ORIGO gets fund of Rs.48.5 Crore from responsAbility, Oikocredit and IndusInd Bank
Origo, a commodities and rural finance company, has raised INR 48.5 Crores from Switzerland based responsAbility Investment AG, Maanaveeya (a subsidiary of the Netherlands based social impact investor Oikocredit) and IndusInd Bank. The funds raised will accelerate Origo’s vision of creating a robust rural financial ecosystem by increasing its distribution in rural India. These funds will allow Origo to provide much-needed capital to agri-enterprises, both small and medium, an unmet need, which Origo is targeting to accomplish.
Venkatram Reddy, CEO, Origo Finance says, “Over the last 10 years we have gained strength in rural India, helping agri-enterprises and also micro and small enterprises with access to much-needed financing. We cover multiple aspects of rural India including agriculture, dairy and micro businesses. With these investments, we hope to gain further inroads and provide stronger solutions across many more locations.”
Sunoor Kaul Director, Origo Commodities added, “Origo since inception has led impact in agriculture and now in rural micro loans in rural areas. Origo has been responsible for facilitating storage of over 23 million metric tonnes, reducing post-harvest losses by 5%, providing additional food security to over 1 million people, and 35% of the new loans going to new to credit category.”
Suhasini Singh, Head of Agriculture Debt for responsAbility added, “Food & Agriculture is a target sector for responsAbility Investments. Origo aligns well with our development criteria of strengthening agriculture value chains by providing efficient post-harvest solutions and timely financing to participants across the agriculture spectrum. Our financing is intended to support Origo’s vision of providing integrated solutions to the agri-economy.”
Gouri Shankar, Managing Director of Oikocredit’s Indian subsidiary Maanaveeya shared, “Maanaveeya believes that lending to the agriculture and micro, small and medium enterprise sectors in rural areas is one of the most effective ways of reducing rural unemployment and poverty in India. Origo’s work in this area is a good fit for Maanaveeya’s social impact mission to improve the lives of low-income people and we are happy to continue to partner with and support them.”
Srinivas Bonam, Head – Inclusive Banking Group, IndusInd Bank said, “The vision of Origo aligns well with Livelihood Finance agenda of the Bank and we hope to have continued and deepened association with the company.”