British International Investment

3one4 Capital - Fund III

IndiaSouth AsiaCommunications & IT servicesConsumer - EducationConsumer - HealthConsumer - other servicesFinancial servicesFood & AgricultureManufacturing

The fund targets technology and technology-enabled companies whose disruptive solutions have the potential to reach large parts of the Indian population. These companies can help to increase economic opportunities and market participation for consumers, employees, and suppliers.

Our investment

Description of the investment.

This investment is part of our strategy to (i) support the local entrepreneurial ecosystem in our markets in order to build new businesses which create jobs, and; (ii) provide us access to early-stage companies that have the potential to create transformational impact at scale. 3one4 Fund III will invest in highly scalable start-ups of which a subset are expected to reach low-income Indian suppliers, employees, and consumers.

Impact information

Applies to investments made from 2019 onwards. The tabs in this section define what we expect to achieve through the investment, assessing the potential impact of the investment against six dimensions of impact. You can find more details on our methodology of assessing impact here.

What?

Impact
  • Provide income-generating opportunities (SDG 8.5).
  • Enhance economic participation and well-being by providing access to financial services (SDG 8.10).
  • Improve access to quality and affordable healthcare (SDG 3.8).

How?

Primary Secondary
  • Investments in platforms solving for market fragmentation and reconciling supply and demand.
  • Investments in fintech businesses (last-mile payment, insurance, and credit providers).
  • Investments in health-tech businesses serving underserved areas or driving costs down.

Direct job creation by scaling up to 45 start-ups.

Who?

Stakeholder Geography Characteristics
Suppliers and employees

Pan-India – including rural areas

Small-scale suppliers (smallholder farmers) and low-income workers (blue-collar, drivers).

Consumers and small-scale entrepreneurs

Pan-India – focus on rural areas

Primarily underserved populations.

Consumers

Pan-India – focus on tier II and III cities

Variable - high to lower-income populations based on track record and advanced pipeline.

Contribution/additionality

Contribution/additionality
  • Financial additionality: We will support the fund in reaching its target fund size, alongside other investors.
  • Value additionality: We will strengthen environmental and social and business integrity processes to reduce execution risk and negative impact. We will pilot tech-based impact measurement to inform follow-ons.

Grid score

Grid Score

To help us direct our investments, we previously used a tool called the Development Impact Grid. It scored investments out of four, based on two factors: the difficulty of investing in a country and the propensity of the sector to generate employment. This tool was used for investments until the end of 2021. Since 2022 it has been replaced by the Impact Score.

2.3-2.7

Risk

Alignment Risk
  • The impact case relies on the fund's ability to identify businesses that are a good fit with our impact objectives.
Execution Risk
  • Relates to the risk that portfolio companies will fail to scale and deliver on the expected impact.

Environmental and social information

  • Environmental and social summary

    A high-level description of the environmental and social aspects of the investment. This may include a summary of key environmental and social risks identified during environmental and social due diligence (ESDD); key elements of an environmental and social action plan (ESAP); or ways in which we plan to support the investee improve environmental and social standards, such as through their environmental and social management system (ESMS); as well as any other priority areas agreed with the investee.

  • Environmental and social risk

    A risk category rating, which indicates the level of environmental and social risk associated with an investment. For an explanation of the categorisations used, see here. We consistently provide an environmental and social risk category for all investments screened from 2023 onwards.

Environmental and social summary

We agreed with the fund manager to develop and implement an ESMS.

Environmental and social risk

Low

Reporting and Complaints Mechanism

The Reporting and Complaints Mechanism allows anyone outside BII to report alleged breaches of the business integrity or environmental and social provisions of BII’s Policy on Responsible Investing. This includes breaches made by BII, a BII investee, or a portfolio company of a fund in which BII has invested. The Reporting and Complaints Mechanism Rules are available here. Reports and complaints can be submitted by email to [email protected] or by mail. See more details on our Reporting and Complaints Mechanism here.

For any other general enquiries contact us at [email protected]

  • Key facts

    Last updated

    When the last quarterly update of the website database occurred.

    :
    January 2024
    Project number

    An identifier number shared by investments in the same project.

    :
    D4638
    Status

    The current status of the investment (green flag for active and red flag for exited).

    :
    Active
    Region

    The geographical region where the country is located. We currently invest in Africa, South Asia, South East Asia and the Caribbean. In 2023, BII’s investment mandate was extended allowing it to invest in regional funds linked to Ukraine, with the majority of activity expected to begin post-war. Investments outside these regions were made prior to 2012 under previous investment mandates.

    :
    South Asia
    Country

    The countries from which we derive the value of our investment. Where value is derived from multiple countries, this is indicated.

    :
    India
    Sector

    We prioritise those sectors that facilitate development and need our capital the most. Our priority sectors contribute towards many of the Sustainable Development Goals. They range from investing in the power infrastructure that will provide people with better access to electricity, to investing in financial institutions that direct capital to the individuals and businesses that need it the most.

    :
    Communications & IT services, Consumer - Education, Consumer - Health, Consumer - other services, Financial services, Food & Agriculture, Manufacturing

    We provide capital in the following ways: directly – through direct equity, direct debt, guarantees and other non-intermediated financial instruments; and indirectly – principally through investment funds.

    For direct investments and fund investments, this is the date BII committed capital to the investments. This is typically the date on which legal agreements are signed by all parties.

