BOSTON – Summit Partners has invested $30 million in Krishidhan Seeds Ltd., a top Indian seed company.
According to Krishidhan Seeds, the money will be used for research and development, technology and product-related acquisitions, international expansion, and company infrastructure.
Mumbai-based Krishidhan Seeds experienced significant sales growth of six times over the last five years. It reported $61 million in revenue for 2009 and said it is on track for $88 million this year.
“India is one of the major agrarian economies of the world, with a growing population and rising per capita income that have placed significant pressure on its agricultural productivity,” said Amit Chaturvedy, vice president of Summit Partners. “Krishidhan’s research-driven products increase farm productivity and offer Indian farmers a strong value proposition – which will increase as it commercializes more than 125 hybrid seeds and selections from its product pipeline over the next three years. We are very impressed with Krishidhan’s commitment to R&D, growth trajectory, dynamic management team, and well-controlled business operations through SAP. We look forward to a successful partnership.”