Soros-backed Aspada invests $2 million in Allfresh

Bengaluru: George Soros-backed Aspada Investment Company has invested $2 million (Rs 12 crore) in New Delhi-based Allfresh Supply Management, its third investment this fiscal.

The Bangalore fund typically backs companies that create market linkages and create employment opportunities in underserved markets, including agriculture and logistics companies.

"The space is befitting with our theme and the area they operate in apples and citrus crops and other high value fruits -requires a lot more organization. There is a clear market opportunity to bring in techniques to manage the space," said Kushal Agrawal, chief financial officer, Aspada.

The fund has earlier backed supply chain companies SV Agri and Ooty-based Lawrencedale Agro Processing India.

Allfresh, a B2B business, operates across the entire fresh fruit value chain from farm extension services for small-hold farmers to postharvest controlled atmosphere supply. Its customers are primarily in North India and some parts of Hyderabad and Bangalore and comprise of leading retail chains and wholesalers.

Last year, it supplied 1800 tonne of fruits to customers by sourcing produce from over 100 farmers in its network from Himachal Pradesh to Madhya Pradesh, Punjab, Rajasthan and Maharashtra.

"We will use this funding for working capital, technology enhancement, other business development expenses," said Naresh Jawa, Cofounder, Allfresh.

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