its product pipeline over the next three years. We are very impressed with Krishidhan’s commitment to R&D, growth trajectory, dynamic management team, and well-controlled business operations through SAP. We look forward to a successful partnership.”
Sushil Karwa, MD, KSL, said, “The Krishidhan team is excited to partner with Summit to achieve the next phase of development for our company. We are committed to sustainable agriculture with the next generation in mind.”
In the last six months, India is witnessing an array of private equity firms such as Apollo Capital, Bain Capital and Quadrangle entering the Indian market.
No related posts.
Related posts brought to you by Yet Another Related Posts Plugin.
