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Clientes d'Annapurna
Proparco and Incofin IM announce the successful first closing of the Incofin India Progress Fund (IPF) with over EUR 50 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. In addition to Proparco’s commitment the capital comes from a diverse set of private and institutional investors including Korys, CDC, the Belgian Investment Company for Developing Countries (BIO), the SDG Frontier Fund, the King Baudouin Foundation and several Belgian family offices.

India as an impact investment destination holds great promise. It is a country with an aspirational, young population (86% of the population is younger than 55 years) focused on improving their lives through hard work and entrepreneurship. At the same time, the country faces serious challenges like inequality (gender, education, family wealth), inefficient supply chains, and access to capital. Although 65% of India’s population lives in rural areas, private equity investments have largely focused on urban companies. As a result, many budding entrepreneurs fail to realise their full potential. 

The Incofin India Progress Fund (‘IPF’) will support these promising entrepreneurs and increase their chances of success through patient capital, mentoring and access to a global network. IPF will focus on two sectors which make the deepest social impact in the Indian context - financial inclusion and the agri-food value chain. 

The modernisation of the agri value chain in India is an underinvested opportunity 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.” - Rahul Rai, Partner Incofin IM. 

The complexity of the financial inclusion and the agri-food value chain sector have somewhat deterred equity investors. Through its sector focused approach and international experience in these sectors, IPF intends to bridge this gap and contribute to a vibrant private equity ecosystem.    
Incofin IM also benefits from a decade long strong Indian footprint with successful growth capital investments through its local teams in Chennai and New Delhi.  

Financial inclusion and the agri-food sector have proven to be top priorities to invest in to reduce inequalities, bridge the gender gap, and foster sustainable development. Proparco is proud to partner once again with Incofin, whose significant track record and expertise prepare them to maximize the impact of their new IPF fund, especially in India’s rural areas.” Said Diane Jegam, Proparco’s Regional Director for South Asia.

The first closing of the India Progress Fund also brought together other investors with high impact mandate, including CDC, Korys, BIO, the SDG Frontier Fund and King Baudouin Foundation amongst others.  IPF hit over EUR 50 million in commitments at this first closing, and the intention is to achieve total capital commitments of USD 80-100 million in subsequent closings. 

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