Schroder UK PublicPT - Investment in AgroStar (Ulink Agritech Pvt. Ltd.)
06/04/2023 07:00
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RNS Number : 5297V Schroder UK Public Private Tst plc 06 April 2023
6 April 2023
Schroder UK Public Private Trust Plc
Investment in AgroStar (Ulink Agritech Pvt. Ltd.)
Schroder UK Public Private Trust plc (the "Company") is pleased to announce
its first transaction in Asia with an investment of $8.0 million (~£6.6
million) in AgroStar (Ulink Agritech Pvt. Ltd.), one of India's foremost
agricultural technology (AgTech) start-ups. This investment forms part of the
$25 million (~£20.6 million) total investment by Schroders Capital that led
the $40 million (~£33.0 million) financing round. The round also saw
participation from other existing investors including Accel, Chiratae
Ventures, Evolvence, Aavishkaar Capital, Bertelsmann India Investments, Hero
Enterprise, Rabo Frontier Ventures, British International Investments and IFC.
Founded in 2013, AgroStar uses technology, data, and agronomy knowledge to
help Indian farmers. It provides an end-to-end solution that is solving three
major problems for Indian farmers: limited access to good quality agricultural
inputs, a knowledge gap (even among the most experienced farmers), and a lack
of access to global markets to sell their produce. The company serves millions
of farmers across multiple Indian states via an omnichannel(1) approach,
having built a highly engaged digital farmer network on the AgroStar app, with
over 7.5 million users, and a rapidly expanding retail network of over 5,000
stores. Through the recent acquisition of INI Farms, India's largest exporter
of fruits and vegetables, AgroStar is quickly scaling its business into the
domestic and international food supply chains.
The Company is committed to improving its sustainability profile and intends
to disclose, where appropriate, the United Nations' Sustainable Development
Goals ("SDGs") associated with new investments. The investment in AgroStar is
in line with SDG 2 "End hunger, achieve food security and improved nutrition
and promote sustainable agriculture," specifically Target 2.3 "By 2030, double
the agricultural productivity and incomes of small-scale food producers, in
particular women, indigenous peoples, family farmers, pastoralists and
fishers, including through secure and equal access to land, other productive
resources and inputs, knowledge, financial services, markets, and
opportunities for value addition and non-farm employment" and Target 2.4 "By
2030, ensure sustainable food production systems and implement resilient
agricultural practices that increase productivity and production, that help
maintain ecosystems, that strengthen capacity for adaptation to climate
change, extreme weather, drought, flooding and other disasters and that
progressively improve land and soil quality."
Tim Creed, Portfolio Manager commented: "Our investment in AgroStar is in line
with the Company's private equity sub-strategy of backing innovative growth
businesses while utilizing the Company's broadened global investment remit.
Schroders Capital has known AgroStar for a number of years, having been an
investor since 2021, and the company has demonstrated exceptional growth by
combining technology with strong agronomy capabilities to play an important
role in the Indian agricultural sector."
Enquiries:
Schroder Investment Management Limited
Augustine Chipungu
(Press)
020 7658 2106
Shilla Pindoria (Company Secretary)
020 7658 7267
John Spedding
020 7658 3206
(1)Omnichannel is a marketing strategy that involves providing a seamless,
integrated experience for customers across multiple channels and touchpoints,
such as physical stores, websites, mobile apps, social media, and phone.
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