IFC, Swedfund, BII, Proparco back climate-resilience for Indian agriculture
IFC, the World Bank’s private sector financing arm has announced a $12.8m equity co-investment in Arya.ag – an Indian agricultural technology company. Government-backed investors Swedbank, British International Investment and Proparco will invest alongside the IFC.
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Swedfund, which will allocate $7.5m to the transaction, says the investment will support climate adaptation in Indian agricultural value chains. Arya.ag provides postharvest storage and financing solutions serving over 800k famers across 21 states.
““More efficient storage, financing and trading of agricultural produce contribute to more resilient food systems. Through this investment, we support solutions that reduce waste, strengthen climate adaptation and increase inclusion in agricultural value chains”, said Gunilla Nilsson, investment director for energy & climate at Swedfund.
GEF Capital Partners, a private equity fund manager is the lead investor in the transaction. Alipt Sharma, a partner at GEF Capital Partners says Arya.ag is a ‘category defining platform’.
“Arya.ag has built a category-defining platform at the intersection of agri warehousing, digital market infrastructure, and secured agri financing. At a time when agriculture must adapt to increasing climate variability, resilient and efficient value chains are critical”, Sharma commented.
In February this year, the India Landscape Accelerator (ILA) was launched during the inaugural Mumbai climate week. ILA is an initiative chaired by Boston Consulting Group and the World Business Council for Sustainable Development. Its launch event highlighted climate risks facing crop yields in India including extreme weather, erratic rainfall and soil degradation.
