To date, CDC has invested $18 million in Veritas Finance through the Impact Accelerator.
Our funding will support the company’s expansion into newer states such as Andhra Pradesh, Telangana, and Madhya Pradesh. It will also broaden the company’s presence in existing locations and drive technology initiatives and product expansion for its customer base.
MSMEs make up the backbone of the informal Indian economy and are often family or individual run. However, many find it difficult to access credit given their informal status and lack of documentation.
Our investment through Veritas will help these businesses access capital at affordable rates, build a credit profile, and move into formal credit channels. This will help to drive wider economic growth and support direct and indirect job creation.
Environmental and social aspects
CDC performed thorough environmental and social (E&S) due diligence prior to investment and identified key E&S priorities for this growing business.
Our long-term goal is to help the company build internal capacity to effectively manage human capital, identify talent and manage any E&S risks that affect the business.
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.
- Financial services
- Investment type
We provide capital in three broad ways: direct equity, debt, and intermediated equity (principally through investment funds).
- Direct Equity
- 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
- November 2017
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.