Ankur Capital II

India Communications and IT Services

Ankur Capital is an impact-oriented investor that targets underserved populations at scale by providing economic opportunities through jobs, market access and improved goods and services particularly in agriculture and healthcare sectors.

This investment was made when British International Investment was named CDC Group.

  • Support economic opportunities by improved market access and/or productivity (SDG target 2.3).
  • Support the provision of healthcare services (SDG 3), education (SDG 4) and financial inclusion (SDG target 1.4).

CDC's investment will allow the fund will make seed-stage investments in c. 20 early-stage enterprises primarily in healthcare and agriculture as well as digital inclusion sectors. Ankur Capital seeks companies that will have structural impact by addressing bottlenecks and market failures in their target sectors and which can improve socio-economic outcomes for underserved populations. For example, Niramai in Ankur's first fund addresses a lack of skilled radiologists by providing AI powered imaging solutions, which can improve diagnostics and ultimately result in better healthcare outcomes.

Stakeholder Geography Characteristics


Poor (rural, typically small-scale farmers with 2 to 10 hectares).



Low-income (urban and peri-urban population, typically spending 60 to 90 per cent of their income on essential consumption, with little or no savings, but are increasingly digitally connected).

Grid Score Contribution

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 at all by the commercial market.
  • CDC will help to reduce execution risks and any negative impact risks through support to the manager strengthening its environmental, social and business integrity systems.
  • CDC commitment will give a strong market signal which will aid the chances of the fund reaching its target size by final close.
  • Execution: The impact case rests on the ability of these early stage companies to successfully scale.
  • Alignment: The impact case relies on sticking to the fund's strategy of investing in companies that target underserved populations with high impact goods and services.

Environmental and social aspects

We worked closely with the fund manager to develop and implement an environmental and social management system (ESMS).

Key facts


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

Communications and IT Services
Investment type

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

Intermediated investment
Fund manager:
Ankur Capital
Start date

For direct investments, this is the date British International Investment committed capital to the business or project.

For funds, this is the date that British International Investment committed capital to the fund.

For underlying fund investments, this is the date that the fund invested capital into the business.e

December 2019

For direct investments, this is the total amount that British International Investment has committed to the business or project (it may be a combination of equity and debt).

For funds, this is the total amount that British International Investment has committed to the fund.


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


Investments made by this fund

  • Active
  • Exited
Investment name Country Region Sector Start date Status
Chifu Agritech Pvt. Ltd (Vegrow)

Chifu Agritech owns Vegrow, a technology platform that works with farmers in India to enable them to maximise their supply and find the right customers for their produce.

View investment details

India South Asia Communications and IT Services June 2020 Active
Infifresh Foods Pvt Ltd (Captain Fresh)

Captain Fresh is an Indian technology platform that connects businesses directly with fish and seafood suppliers

View investment details

India South Asia Communications and IT Services August 2020 Active
Farmstock Technologies Pvt Ltd (Krishify)

Krishify is an online community for farmers in India, which enables them to discuss their crops with fellow farmers and experts, and establish an online store to sell to retailers

View investment details

India South Asia Communications and IT Services November 2020 Active

We are now British International Investment