British International Investment

Dynamic India Fund S4 I

IndiaSouth AsiaConsumer - HealthFinancial servicesFood & AgricultureManufacturing

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.

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

Our investment

Description of the 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

Expected impact of investments made between 2012 and 2018. From 2019 onwards, we have published a fuller set of impact information, assessing each investment against six dimensions of 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 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 work closely with the fund manager to improve its existing ESMS, including delivering an action plan.

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.

    June 2024
    Project number

    An identifier number shared by investments in the same project.


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


    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

    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.

    Consumer - Health, 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 :
    Start date :
    March 2017
    Amount :
    Currency of investment :
    Fund Manager:
    ICICI Venture

    The company or investment fund’s place of incorporation.


Investments made by this fund into companies:

For further information about these companies, visit

Investment name Country Region Sector Start date Status
Anthea Group India South Asia Manufacturing May 2017 Active
BTI Payment Pvt Ltd India South Asia Financial services August 2019 Active
Cello World Private Limited India South Asia Manufacturing October 2022 Active
Coraggio (SPV -Magma HDI General Insurance) India South Asia Financial services December 2021 Exited
DCB Bank India South Asia Financial services March 2018 Active
Epack Durables Solutions Pvt Ltd India South Asia Manufacturing September 2021 Active
Go Fashion (India) Pvt Ltd India South Asia Manufacturing January 2018 Exited
KIMS Hospitals India South Asia Consumer - Health June 2021 Active
Solvy Tech Solutions Private Limited India South Asia Financial services November 2022 Active
Star Health and Allied Insurance Company Limited India South Asia Financial services May 2017 Exited
Theobroma Foods Private Limited India South Asia Food & Agriculture May 2017 Active

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