With the help of current investors, SS Supply Chain Solutions (3SC) has raised Rs 31 crore, or roughly $4 million, from GEF Capital’s South Asia Growth Fund. The Gurugram-based business is raising capital for the first time this year with this round.
According to 3SC’s regulatory filing, which can be accessed through the Registrar of Companies, the board approved a special resolution to issue 31,00,000 compulsory convertible preference shares at an issue price of Rs 100 each in order to raise Rs 31 crore.
These funds will be used by the company for growth and expansion, as determined by the directors.
According to the regulatory filings, 66.27% of the company will be held by GEF Capital’s South Asia Growth Fund after allocation. In July 2021, 3SC completed a $15 million Series B round led by the South Asia Fund of GEF Capital.
Based on the current trend, it seems likely that GEF Capital will acquire full control of the company in the near future.
3SC, which was founded in 2012 by Lalit and Sarita Das, offers supply chain services to a wide range of industries, including e-commerce, pharmaceuticals, healthcare, industrials, FMCD, and FMCG. Additionally, it offers businesses supply chain analytics solutions.
More than 75 clients, more than 100 data scientists, and more than 20,000 transactions completed to date are all claimed by 3SC.
Only 1.71% more was made by 3SC Solutions’ operations in FY23 (from Rs 128.6 crore in FY22 to Rs 130.8 crore). According to the company’s consolidated financial statement, its losses increased from Rs 14 crore in FY22 to Rs 31.5 crore in FY23, a 2.3X increase. FY24 audited financial statements have not yet been filed by the company.
GEF Capital Partners, a private equity firm with a focus on climate technology, closed its $325 million GEF US Climate Solutions Fund II last month. Blue Earth Capital, HQ Capital, ODDO BHF, and INGKA Investments are a few of the companies in its portfolio. It has recently committed to investing Rs 580 crore in TI Clean Mobility.
