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Our Funds

Fund 1: Bellwether Microfinance Fund

Vintage 2005

Bellwether was the first domestic equity fund in India dedicated to providing equity and debt to start up and early stage microfinance institutions in India. It was set up to be a market builder with the single minded focus of catalyzing Microfinance in India at a time when there were fewer than 5 investable entities of very small scale in the sector.

The Fund incubated several start ups in geographically diverse and un/underserved locations – we made 6 start-up investments, 5 Series A investments and 1 Series B investment.The Fund was an early investor in some of today’s market leaders in microfinance. We worked with collaborators – other investors, banks, rating agencies, technical assistance providers, government and regulators - to develop a supportive ecosystem.

Fund 2: India Financial Inclusion Fund

Vintage 2008

Fund-II was established to provide growth capital to Fund I’s MFI investees and in line with a strategy of incremental diversification, to broader financial inclusion players in affordable housing and last mile banking.

The Fund made 12 equity investments including 3 of the 10 small finance bank licence awardees and 2 affordable housing finance companies that are market leaders today. A majority of our Portfolio companies have obtained a Platinum Impact Business Model rating from GIIRS.

Fund 3: Caspian Impact Investments

Vintage 2013

CII was an opportunistic broadening of strategy by Caspian to address the need for debt among fast growing early stage impact enterprises that are otherwise compelled to grow their businesses through dilutive equity. Our focus sectors include Food & Agriculture, Financial Inclusion, Healthcare, Clean Energy and Affordable Housing.

At CII, we extend debt to enterprises whose businesses strive to create social and/or environmental impact, in a responsible, transparent and sustainable manner. We use a variety of debt instruments to achieve this.


CII is a domestic operating company regulated by the Reserve Bank of India. For more on CII please visit cii.caspian.in

Fund 4: Caspian SME Impact Fund

Vintage 2016-17

We have successfully diversified in to a variety of sectors in the impact space and will now bring the experience and networks gained over the past 12 years to our recently launched fourth fund. Fund-IV will invest primarily in the equity of innovative SMEs engaged in Food & Agri, Clean Energy and Financial Services. The investment focus is on viable, innovative SMEs that are focused on building efficient distribution channels for any of the following:

• Access to high quality essential services at an affordable cost to a segment of customers who are otherwise underserved or un-served.
• Access to markets resulting in increased opportunities for a segment of producers who were otherwise dependent on non-remunerative markets.
• Access to suitable financial services for micro-enterprises or households which are otherwise under-served or un-served by formal financial institutions.