India Financial Inclusion Fund

India Financial Inclusion Fund (IFIF) was established to invest growth capital in financial inclusion and — in a strategy of incremental diversification — to invest in start-up or early-stage affordable housing and last-mile banking.

Through this USD 90 million fund we were part of the remarkable journey of institutions including Equitas, Ujjivan, Janalakshmi, Micro Housing Finance Corporation, Aptus, and many more, which went on to play a pivotal role in shaping the financial inclusion space in India. The Fund invested in 12 institutions across microfinance and housing finance. Today, four of these institutions are publicly traded and three operate as Small Finance Banks. IFIF also committed to social performance assessment and measurement through public frameworks including the Global Impact Investment Rating Standard (GIIRS), to help establish comparable benchmarks of companies’ and funds’ social performance across sectors and geographies in the same way financial performance was benchmarked.

The Fund is now fully exited.

Our investors in IFIF included British International Investment, FMO, Gray Ghost, responsAbility, Triodos, the Norwegian Microfinance Initiative, and others.