British International Investment

Lighthouse India Fund III, Limited

IndiaSouth AsiaConsumer - HealthConsumer - other servicesFood & AgricultureManufacturing

Lighthouse India Fund III is a small cap fund focused on consumer companies operating in the Indian lower middle market

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

Our investment

Description of the investment.

In 2018, we committed $25 million to Lighthouse India Fund III. Over time, small to medium-sized consumer businesses have been experiencing a widening gap between the supply and demand of growth capital; we are trying to help bridge the gap through our investment in this fund. So far, Lighthouse has made four investments in manufacturing companies, including Tynor Orthotics, a leading manufacturer of orthopedic and fracture aids and Aqualite, a leading manufacturer of affordable family footwear.

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.

Lighthouse III will provide small cap minority equity capital to family-owned and controlled businesses that do not have access to institutional funding, addressing a supply-demand gap in India’s small-cap space. The fund manager particularly aims to address the financing gap in less developed regions across India.

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.

    Consumer - Health, Consumer - other 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 :
    October 2018
    Amount :
    Currency of investment :
    Fund Manager:
    Lighthouse Advisors India Private limited

    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
Aqualite Industries Private Ltd India South Asia Manufacturing November 2018 Active
Bikaji Foods India South Asia Food & Agriculture July 2021 Exited
Duroflex Private Ltd India South Asia Manufacturing October 2018 Active
Ferns n Petals private Limited (FnP) India South Asia Food & Agriculture March 2022 Active
FSN E Commerce Ventures Private Ltd (Nykaa) India South Asia Consumer - other services August 2018 Exited
Medikabazaar India South Asia Consumer - Health April 2022 Active
Poly Medicure Ltd India South Asia Consumer - Health September 2020 Active
Shaily Engineering India South Asia Manufacturing September 2021 Active
Tynor Orthotics Private Ltd India South Asia Consumer - Health June 2018 Active

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