Singapore-based global commodity trading company Sinton and agritech startup Agribid have announced a strategic partnership to revolutionize commodity procurement in the agriculture sector.
Raising $50 million in funding
The partnership will raise up to $50 million in equity and debt to build warehousing and bring facilities to the top four seaports in India.
According to the company’s statement, the project would enable the partnership to provide an all-encompassing solution to the value chain participant. It will aim to boost the export of Agri commodities through PACS and FPOs.
Leadership comments
Sinton’s Chairman & Chief Executive Officer (CEO), Rajinder Singh said, “We are excited about the opportunities that lie ahead through our collaboration with Agribid, “By joining forces, we can combine our strengths to address the evolving needs of the South East Asia agricultural sector. Together, we will strive to deliver value and drive sustainable development.”
Agribid Chief Executive Officer, Ashutosh Mishra echoed this sentiment, highlighting the significance of this partnership. He said, “We are thrilled to embark on this collaborative journey with Sinton to establish Sinton Agribid Indonesia. This partnership represents a convergence of strengths, as we combine our expertise in agricultural commodities with Sinton’s innovative solutions. Together, we aim to drive positive change and contribute to the sustainable development of Indonesia’s and South East Asia’s agricultural sector.”