British International Investment

Insitor Impact Asia Fund 2

CambodiaIndiaPakistanSouth AsiaSoutheast AsiaCommunications & IT servicesConsumer - EducationConsumer - HealthFinancial servicesFood & Agriculture

Insitor Impact Asia Fund II is a venture capital fund managed by Insitor Impact Asia Fund. Across its primary investment themes of better health, sustainable living, and economic growth, the fund expects to make investments in high-growth and scalable businesses.

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

Our investment

Description of the investment.

Insitor makes investments in South and South East Asia to improve the accessibility and affordability of basic goods and services to low-income populations. Insitor II will invest in early stage businesses in Cambodia, India and Pakistan, covering a range of sectors including financial inclusion, education, healthcare, agriculture and WASH. This is the second Insitor managed fund that CDC is backing, having committed $15 million into its first fund in 2015.

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.



Improved access and affordability of basic goods and services and economic opportunities (SDG 1.4, 10.3)



Invest equity and provide value-add services to 10-15 early stage companies that are providing financial services and basic goods & services across healthcare, education, agriculture, and affordable housing, to low income populations.


Stakeholder Geography Characteristics
Primarily consumers and some suppliers

Early stage companies in India, Cambodia and Pakistan.

The companies they invest in will primarily serve low-income populations, half of whom are also likely to be women.

How much?

Scale Depth/Duration

Based on track record from previous funds:

  1. Revenue CAGR for their Fund I, places them at the top end of our benchmarks
  2. Fund I directly reached about 2,50,000 active customers, employees and suppliers.

The Fund has not yet started measuring this dimension, which has been highlighted as an area of improvement and something we would start expecting as the Fund institutionalises. This may be an area where we can provide further support and advice.


  • Financial additionality: Limited access to commercial private capital and our investment is critical to the fund achieving a viable first close and getting other investors onboard.
  • Value additionality: Our support will help the fund improve the governance of the platform, fundraising, and its environmental, social, governance, business integrity and development impact standards


Execution Risk
  • The financial and the impact case relies on the manager's ability to successfully deploy capital, grow businesses and generate positive returns and exits, enabling the expected impact to occur. This risk is directly related to commercial risk.
Alignment Risk
  • Relates to the risk that capital is allocated to companies that are less aligned to our impact ambitions.

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 agreed on an ESAP focused on strengthening the integration of environmental and social risk management across the investment cycle.

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, Southeast 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.

    Communications & IT services, Consumer - Education, Consumer - Health, 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 :
    October 2021
    Amount :
    Currency of investment :
    Fund Manager:
    Insitor Partners Private Limited

    The company or investment fund’s place of incorporation.

    2X Gender Finance

    Indicates whether the investment is ‘2X qualified’ using the 2X Challenge criteria. You can find out more here. It only applies to investments made from 2018 onwards, when the 2X Challenge was first launched.

    Fully qualified

Investments made by this fund into companies:

For further information about these companies, visit

Investment name Country Region Sector Start date Status
Azaylla Cambodia Rest of the World Food & Agriculture December 2022 Active
Butterfly Learnings India South Asia Communications & IT services December 2022 Active
Emeritus Pharma Private Limited India South Asia Consumer - Health November 2021 Active
GoldFin Pakistan South Asia Financial services March 2023 Active
HROne India South Asia Communications & IT services December 2022 Active
Prevoir (Kampuchea) Micro Life Insurance PLC Cambodia Rest of the World Financial services October 2023 Active
Taleem Pakistan South Asia Consumer - Education December 2022 Active
Trellis Housing Finance (THF) Pakistan South Asia Financial services November 2021 Active
UC Inclusive Credit Private Limited (UCIC) India South Asia Financial services October 2023 Active
WorkIndia India South Asia Communications & IT services December 2022 Active

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