Incofin India Progress Fund
The SDG Frontier Fund has invested EUR 2 M in equity in the Incofin India Progress Fund, a Financial Inclusion and Agribusiness Fund focused on India.
Amount
€ 2,000,000.00
Type of investment
Equity
Development impacts
- Local economic growth
- Private sector consolidation/innovation
- Financial inclusion
- Food security & rural development
Beneficiary locations
Investment field
Investment Companies & Funds
Activity
FI Fund
Organisation
Incofin India Progress Fund
Website
https://incofin.com/portfolio/Domicile
Other investments by
SDG Frontier Fund
- SDG Frontier Fund (Equity) € 6,330,000.00 (2020)
- Cathay Africinvest Innovation Fund (Equity) € 2,000,000.00 (2021)
- Ascent Rift Valley Fund II (Equity) € 2,000,000.00 (2020)
- African Rivers Fund III (Equity) € 1,500,000.00 (2020)
- Excelsior Capital Vietnam Private Equity Fund (Equity) € 2,000,000.00 (2020)
- South Asia Growth Fund II (Equity) € 2,000,000.00 (2020)
The IPF is a private equity fund investing in high impact sectors, managed by Incofin India Investment Management and Incofin Investment Management. It is Incofin IM’s first country-focused fund and will target the financial inclusion of the underserved/underserviced end customer and sustainable development of the food and agricultural value chain.
Development impacts
-
Local economic growth
Long-term equity finance to SMEs in the agribusiness value chain and to financial service providers such as Non Banking Financial Companies and Fintechs. Both are relevant sectors to reach India’s bottom-of-the-pyramid population. Direct jobs support & job creation and important indirect employment opportunities through the supply chain and finance enabling effect
-
Private sector consolidation/innovation
Overlap between financial inclusion and agri-food sector as investees are often looking to provide financial services to their agri clients. Focus on tech-enabled and innovative models for traditional businesses will help to scale business and build more efficient supply chains.
-
Financial inclusion
Around half of the portfolio will be invested in innovative financial services, which will help improving financial inclusion in economically disadvantaged groups (rural population, women, etc.). Target sectors/products with strong inclusiveness and enabling potential: MSME finance, income generating loans, alternative lending channels, insurance, and payment and savings services.
-
Food security & rural development
Around half of the portfolio will be invested in the post-harvest agri-food value chain, e.g. collection, processing, distribution, retail, market access, etc. to increase agricultural output and promote new economic opportunities for rural populations. Links with other parts of the supply chain are privileged, both upstream and downstream, to improve overall integration of the food supply chain and to reduce food waste.
Read impact and news about this project
News
Belgian impact fund backs the entrepreneurial spirit on the Indian countryside
18-11-2021
Belgian impact investor Incofin IM raises 45 million euros in a first investment round for its new impact fund focused on rural development in India.
News
Greener money
31-08-2021
Money is getting greener. The superlative in sustainable investing today is "impact investing". A growing global market that is already worth more than $700 billion.
Article originally appeared in MT Magazine in Dutch.
News
Belgian impact fund focused on the Indian rural economy hits first close of USD 60 M
26-07-2021
A group of international investors announce the successful first closing of the Incofin India Progress Fund (IPF) with USD 60 million of commitments. The fund will make private equity investments in the Indian agri food value chain and in financial inclusion for rural entrepreneurs in India. The committed capital comes from a diverse set of private and institutional investors including Korys, CDC, Proparco, the Belgian Investment Company for Developing Countries (BIO), the SDG Frontier Fund, the King Baudouin Foundation and several Belgian family offices.
News
Repousser les frontières des investissements durables
15-12-2020
An interview with Luuk Zonneveld, An-Heleen De Greef & Eric Van
Den Bossche on the SDG Frontier Fund, published in Eventail on the 10th of December, written by Cédric Boitte. This article was published in French.
