INDIA FINANCIAL INCLUSION FUND
 

India Financial Inclusion Fund (IFIF) is a USD$90 million fund that was set up in August 2008 as an off-shore India-focused equity fund, investing in high-growth, small to medium MFIs and enablers.

IFIF’s triple bottom line objectives are financial inclusion, capital appreciation, and social performance initiatives. Through its investments, IFIF will aim to:

Provide new MFIs with start-up, growth capital, strategic inputs, and technical advice
Support and enable product diversification by providing appropriate risk capital
Encourage the scaling up or creation of microfinance enablers, who will contribute to building an efficient microfinance ecosystem
Play the role of an active, responsible investor seeking to deliver a competitive financial return and support the expansion of social performance initiatives
 
Contact: For more information of IFIF, please email us at  info@caspian.in

 
 
India Financial Inclusion Fund (IFIF) made its first investment in August 2008. As of October 2010, IFIF has made 7 investments in Indian microfinance institutions, 1 investment in a housing finance company focused on low income clients, 1 investment in a housing development company, and 1 investment in a technology company centered on providing financial inclusion solutions in the country. IFIF’s portfolio is composed of :

BASIX
Bhartiya Samruddhi Finance Limited (BSFL), flagship company of BASIX Group is a livelihood promotion institution established in 1996, working in 16 states of India. BSFL strategy is to provide a comprehensive set of livelihood promotion services which include Financial Inclusion Services (FINS), Agriculture & Business Development Services (AgBDS) and Institutional Development Services (IDS) to poor people in rural and urban India.
For more information about BASIX, please visit http://www.basixindia.com/
 
Equitas Micro Finance
Established for extending business loans to women micro-entrepreneurs with limited access to formal financial services, Equitas Micro Finance India (P) Ltd recognized the power of the Grameen model’s front-end and follows it with suitable adaptations. Also, Equitas appreciated the need for an efficient back-end system to enable rapid scalability in order to serve the needs of credit-thirsty micro-entrepreneurs. As a result, Equitas has developed a business model and demonstrated its success by reaching over 350,000 members by March 2009. In tandem with its rapid growth, Equitas has deployed a wide range of customer-friendly measures as well as portfolio risk management processes. ‘Equitas’ is a Latin word that translates to being equitable, fair and transparent. True to its name, Equitas aims to be the leader in the microfinance industry by setting benchmarks in the industry in terms of being fair and transparent to customers. In line with this objective, Equitas has taken a clear stand of communicating our all-inclusive IRR interest rate to all our members. Equitas is probably the only MFI in the world to have done this. Equitas has reached quite a number of milestones for a young start-up company. CRISIL has accorded Equitas an mfR3 grading; which is the highest for a microfinance company in its first year of operations. The company also has the distinction of securing the highest equity for a start up MFI in the country.
For more information about Equitas, please visit http://www.equitas.in
 
A Little World (ALW)
ALW is a Mumbai-based microfinance enabler.  ALW's business focus is aimed at developing and deploying technology to connect the rural population to the formal banking system; enrolling and savings accounts clients for banks in rural areas and expanding use of other products and services such as insurance and remittance. ALW is the developer of ZERO, India's first domestic payment system whose focus is on reaching out to the masses with the lowest available communication infrastructure.  As of June 2009, ALW has linked up with 22 banks in the country, including having a mandate with the State Bank of India – India’s largest bank with the most expansive rural network - and currently serves approximately 3.5 million clients across the country. Furthermore, in the first half of 2009, ALW was awarded the title of  “High Impact Highly Scalable Social Models" at the Sankalp Awards in Mumbai, India. 
For more information about A Little World, please visit http://www.alittleworld.com/
 
Value and Budget Housing Corporation (VBHC)
Value and Budget Housing Corporation Private Limited “VBHC” is a company focused on affordable, high-quality housing development all across the country. It aims to address India’s urban housing shortage, especially in the affordable segment and its vision is to develop one million homes priced between Rs 5 to 10 lakhs across the country over the next ten years. VBHC has launched its first project in Bangalore (1,900 homes) and is developing multiple projects in other parts of the country. VBHC was founded by Jaithirth (“Jerry”) Rao and P S Jayakumar, two well known professionals with a wealth of experience in building de novo businesses.
For more information about VBHC, please visit http://www.vbhc.com/
 
Trident Microfin
Trident Microfin Private Ltd. is a new generation microfinance institution established in 2007 and headquartered at Hyderabad in Andhra Pradesh. The Company was promoted by highly qualified microfinance professionals with the motto 'to reach the unreached' with financial and business solutions to low income individuals and enterprises.  Beginning with Telangana region of Andhra Pradesh and Vidarbha region of Maharashtra, the Company aims to expand to adjoining states of Madhya Pradesh, Chhattisgarh and Northern Karnataka in 3-5 years time and reach out to 250,000-300,000 households.
For more information about Trident, please visit http://www.tridentmicrofin.com/
 
Sonata Finance
Sonata commenced operations in January 2006 from its base in Allahabad, Uttar Pradesh and uses a modified Grameen method in providing financial services to poor women. In August 2007, Sonata acquired the portfolio of Jeevika, a livelihood support organization in Jabalapur, Madhya Pradesh. Sonata has thus extended its outreach to two major states in Central India, one of the more challenging regions for the provision of financial services to the poor.
For more information about Sonata, please visit http://www.sonataindia.com
 