    For the portfolio companies of our fund investments, this is the date (either the month or the quarter) on which the fund committed capital to the portfolio company.

    For direct equity investments, this is the date at which British International Investment exited the investment.

    For debt investments, this is the date at which the final debt repayment was made.

    For funds, this is the date at which the fund was terminated.

    For underlying fund investments, this is the date at which the fund manager exited the investment.

    The total amount committed, per financial instrument, per investment, on the date BII becomes subject to a binding legal obligation to provide funding or assume a contingent liability. This information is provided in US dollars.

    For direct investments, this is the amount that BII has committed to the business or project. For fund investments, this is the amount BII has committed to the fund.

    The currency in which the investment was made.

    Investment type :
    Fund
    Start date :
    February 2022
    Amount :
    $5.03m
    Currency of investment :
    INR
    Fund Manager:
    3one4Capital Advisors LLP
    Domicile

    The company or investment fund’s place of incorporation.

    :
    India

Related investments made by BII into this fund:

Investment name Commitment Region Sector Start date Status
Investment 01 $10.07m South Asia Communications & IT services, Consumer - Education, Consumer - Health, Consumer - other services, Financial services, Food & Agriculture, Manufacturing July 2021 Active

Investments made by this fund into companies:

For further information about these companies, visit https://www.3one4capital.com/

Investment name Country Region Sector Start date Status
Adret Retail Pvt India South Asia Consumer - other services March 2021 Active
AuroGreen Health Pvt Ltd India South Asia Consumer - Health September 2022 Active
Bombinate Technologies India South Asia Communications & IT services March 2021 Active
Boond Tech Pvt Ltd (Go Paani) India South Asia Communications & IT services December 2021 Active
Cheq Digital Pvt Ltd India South Asia Communications & IT services June 2022 Active
Coverself Inc India South Asia Communications & IT services June 2022 Active
Datamotive Technologies Pvt Ltd India South Asia Communications & IT services December 2021 Active
Everstage Inc India South Asia Communications & IT services March 2021 Active
Exponent Energy Pvt India South Asia Manufacturing September 2021 Active
Facets Cloud Inc India South Asia Communications & IT services June 2022 Active
Five Salts Pvt India South Asia Financial services September 2021 Active
Flat White Capital Pvt India South Asia Financial services September 2021 Active
Fourdegree Capital Private Limited (Wint) India South Asia Financial services December 2021 Active
Fresh Cartons Retail and Distribution Pvt Ltd (Rozana) India South Asia Consumer - other services March 2022 Active
Get Paz Solutions (Pazcare) India South Asia Communications & IT services September 2021 Active
Hyperface Technologies India South Asia Communications & IT services June 2022 Active
Intelligent Acumen Technologies Pvt Ltd (Fyno) India South Asia Communications & IT services September 2022 Active
Intelligent Retail – Ripplr India South Asia Consumer - other services March 2021 Active
Knight Fintech Pte Ltd India South Asia Communications & IT services December 2021 Active
Leap247 Finnovations Pvt Ltd (Fego) India South Asia Communications & IT services December 2021 Active
Light and Craft Technologies Inc India South Asia Manufacturing September 2022 Active
Light and Craft Technologies Pvt Ltd India South Asia Manufacturing July 2022 Active
Medbikri Technologies Pvt Ltd India South Asia Communications & IT services December 2021 Active
Mitron TV – Mitron India South Asia Communications & IT services March 2021 Exited
Native Health – Superwoman India South Asia Consumer - Health September 2021 Active
Nektar.AI Pte – Nektar India South Asia Communications & IT services September 2021 Active
Orbi Health Inc (Eka care) India South Asia Consumer - Health December 2021 Active
Orbi Health Pvt Ltd India South Asia Consumer - Health September 2022 Active
Pitchfork Foods Pvt Ltd (Floryo) India South Asia Food & Agriculture March 2022 Active
Prana Health USA – Breathe India South Asia Consumer - Health March 2021 Active
Raise Fintech Ventures Pvt Ltd (Dhan) India South Asia Communications & IT services March 2022 Active
Reverberation Tech (Urban Yogi) India South Asia Communications & IT services September 2021 Active
Sinecycle Tech USA – Sinecycle India South Asia Communications & IT services March 2021 Active
Trulearn Spaces – Uable India South Asia Consumer - Education March 2021 Active
Turtle Shell Technologies Pvt Ltd India South Asia Communications & IT services March 2021 Active
Ubifly Technologies Pvt Ltd (e-Plane) India South Asia Communications & IT services December 2021 Active
Unboxrobotics Labs Pvt Ltd (Unbox) India South Asia Communications & IT services December 2021 Active
Vianam Healthtech (Hexa Health) India South Asia Communications & IT services September 2021 Active
Wolkus Technology Solutions Private Limited (Fasal) India South Asia Food & Agriculture December 2021 Active
Wortgage Tech – Money On Click100 India South Asia Financial services September 2021 Active
Wunderbaked Technologies Pvt Ltd India South Asia Communications & IT services September 2021 Exited
Zaamo E-Commerce India South Asia Communications & IT services September 2021 Active
Zorro Internet Pvt Ltd (Zorro) India South Asia Communications & IT services December 2021 Active
Zumen Inc India South Asia Communications & IT services June 2022 Active
Zumen Software India Pvt Ltd India South Asia Communications & IT services June 2022 Exited

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