Chennai-based agro solutions firm Sree Ramcides has raised Rs 25 crore from ePlanet Ventures. Chandrasekar Kandasamy, the India managing director of ePlanet Venture told VCCircle. Ramcides is involved in manufacturing a range of crop protection products, including herbicides, insecticides, fungicides and rodenticides. The capital raised from ePlanet will be used for growth and expansion of the firm.
Investment in companies involved in agriculture related activities is likely to increase as its a counter-cyclical sector that will not see a slow down in demand as the global economy slides. Earlier this year Rabobank announced its $100 million food and agriculture fund. Yes Bank is also planning an agriculture fund.
Ramcide had revenues of Rs 101 crore for fiscal year 2008 and plans to reach Rs 350 crore by fiscal year 2012. Ramcides has manufacturing facilities in Pudukottai, Chennai and Jammu. The firm also announced its foray into the FMCG segment with the launch of its detergent powder in the Kerala market in July this year. The detergent is primarily targeted at the low income group. Ramcides is also expanding into the development and production of seeds.
ePlanet will get one seat on Board of Ramcides. ePlanet's investments in India include Manthan Systems and Trivitron Diagnostics.
Veda Corporate Advisors advised Ramcides in the transaction.