Symbiotics, a Switzerland-based investment company, recently launched a bond issue intended to raise INR 500 million (USD 6.75 million) for Samunnati Financial Intermediation & Services Private Limited, a for-profit non-banking financial company in India. The proceeds will flow to Samunnati in the form of a 3-year, senior, unsecured, non-convertible loan. The organization will use the funds “to finance microloans up to an amount of USD 10,000 within mainly the agriculture sectors.” The bond is part of the Sustainability, Social and Green Bond Framework of Symbiotics’ Micro, Small & Medium Enterprises Bonds SA.
Launched in 2014, Samunnati supports agricultural value chains in 19 states in India via lending to agricultural enterprises, facilitating trade relationships between agri-enterprises and producers, and technology-driven solutions for increasing efficiency in value chains. As of March 2019, it reported annual income of INR 4.3 billion (USD 58.6 million).
Founded in 2004, Symbiotics provides for-profit investment intermediary and business services to investors in and practitioners of micro-, small and medium-sized enterprise development. As of 2019, the company reported a direct investment portfolio of USD 2.3 billion, with its local financing intermediaries funding 1.6 million small businesses and households at “the base of the pyramid” in 77 emerging markets. Symbiotics also operates Syminvest, an investment information platform.
By Nathan Kiplagat, Research Associate
Sources and Additional Resources
Symbiotics press release
https://symbioticsgroup.com/news/press-release-symbiotics-launches-usd-6-75-million-inr-506250000-social-bond-with-samunnati-financial-intermediation-services-private-limited-in-india/
Samunatti homepage
https://samunnati.com/
Samunnati 2019 financials
https://samunnati.com/wp-content/uploads/2020/01/Annual-Report_2019.pdf
Symbiotics homepage
https://symbioticsgroup.com/
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