The fund will make private equity investments in the agri food value chain and financial services in rural India
Incofin IM announced the successful first close of the India Progress Fund (IPF) at Rs 450 crores (Rs 4.5 billion). The fund will make private equity investments in the agri-food value chain and financial services in rural India. The committed capital comes from a diverse set of private and institutional investors including CDC, Proparco, Korys, BIO,and several Belgian family offices and foundations.
The India Progress Fund (IPF) will support promising entrepreneurs through patient capital, mentoring and access to a global network. IPF will focus on two sectors that make the deepest social impact: financial inclusion and the agri-food value chain.
“The modernisation of the agri value chain and rural financial inclusion is an underinvested opportunity in India with significant potential for rural impact and for creating meaningful enterprises. We are grateful to our investors for enabling us to execute this investment strategy,” remarked Rahul Rai, Partner, Incofin IM on the successful first closing of IPF.
Through a sector-focussed approach and international experience in the sectors, IPF intends to bridge the gap and contribute to a vibrant private equity ecosystem. The fund shall focus on minority investments with an investment size of Rs 25-70 crores.
“Over the last 13 years of being present in India, Incofin has first-hand practical rural market experience. Success from microfinance shall be carried forward to the large unmet missing middle. IPF shall back entrepreneurs aiming to challenge the status quo, in the process to transform from informal to formal market setup,” opined Aditya Bhandari, Partner Incofin IM.
