Dynamic India Fund S4 I

South Asia Manufacturing, Financial services, Food and agriculture

ICICI Venture is an alternative assets manager based in India, and a subsidiary of ICICI Bank, one of the country’s largest financial services groups.

The fourth fund raised by ICICI Venture, India Advantage Fund IV, invests in a range of sectors, including manufacturing, IT, infrastructure, telecoms, utilities, online services, energy, pharmaceuticals, healthcare, education, media, financial services, and retail.

Our investment

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.

Expected impact

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.

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
Countries

For funds, the countries listed here are those the fund has invested in so far.

:
India
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.

:
Financial services, Food and agriculture, Manufacturing
Website:
http://www.iciciventure.com
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 2017
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.

:
$40m
Domicile

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

:
Mauritius

Investments made by this fund

  • Active
  • Exited
Investment name Country Region Sector Start date Status
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.

View investment details

India South Asia Financial services August 2016 Active
Anthea Group India South Asia Manufacturing May 2017 Active
Theobroma Foods Private Limited India South Asia Food and agriculture May 2017 Active
Go Fashion (India) Pvt Ltd India South Asia Manufacturing January 2018 Active
DCB Bank India South Asia Financial services March 2018 Active