News
You'll never make the world sustainable with only public money
02-07-2020
Financial return is worth twice as much if it also helps the world move forward. The Belgian government and business world collect 50 million euros for sustainable investments in the African and Asian private sector. "Investing is better than giving," says driving force Alexander De Croo, Minister of Development Cooperation. "You will only see a return on your investment if it has really made a difference."
News
SDG Frontier Fund first closing
02-07-2020
First-of-its-kind Belgian impact fund brings together 9 private investors to support sustainable economic growth in African and Asian frontier markets.
View more of our investments in this region
Investment Companies & Funds
Lendable MSME Fintech Credit Fund
2,994,950.00
India, Indonesia, Vietnam, Kenya, Nigeria, South Africa
20/08/2021
Equity
Investment Companies & Funds
European Financing Partners S.A.
15,000,000.00
India, Kenya, Nigeria, Senegal, Tanzania, Zambia
22/12/2020
Debt
Financial Institutions
The Currency Exchange Fund n.v.
7,091,000.00
Bangladesh, Cambodia, India, Indonesia, Myanmar, Nepal, Pakistan, Philippines, Sri Lanka, Vietnam, Bolivia, Brazil, Colombia, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Nicaragua, Paraguay, Peru, Algeria, Egypt, Iraq, Jordan, Lebanon, Morocco, Syria, Tunisia, Palestinian Territories, Benin, Burkina Faso, Burundi, Cameroon, Côte d'Ivoire, Democratic Republic of Congo, Ethiopia, Ghana, Guinea, Kenya, Madagascar, Malawi, Mali, Mozambique, Niger, Nigeria, Rwanda, Senegal, South Africa, Tanzania, Uganda, Zambia
05/09/2007
Equity
Investment Companies & Funds
European Financing Partners S.A.
5,000,000.00
India, Kenya, Nigeria, Senegal, Tanzania, Zambia
08/12/2010
Debt
Investment Companies & Funds
Interact Climate Change Facility
6,000.00
India, Mongolia, Honduras, Côte d'Ivoire, Ghana
23/02/2011
Equity
Investment Companies & Funds
Interact Climate Change Facility
10,000,000.00
India, Mongolia, Honduras, Côte d'Ivoire, Ghana
23/02/2011
Debt
Investment Companies & Funds
Kaizen Private Equity II
300,000.00
India, Philippines, Vietnam
08/12/2020
Subsidy
Investment Companies & Funds
European Financing Partners S.A.
6,000.00
India, Kenya, Nigeria, Senegal, Tanzania, Zambia
21/11/2003
Equity
Investment Companies & Funds
AgRIF Coöperatief U.A.
105,000.00
Cambodia, India, Mongolia, Myanmar, Bolivia, Colombia, Ecuador, Guatemala, Honduras, Nicaragua, Peru, Burkina Faso, Côte d'Ivoire, Kenya, Senegal
11/09/2018
Subsidy
Investment Companies & Funds
AgRIF Coöperatief U.A.
5,438,332.50
Cambodia, India, Mongolia, Myanmar, Bolivia, Colombia, Ecuador, Guatemala, Honduras, Nicaragua, Peru, Burkina Faso, Côte d'Ivoire, Kenya, Senegal
18/06/2015
Equity
Investment Companies & Funds
BTS India Private Equity Fund Ltd.
3,557,000.00
India
23/06/2006
Equity
Investment Companies & Funds
Renewable Energy Asia Fund II
8,900,000.00
India, Indonesia, Philippines
03/10/2016
Equity
Investment Companies & Funds
Renewable Energy Asia Fund
6,000,000.00
India, Philippines
09/12/2009
Equity
Investment Companies & Funds
South Asia Growth Fund II
2,000,000.00
Bangladesh, India
23/12/2020
Equity
Investment Companies & Funds
South Asia Growth Fund II
8,700,000.00
Bangladesh, India
10/05/2019
Equity
