VC firm Aspada Investment has committed to invest over $2 million (Rs 12 crore) in New Delhi-based fresh fruit supply chain company Allfresh Supply Management Pvt Ltd (Allfresh), as per a release.
This would be the second investment by Aspada in agricultural product & service company after it invested in Lawrencedale Agroprocessing India, a fresh vegetable supply chain company in 2013.
"Aspada's investment will allow us to scale significantly in the branded fresh fruit segment and work with many more small-hold producers and enable market linkages for their produce," said Naresh Jawa, co-founder of Allfresh.
Founded in 2013, Allfresh operates across the entire fresh fruit value chain from farm extension services for small-hold farmers to managing the entire post-harvest controlled atmosphere supply chain in apple, citrus crops and other high value fruits.
"Over the next 24 months, we will be deepening our current sourcing belts, expanding into adjoining regions, and adding additional fruit crops while at the same time bolstering farm extension activities and augmenting processing capabilities," said Jaswinder Ghumman, co-founder of Allfresh.
"We are partnering with an exceptional team that brings significant experience in India's fresh fruit value chain. Apple and citrus have been two of the fastest growing segments in horticulture, and we believe that there is a significant opportunity to organize India's inefficient post-harvest handling systems and supply chains and deliver quality products directly from farm gates to end consumers in temperature controlled conditions," said Kushal Agrawal, CFO, Aspada Investment Advisors.
Bangalore-based Aspada provides long-term, growth capital to entrepreneurs who address large market needs. Backed by Soros Economic Development Fund (SEDF), Aspada has previously invested in Capital Float, an online platform that provides working capital finance to SMEs (small and medium enterprises) in India; ThinkLink Supply Chain Services, a provider of turnkey project management, design, skill development and staffing services; NeoGrowth Credit, a merchant cash advance business that provides loans to small merchants; and Schedulers Logistics, a cold chain logistics firm.
In addition, Aspada also oversees the portfolio of the SONG Fund, an early-stage VC firm funded by SEDF, Omidyar Network and Google.
