Pravega Ventures Fund I

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

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 targets 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.

StakeholderGeographyCharacteristics
Suppliers, employees, consumers

India

Primarily low-income and middle-income.

Grid ScoreContribution
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.

  • Capital not offered in sufficient quantity.
  • CDC will help to reduce execution risks and any negative impact risks by providing knowledge and advice towards implementing best practices on E&S and business integrity and incorporating risk-based approach on E&S for early-stage companies.
Risk
  • Drop-off 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.

Key facts

Status:
Active
Investment type

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

:
Intermediated investment
Fund manager:
Pravega Ventures
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