Incofin announces it has held a successful final closing for its India Progress Fund (IPF). Investors entrusted USD 77 million of capital to continue investing in the Indian rural economy focusing on financial inclusion and the agri-food value chain, two sectors which make the deepest social impact in the country.
Incofin launched the private equity fund in the summer of 2021 to build upon Incofin’s decade long strong Indian footprint with successful growth capital investments. The final investor base is comprised of a diverse set of private and institutional investors including Korys, British International Investment (BII), Proparco, The Belgian Investment Company for Developing Countries (BIO Invest), the SDG Frontier Fund, the King Baudoin Foundation, several Belgian family offices and since recently also the Indian development bank and Fund of Funds SIDBI.
The Indian economy will continue to be one of the fastest growing economies in the world in the next few years and the funds wants to support promising entrepreneurs who create tangible and sustainable impact through patient capital, mentoring and access to a global network. The fund is already off to a strong start, with almost half of the fund invested in innovative companies such as MSME finance company Namdev, technology-focused supply chain company SuperZop, agrofintech company Unnati and India’s largest fruit and vegetable platform Sayhadri Farms. IPF’s latest investment was in Mufin Green, financial services provider for Electric Vehicles.