IDFC PE part-exits StarAgri as part of Temasek deal

IDFC Private Equity has divested part of its stake in Jaipur-based StarAgriwarehousing and Collateral Management Ltd to Singapore government's investment company Temasek Holdings, a company spokesperson told VCCircle without sharing further details.

Earlier in the day, The Economic Times reported citing a senior executive of the company that IDFC PE has pulled out Rs 75 crore (about $11 million) in the part-exit. It added that Temasek will also be investing Rs 25 crore as fresh equity in the company that provided post-harvest management solutions and operates under the banner of StarAgri.

Following this latest round, Temasek and IDFC PE together will own 47 per cent of the company with the residual stake with the founders, the paper said.

The twin transaction is reportedly part of the almost two-year old investment commitment by Temasek in the firm. At that time, Temasek had committed Rs 250 crore in StarAgri.

IDFC PE, which is part of IDFC Alternatives, the investment arm of infrastructure-focused lender IDFC Ltd, had invested Rs 150 crore (then $30 million) in the company through IDFC PE Fund III for a 37 per cent stake around four years ago.

Separate emails sent to the two investors seeking further information on the aforesaid development did not elicit any response by the time of filing this article.

Founded in 2006, StarAgri specialises in agri commodity warehousing services such as storage, lab testing, collateral management services and procurement services. The company has presence in 10 Indian states and operates around 750 agri commodity warehouses.

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