The Bellwether Microfinance Fund
The first domestic pool of capital in India dedicated to equity and debt for start-up and early-stage microfinance institutions.
Learn moreImpact investing in India · since 2004
We invest in the equity of enterprises with innovative business models that address a social or environmental problem.
Our mission
We invest in enterprises that address the problems of access and efficiency in business ecosystems that have positive social or environmental impact. We seek to utilize our understanding of early-stage enterprises that operate in this sphere and bring our capital and expertise to improving their outreach and viability.
What we do
Beginning with financial inclusion in 2004, we have incrementally diversified into other sectors, building expertise and networks steadily over time. As one of the early entrants in Indian impact investing, we are also among the few fund managers with a proven exit track record.
For each investment, we need to be convinced, as a team, about the impact of the enterprise's business model, the quality of governance, and the potential for a reasonable and risk-adjusted financial return.
We look for companies led by high-quality entrepreneurs who bring, in addition to their passion, a deep understanding of the business and the broader ecosystem which frames their opportunities and constraints, as well as the ability to inspire the people who will help them achieve their mission. We hold ourselves, and our portfolio companies, to high standards of governance, transparency and ethics.
Founder's note
We spent our first decade as an equity investor focused on financial inclusion — making credit and a broader range of financial services accessible to millions of unbanked households. We identified and encouraged several first-generation entrepreneurs to establish start-ups in underserved regions across the country. We also committed during this period to social performance assessment and measurement, reporting progress through public frameworks on which our portfolio companies consistently scored well.
The scale and sustainability of the institutions that emerged was impressive. As an early investor willing to balance financial and non-financial returns, we were successful in the quality of the institutions we helped build and the outreach they achieved. Several companies in our portfolio transformed into, or merged with, large banks, and our role in them came to a natural conclusion.
This experience has taught us valuable lessons, motivating us to explore sectors beyond financial services, and we've spent our second decade steadily deepening our understanding of sectors including agri and agri-tech as well as climate. Today, we prefer to invest in sectors and enterprises where the desired social and environmental outcomes are embedded within the business model.
Track record & active initiatives
The first domestic pool of capital in India dedicated to equity and debt for start-up and early-stage microfinance institutions.
Learn moreGrowth capital for financial inclusion and for start-up or early-stage affordable housing and last-mile banking.
Learn moreEstablished to meet the debt needs of fast-growing, early-stage impact enterprises otherwise compelled to grow through dilutive equity.
Learn moreBacking small and medium enterprises delivering measurable impact across our focus sectors.
Learn moreInvesting along the agricultural value chain to improve livelihoods and resilience.
Learn moreDirect investments and fund investments from our own balance sheet.
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