British International Investment

Incofin India Progress Fund I

IndiaSouth AsiaFinancial servicesFood & Agriculture

Incofin India Progress Fund I is an impact fund focussing on early-stage investments in the financial services and agriculture sectors in rural

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

Our investment

Description of the investment.

The fund can improve the livelihoods of low-income populations in rural areas and tier II and III Indian cities by providing growth capital to early-stage businesses that strengthen value chains and enhance access to financial services, market, information, and productive inputs. In turn, it aims to enhance economic opportunities of smallholder farmers and other small-scale suppliers.

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.


  • Enhanced resilience and reduced exposure to economic shocks (SDG 1.5)
  • Improved access to economic opportunities through access to inclusive banking, insurance, credit and saving products (SDG 1.4, SDG 8.5)
  • Improved agricultural productivity (SDG 2.2)
  • Reduced food waste through access to inputs, solutions, markets, and information, which also leads to increased income and more resilient livelihoods (SDG 1.2; SDG 12.3)


Primary Secondary
  • Direct: four to six growth stage investments in MSME lending, niche lending models in the food and agriculture, affordable housing, education sectors.
  • Direct: four to six growth stage investments in business models with strong links to small and fragmented suppliers.

Catalysing markets: Further demonstrate the commercial case for investing in impact-oriented funds and the food and agriculture sector in India. Success in the short term will be signalled by the successful raise of follow-on funds with a more commercial investor base. In the long-term, success will be signalled by more capital flowing into other managers replicating the fund's strategy and generally, in the food and agriculture sector in India.


Stakeholder Geography Characteristics

Pan India. Financial institutions' customers are likely to be in Tier II-III cities, and customers for agricultural inputs and agricultural services are likely to be rural.

Low income with limited savings, and often digitally connected. Track record: 76 per cent female active borrower and 63 per cent rural.

How much?

Scale Depth/Duration

Variable but potential for large scale when leveraging fintech models.

Scale is likely to be lower for traditional MFI business models.

Generally deep impact as primarily targeting previously unbanked or underbanked borrowers, particularly women.

Generally deep impact as improved incomes are likely to represent a significant portion of household income.


  • Financial additionality: The fund is unlikely to reach a viable first close without our capital commitment. We will count amongst the largest anchor investors at first close and help the fund reach a minimum first close of c.$60 million

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.



Execution Risk
  • This includes fundraising risks that may prevent the manager from executing its strategy and delivering impact at the scale expected.

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 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.

    March 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.

    Financial services, Food & Agriculture

    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 :
    July 2021
    Amount :
    Currency of investment :
    Fund Manager:

    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
Akshamaala Solutions Private Limited (Unnati) India South Asia Food & Agriculture November 2021 Active
Mufin Green Finance Limited India South Asia Financial services September 2022 Active
Namdev Finvest Private Limited India South Asia Financial services September 2021 Active
Retranz Infolabs Private Limited (SuperZop) India South Asia Food & Agriculture September 2021 Active
Sahyadri Farms Post Harvest Care Limited India South Asia Food & Agriculture June 2022 Active
Varashakti Housing Finance Private Ltd. India South Asia Financial services September 2023 Active

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