In 2016, CDC invested $40 million into India Advantage Fund IV and raised a total fund size of $350 million. The fund seeks to make investments of between $5 million and $50 million. Our investment provides much-needed capital for local companies looking to expand nationally or internationally.
India offers significant opportunities for economic growth in the next decade, with figures predicting growth rates of 8 per cent. Much of this will be driven by consumption-led sectors, including those which serve the country’s expanding upper-middle market.
Our investment enables the fund manager to invest in firms which have a strong position in their sectors, including leading franchises, as well as substantial growth prospects.
This supports investee companies in developing competitive advantages and building sustainable domestic or international expansion.
The fund has completed several investments already, including in health insurer Star Health; chemicals manufacturer Anthea Aromatics; and consumer goods and food services firm Theobroma.
Our investment also helps attract other investors.
Environmental and social aspects
We work closely with the fund manager to improve its existing Environmental and Social Management System, including delivering an action plan.
Since 2012, we’ve only invested in Africa and South Asia. Investments outside these regions are from our pre-2012 portfolio.
- South Asia
We have seven priority sectors. However, we continue to invest outside these sectors, largely in the most challenging regions, as new investment supporting any sector helps to underpin the private sector, and create jobs and livelihoods for people. For funds, the sectors listed here are those the fund has invested in so far.
- Financial services, Food and agriculture, Manufacturing
- Investment type
We provide capital in three broad ways: direct equity, debt, and intermediated equity (principally through investment funds).
- Intermediated investment
- Fund manager:
- ICICI Venture
- 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
- March 2016
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.
Investments made by this fund
|Investment name||Country||Region||Sector||Start date||Status|
|Anthea Group||India||South Asia||Manufacturing||May 2017||Active|
|Theobroma Foods Private Limited||India||South Asia||Food and agriculture||May 2017||Active|
Star Health & Allied Insurance
StarHealth is the leading private retail health insurer in India. It was founded in 2006 and has a presence across all 22 Indian states, including over 300 branches.
|India||South Asia||Financial services||May 2017||Exited|
|Go Fashion (India) Pvt Ltd||India||South Asia||Manufacturing||January 2018||Active|
|DCB Bank||India||South Asia||Financial services||March 2018||Active|
BTI Payment Pvt Ltd
BTI Payments Private Ltd is an ATM operator, a joint venture between The BANKTECH Group and funds managed by ICICI Venture.
|India||South Asia||Financial services||August 2019||Active|