M&A
Suumaya Industries acquires 51% stake in agritech startup payAgri
Mumbai-based Suumaya Industries, which is listed on the NSE, has acquired a 51% stake in Tamil Nadu-based agri-tech startup payAgri Innovations. Founded in 2017 by KVM Rajkumar and Rajeev G Kaimal, payAgri is a farm-gate level operator with investments in primary processing infrastructure for the focused value chains such as spices and coconut. payAgri has built strong expertise in chilly, turmeric, cardamom, coriander, coconut, paddy, maize, millets and wheat value chain. It caters to both B2B segment with commodities and B2C segment with value added products. It had 70 Farmer Producer Organisations (FPOs) and 70,000 farmers registered with it. The platform has 210 products listed on the payAgri online Market. Suumaya Industries, which is into textile business, has recently ventured into agri-commodity business through its 100 per cent subsidiary Suumaya Agro Ltd.
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