Ankur Capital II


Ankur Capital is an impact-oriented investor that targets underserved populations at scale by providing economic opportunities through jobs, market access and improved goods and services particularly in agriculture and healthcare sectors.

  • Supporting economic opportunities by improved market access and/or productivity (SDG target 2.3)
  • Supporting the provision of healthcare services (SDG 3), education (SDG 4) and financial inclusion (SDG target 1.4)

CDC's investment will allow the fund will make seed-stage investments in c.20 early-stage enterprises primarily in healthcare and agriculture as well as digital inclusion sectors. Ankur Capital seeks companies that will have “structural impact” by addressing bottlenecks and market failures in their target sectors and which can improve socio-economic outcomes for underserved populations. For example, Niramai in Ankur's first fund addresses a lack of skilled radiologists by providing AI powered imaging solutions, which can improve diagnostics and ultimately result in better healthcare outcomes.

Stakeholder Geography Characteristics


Poor (rural, typically small-scale farmers with 2-10 hectares).



Low-income (urban and peri-urban population, typically spending 60-90% of their income on essential consumption, with little or no savings, but are increasingly digitally connected).

Grid Score Contribution

To help us direct our investments, we use a tool called the Development Impact Grid. The Grid scores every investment we plan out of a score of four, based on two factors: the difficulty of investing in the country and whether investment in that sector will lead to jobs.

Capital not offered at all. CDC will help to reduce Execution risks and any negative impact risks through support to the Manager strengthening its E& S and business integrity systems. CDC commitment will give a strong market signal which will aid the chances of the Fund reaching its target size by final close.

  • Execution: The impact case rests on the ability of these early stage companies to successfully scale.
  • Alignment: The impact case relies on sticking to the Fund's strategy of investing in companies that target underserved populations with high impact goods and services.

Environmental and social aspects

We worked closely with the fund manager to develop and implement an Environmental and Social Management System (ESMS).

Key facts


Since 2012, we’ve only invested in Africa and South Asia. Investments outside these regions are from our pre-2012 portfolio.

South Asia
Investment type

We provide capital in three broad ways: direct equity, debt, and intermediated equity (principally through investment funds).

Intermediated investment
Fund manager:
Ankur Capital
Start date

For direct investments, this is the date CDC committed capital to the business or project.

For funds, this is the date that CDC committed capital to the fund.

For underlying fund investments, this is the date that the fund invested capital into the business.e

December 2019

For direct investments, this is the total amount that CDC has committed to the business or project (it may be a combination of equity and debt).

For funds, this is the total amount that CDC has committed to the fund.


This is the investee company’s place of incorporation; or a fund’s jurisdiction.