Safex Chemicals raises Rs 60 cr from BanyanTree Growth Capital II

Delhi-based crop-protection company, Safex Chemicals has raised Rs 60 crore 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 SK Chaudhary, Neeraj Jindal, Rajesh Jindal and 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 6,000 dealers across India, and has a leadership position in Punjab and Northern UP. The company has grown at a CAGR of more than 40 per cent over the last five years.

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

“The investment amount will be utilised 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”, said Shaila, Director, Caparo Financial. 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.