Leap India Food and Logistics Private Limited has raised funds of ₹164 crore from the Danish SDG Investment fund and Neev Fund.
This is the Series B round of funding, the company said. SDG Investment fund is managed by Investment Fund for Developing Countries (IFU) and Neev Fund is backed by the UK government - Department for International Development (DFID).
Leap India will utilise these funds towards future growth. Deepa Hingorani, VP, South Asia at IFU, said: “By investing in Leap, we are addressing one of India’s most pressing challenges, namely helping to improve food storage efficiency and reduce undernourishment, while having secured an attractive risk versus return profile in the deal."
Leap intends to build a large platform of grain storage sites, which can help FCI and the private sector make grain storage efficient with the use of technology and modern storage infrastructure.