Arohan Financial Services
Arohan is an urban MFI presently based out of Kolkata and intends to expand to other parts of West Bengal and eventually to other states in eastern and north-eastern India. The mission of Arohan is to provide financial services to the socio-economically disadvantaged and enable them to attain a better quality of life. Arohan uses a combination of the Grameen and the Joint Liability Group methodology to serve its client base which includes micro-entrepreneurs in the trade, services & manufacturing sector. Arohan seeks to reach out to 400,000 customers by March 2012.
For more information about Arohan, please visit http://www.arohan.in/
 
Sahayata Microfinance
Sahayata is based in Udaipur, Rajasthan and provides financial services based on the Grameen model to its target clientele of urban poor women who contribute to the family income through marginal occupations and having virtually no access to bank credit, have been largely dependent on local moneylenders for their credit requirements. Sahayata seeks to help their customers by providing them with financial services in a socially responsible and sustainable manner.
For more information about Sahayata, please visit http://www.sahayata.co.in
 
Ujjivan Financial Services
Ujjivan’s mission is to provide financial services to the economically active poor to enable them to build a better life. The Company aims to expand nationally in both urban and rural areas and to cover at least two million poor customers by the 6th year of operations. Furthermore, Ujjivan was ranked 1st in the microfinance industry as the 'Best Place to Work' in 2009 by  the Great Place to Work Institution in India and the Economic Times.  
For more information on Ujjivan, please visit http://www.ujjivan.com
 
Micro Housing Finance Corporation (MHFC)
Micro Housing Finance Corporation (MHFC) is a housing finance company with its headquarters in Mumbai, India focused on serving lower income groups in urban areas, specifically those in the informal sector.  MHFC, through this initiative, seeks to efficiently and sustainably enable access to housing finance services to the underserved and un-served segments of the urban population. 
For more information about MHFC, please visit http://www.mhfcindia.com
 
 
IFIF has raised funds through the support of the following institutions: 
CDC Group PLC
CDC is a UK government-owned fund of funds, whose purpose is to stimulate economic growth by investiving successfully in the private sector. 
For more information about CDC, please visit http://www.cdcgroup.com
 
FMO
FMO was founded in 1970 by the Dutch government, private sector, employers and employee organizations. Since its inception, FMO’s aim has been to empower entrepreneurship in emerging economies in order to further development.
For more information about FMO, please visit http://www.fmo.nl/
 
Global Microfinance Equity Fund
The Global Microfinance Equity Fund (GMEF) is a global equity fund  managed by Grassroots Capital focused on Latin America, India, other Asia, Middle East / North Africa, and Sub Saharan Africa. 
For more information about Grassroots Capital and funds managed, please visit http://www.grassrootscap.com
 
Gray Ghost Microfinance Fund
The Gray Ghost Microfinance Fund (GGMF) is a fund of funds focused exclusively on investments in microfinance funds that supply start-up and expansion capital — both debt and equity — to microfinance institutions (MFIs) around the world.
For more information about GGMF, please visit http://www.grayghostfund.com
 
Norwegian Microfinance Initiative Global Fund
The Norwegian Microfinance Initiative (NMI) Global Fund invests primarily in a variety of other investment funds as well as directly into more-established microfinance institutions who are seeking to grow substantially.
For more information about NMI and funds managed, please visit http://www.nmimicro.no
 
responsAbility Social Investments AG
Founded in 2003, responsAbility Social Investments Ltd. is one of the world’s leading social investments companies. With its investment products, responsAbility enables people at the base of the global income pyramid to access markets, information and other services important for their development in sectors such as microfinance, SME financing, fair trade, and independent media. Private and institutional investors can thus contribute to positive social development and at the same time aim for a financial return in a professional manner.
For more information about responsAbility, please visit http://www.responsability.com
 
Triodos Microfinance Fund
Triodos SICAV II – Triodos Microfinance Fund was launched in March 2009 and is open for institutional investors across Europe. The fund aims to increase access to financial services for the working poor in developing countries.
The fund is one of the four specialised microfinance funds under management of Triodos Investment Management, a 100% subsidiary of Triodos Bank. International recognition was given to the bank’s pioneering role in the world of sustainable and transparent banking when the Financial Times named Triodos Bank the Sustainable Bank of the Year in 2009. As at 30 June 2009 the total assets under management in microfinance amounts to EUR 190 million.
For more information about the Triodos Microfinance Fund, please visit http://www.triodos.com/microfinance
 
U.S. Institutional Investor
 

IFIF’s primary focus is on making equity investments in companies that are directly or indirectly linked to financial inclusion. Such companies would be either:

For-profit companies that directly provide financial services to the poor, i.e. MFIs, banks etc. and/or
Companies that enable the provision of financial services to the poor, e.g. business correspondents to banks, technology companies, housing companies etc.
Efforts will be focused on promoting a wide range of financial services, including credit, savings, insurance or remittance facilities, to the un-served/under-served segments for their business and personal needs
Investments would be made in high-growth and efficient institutions who use traditional, as well as innovative models for reaching the unreached.