The Belgium-based investment firm Incofin recently completed the final close of its India Progress Fund with a total of USD 77 million raised to support financial services providers and actors in food-related value chains in rural India. Investors in the fund include several private Belgian entities, such as Korys and the King Baudoin Foundation, along with development finance institutions affiliated with the governments of Belgium, France, India and the UK.
Incofin launched the India Progress Fund in 2021 and has deployed about half of its assets as of 2023, including to companies such as Mufin Green, Namdev, Sahyadri Farms, SuperZop and Unnati. In addition to providing “patient capital,” the fund offers non-financial support such as mentoring to investees’ leaders.
Founded in 2001, Incofin is a for-profit firm that seeks “to promote inclusive progress.” As of 2022, it had 350 investees in 65 countries, mostly active in financial inclusion and agriculture. Incofin’s portfolio is valued at USD 1.2 billion and comprises funds affiliated with organizations such as the Belgian cooperative BRS, the German firm Invest in Visions, and Belgium’s vdk bank. Incofin has offices in Belgium, Colombia, Cambodia, India and Kenya.
By Renata Samadova, Research Associate
Sources and Additional Resources
Incofin press release
https://incofin.com/incofin-reached-final-close-on-its-india-progress-fund/
Incofin India Progress Fund description
https://incofin.com/india/
Previous MicroCapital article on Incofin India Progress Fund
https://www.microcapital.org/microcapital-brief-agritech-superzop-nets-2-7m-in-equity-from-incofin-india-progress-fund-to-connect-more-farmers-retailers/
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