Press Release: IncoFin Reaches Final Close of its India Progress Fund
Belgian impact investor Incofin, announces the final close of its India Progress Fund (IPF). Investors entrusted USD 77 million of capital to the fund to continue investing in financial inclusion and the agri-food value chain in the Indian rural economy as these two sectors make the deepest social impact and drivers for climate change adaptation potential in the Indian context.
Incofin launched the fund in the summer of 2021 to build upon Incofin’s decade long strong Indian footprint with successful growth capital investments. The 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 the Indian development financial institution 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 fund wants to support promising entrepreneurs who create tangible and sustainable impact and financial results 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 Sahyadri Farms. IPF’s latest investment was in Mufin Green, financial services provider for Electric Vehicles.
Photo courtesy of Joseph D’Mello.