Pravega Ventures Fund I

India Financial services, Communications and IT Services, Education, Other consumer services

Pravega Ventures is an early-stage venture capital investor backing highly scalable, tech-enabled businesses in India, particularly in the fintech and enterprise spaces.

Our investment

CDC’s investment in Pravega underlines our commitment to supporting technology innovation geared towards leapfrogging consumer challenges pertaining to affordability and accessibility of essential goods and services in India, while creating large scale economic opportunities along the way.

Impact

Promote economic opportunities by creating jobs and enhancing access to more affordable goods and services for productive use (SDG 8.5, 1.4).

How?

CDC’s commitment will support Pravega to invest in highly scalable early stage companies, Pravega can support their growth and large-scale employment creation, both directly and through the services they provide to other market stakeholders.

Stakeholder Geography Characteristics
Suppliers, employees, consumers

India

Primarily low-income and middle-income

Grid Score Contribution

1.7-2.4

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.

  • Financial: The commercial market does not offer capital in sufficient quantities to meet companies' plans / needs.
  • Value-add: CDC will help reduce execution risks and any negative impact risks by providing knowledge and advice on implementing environmental, social, governance (ESG) and business integrity standards and incorporating a risk-based approach to ESG for early-stage companies.
Risk

The early-stage nature of the technology solutions developed by some of Pravega’s portfolio companies creates some uncertainties over the sustainability of the solutions and the extent to which these cut out existing intermediary businesses leading to some job losses elsewhere in the value chain.

Environmental and social aspects

We will work closely with the fund manager to develop and implement an environmental and social management system (ESMS) appropriate for the asset class.

Key facts

Status:
Active
Region

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

:
South Asia
Sector

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.

:
Communications and IT Services, Education, Financial services, Other consumer services
Investment type

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

:
Intermediated investment
Fund manager:
JSM Advisors Pvt Ltd
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

:
August 2016
Amount

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.

:
$7m
Domicile

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

:
India

Investments made by this fund

  • Active
  • Exited
Investment name Country Region Sector Start date Status
Crofarm Agriproducts Private Limited India South Asia Communications and IT Services March 2016 Active
Ikarus Process Automation Pvt Ltd India South Asia Communications and IT Services March 2016 Active
InnovAccer Inc India South Asia Communications and IT Services March 2016 Active
PropertyShare Online Platform Pvt Ltd India South Asia Communications and IT Services March 2016 Active
PropertyShare Property Management Pvt Ltd India South Asia Communications and IT Services March 2016 Active
Citizengage Solutions Private Limited India South Asia Communications and IT Services March 2016 Exited
Datasigns Technologies Private Limited (Shubhloans) India South Asia Financial services March 2017 Active
Greyatom Edutech Private Limited India South Asia Education March 2017 Active
My Phygital Cafe Private Limited (Grubox) India South Asia Other consumer services March 2017 Active
WorkEx Solutions and Services Pvt Ltd India South Asia Communications and IT Services March 2017 Active
Fyle Technologies Pvt Ltd India South Asia Communications and IT Services March 2018 Active
Algiz Consultancy Services Pvt Limited (Zipsure) India South Asia Financial services March 2018 Exited
Digital Gold India Private Limited (Safegold)

SafeGold is a digital platform that allows customers to buy, sell and receive vaulted gold at low ticket sizes, around the clock, with the tap of a button.

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India South Asia Communications and IT Services March 2019 Active
Komorebi Tech Solutions Private Limited (Cityflo) India South Asia Communications and IT Services March 2019 Exited
Leucine Medtech Pvt Limited India South Asia Communications and IT Services March 2020 Active
Mintoak Innovations Private Limited

Mintoak is a digital payments platform that makes payments easy and accessible for small businesses.

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India South Asia Communications and IT Services March 2020 Active
Arthashastra Fintech Private Limited (ePayLater)

ePayLater is a digital payment solution that enables customers to access short term credit.

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India South Asia Financial services December 2020 Active
Ordenado Labs Pvt Ltd (Kaagaz)

Kaagaz is a document scanning app for mobile.

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India South Asia Communications and IT Services December 2020 Active
Socionity Software Solutions Pvt Ltd (Creator OS)

Creator OS is a platform that enables online creators in India to grow their businesses

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India South Asia Communications and IT Services December 2020 Active