British International Investment

Fibonacci India Fund Co Limited (Phi Capital)

IndiaSouth AsiaConsumer - HealthManufacturing

The Phi Capital Growth Fund I is a pan-India focused fund that focuses on small to medium-sized enterprises (SMEs). It looks to invest in the auto, retail, manufacturing, financial services, and education sectors.

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

Our investment

Description of the investment.

In December 2016, CDC committed $25 million to the Phi Capital Fund, alongside investments from German DFI DEG.

The fund reached a total size of $60 million and is looking for investments between $5 million to $15 million.

Our investment aims to unlock the growth potential of medium-sized businesses. It also helps attract other investors to the fund.

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.

Many Indian businesses are family owned, and often grapple with the challenges of globalisation, increased competition and building a professional organisation. Businesses that are unable to successfully meet these challenges typically fail.

Our investment enables the fund manager to target family businesses and operationally challenged companies to give them access to working capital.

The fund manager also provides strategic and operational support to increase productivity to help transform investee companies into sustainable world-class businesses.

It has already made an investment in Arya Vaidya Pharmacy, a Tamil Nadu-based ayurvedic healthcare firm.

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 are working closely with the fund manager to develop and implement an ESMS.

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.

    :
    D181
    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
    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.

    :
    Consumer - Health, 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 :
    November 2016
    Amount :
    $25m
    Currency of investment :
    USD
    Fund Manager:
    Phi Capital
    Domicile

    The company or investment fund’s place of incorporation.

    :
    Mauritius

Investments made by this fund into companies:

For further information about these companies, visit http://www.phicapital.in/

Investment name Country Region Sector Start date Status
AuthBridge Research Services Private Limited India South Asia Manufacturing December 2021 Active
Classic Legends Private Limited India South Asia Manufacturing October 2017 Active
Krsnaa Diagnostics Private Limited India South Asia Consumer - Health January 2019 Active
Minda Corporation Ltd India South Asia Manufacturing October 2020 Exited
The Arya Vaidya Pharmacy (Coimbatore) Limited India South Asia Consumer - Health June 2017 Active

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