Safex Chemicals raises Rs. 60 crores from BanyanTree Growth Capital II

Delhi based crop-protection company, Safex Chemicals has raised Rs. 60 crores (USD 9 mn) in funding from BanyanTree Growth Capital II LLC, a private equity fund focussed on providing growth capital to SMEs in India.

Safex Chemicals, promoted by Mr. S.K Chaudhary, Mr. Neeraj Jindal, Mr. Rajesh Jindal and Mr. Piyush Jindal is in the business of manufacturing and distribution of agrochemical formulations, having strong presence in Northern India. It has built a network of more than 6000 dealers across India, and has a leadership position in Punjab and Northern UP. Company has grown at a CAGR of more than 40% over the last 5 years.

Caparo Financial Solutions, the financial services arm of the UK-based Caparo Group, advised Safex Chemicals on the transaction.

"The investment amount will be utilized for meeting the capital expenditure requirements of the Company towards expansion of new capacities, marketing and business development and long term working capital requirements of the Company", Ms. Shaila, Director - Caparo Financial, said.

BanyanTree has invested in 19 companies across both of its funds. In the recent past, it has invested in companies like Rotomag Motors and Controls, an electric motor manufacturer; GPT Healthcare, a chain of hospitals; packaged food firm Nilon's; coaching services provider MT Educare; renewable power firm Atria and others.

Source : Equity Bulls

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