Growth Catalyst Partners

India Health, Food and agriculture, Financial services

Delhi-based Lok Capital is an impact investor which promotes inclusive growth in India by making long-term equity investments. It has operated since 2004.

Its Growth Catalyst Partners LLC fund will focus on providing accessible finance to India’s underserved communities. It also looks to expand into the agriculture and affordable healthcare sectors

Our investment

In 2016, CDC invested $15 million in Growth Catalyst Partners LLC, as an anchor investor, alongside a commercial investor, raising a total fund size of $88 million. We made a follow-on commitment of $5 million in 2017.

Expected impact

Lack of access to finance is a major barrier to India's economic growth.

Our investment enables the fund manager to partner with entrepreneurs and companies across a wide range of sectors to build sustainable growth. This includes providing finance and working capital to enable India's small and medium sized businesses, including rural smallholders and agribusinesses, to modernise and expand.

The fund aims to help create or secure over 22,000 jobs, and 30 per cent of the project will finance social sectors in disadvantaged areas in India, particularly in the poorest states in the North.

This includes providing access to affordable housing finance and investing in affordable healthcare. This will have a direct impact on reducing poverty.

Lok Capital also provides strategic, managerial and technical assistance to portfolio companies.

Current investments include small finance banks Utkarsh Micro Finance and Suryoday Small Finance Bank; milk procurement and processing company HR Food; and specialist diabetes care clinics, Dr. Mohan's.

Our investment has also attracted other investors to the fund, including commercial investors, as the fund manager expands its investor base beyond DFIs.

Environmental and social aspects

The fund manager has a well-established approach to E&S management and we will continue to support and monitor its approach as the portfolio grows.

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

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, Health
Investment type

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

Intermediated investment
Fund manager:
Lok 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

April 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

  • Active
  • Exited
Investment name Country Region Sector Start date Status
Suryoday Small Finance Bank Limited

Suryoday Small Finance Bank Limited is based in Mumbai with over 215 branches in 7 states across India and over 750,000 customers. It offers group, individual, SME and home loans.

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India South Asia Financial services September 2010 Active
Utkarsh Microfinance

Based in Uttar Pradesh, Utkarsh is a small finance bank which provides financial services to the under-served low-income rural and urban population in north and east India. It started operating back in September 2009, and provides group loans, micro, small and medium enterprise (MSME) loans, housing loans and savings accounts to the unbanked population in its heartland.

View investment details

India South Asia Financial services June 2011 Active
HR Food

The company sources, processes and markets milk and milk products, primarily in Ranchi and neearby districts in India

View investment details

India South Asia Food and agriculture October 2013 Active
Veritas Finance Private Limited

Founded in 2015, Veritas Finance is an Indian financial services firm, based in Chennai. It lends to over 12,000 micro, small and medium-sized enterprise (MSME) customers in rural and semi-urban areas. It provides these businesses with small individual loans for working capital and business expansion. Veritas currently operates more than 100 branches across Tamil Nadu, Puducherry, Karnataka, West Bengal and Odisha.

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India South Asia Financial services March 2016 Active
Ummeed Housing Finance Pvt Ltd

Housing finance company for lower & middle income Indian families.

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India South Asia Financial services September 2016 Active
Dr Mohan’s Diabetes Specialities Centre (DMDSC) India South Asia Health April 2017 Active
Mintifi India South Asia Financial services September 2017 Active
Use Kiwi Info Labs (AffordPlan) March 2018 Active

Akshayakalpa is the first organic milk brand in India. The company manufactures, markets and sells organic milk, and organic milk products

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India South Asia Food and agriculture September 2019 Active

RenewBuy is an Indian health and motor insurance online comparison platform.

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India South Asia Other consumer services September 2019 Active
Monsoon Harvest Active