Dynamic India Fund S4 I

India Manufacturing, Financial services, Food and agriculture

ICICI Venture is an alternative assets manager based in India, and a subsidiary of ICICI Bank, one of the country’s largest financial services groups.

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

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

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 aspects

We work closely with the fund manager to improve its existing Environmental and Social Management System, including delivering an action plan.

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.

Financial services, Food and agriculture, Manufacturing
Investment type

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

Intermediated investment
Fund manager:
ICICI Venture
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

March 2016

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
Anthea Group India South Asia Manufacturing May 2017 Active
Theobroma Foods Private Limited India South Asia Food and agriculture May 2017 Active
Star Health & Allied Insurance

StarHealth is the leading private retail health insurer in India. It was founded in 2006 and has a presence across all 22 Indian states, including over 300 branches.

View investment details

India South Asia Financial services May 2017 Exited
Go Fashion (India) Pvt Ltd India South Asia Manufacturing January 2018 Active
DCB Bank India South Asia Financial services March 2018 Active
BTI Payment Pvt Ltd

BTI Payments Private Ltd is an ATM operator, a joint venture between The BANKTECH Group and funds managed by ICICI Venture.

View investment details

India South Asia Financial services August 2019 Active

We are now British International Investment