InI Farms has entered into a 50:50 joint venture with Future Group for direct sourcing of pomegranates and bananas. Both the companies will jointly invest Rs 60 crore over next five years and work with about 12,000 farmers from Andhra Pradesh.
“Future group as the largest retailer in the country have strength in domestic market, while the InI has competence in ensuring quality and productivity of the produce. This completes the end to end chain,” said Pankaj Khandelwal, chairman and managing director, InI Farms. Venture capital firm Aspada Investment had invested Rs 20 crore InI Farms in March this year. The company had received its first venture investments from Ronnie Screwvala’s Unilazer Ventures and second funding from Aavishkaar. Pankaj Khandelwal and his wife Purnima Khandelwal have founded InI Farms, which works with farmers and is present in processing and export of pomegranates and bananas.