Incofin Investment Management, a Belgium-based investor in financial inclusion and agriculture in developing countries, recently agreed to invest USD 4 million from its India Progress Fund (IPF) in SuperZop, whose app helps “small retailers and restaurants buy staples directly from farmers and food processors.” Among the app’s functions is to use artificial intelligence to analyze the quality of grains offered for sale on the platform. SuperZop co-founder Darshan Krishnamurthy said the firm plans to use the new funding to “build on [its] data science and enhance systems for greater scale.” As of September 2021, the firm works with 20,000 retailers across 13 states in India. Prior to this transaction, the firm had raised a total of USD 1.2 million.
The purpose of IPF is to invest equity in “companies with high social performance management practices” that are active in “financial inclusion for rural entrepreneurs in India.” As of 2021, the fund has commitments of USD 60 million from the Belgian Investment Company for Developing Countries (BIO), CDC, the King Baudouin Foundation, Korys, Société de Promotion et de Participation pour la Coopération Economique (PROPARCO), the SDG Frontier Fund and multiple family offices.
Founded in 2001, Incofin is a for-profit firm that seeks “to promote inclusive progress.” As of 2021, it has 320 investees in 66 countries, mostly active in financial inclusion and agriculture. Incofin’s portfolio is valued at USD 1 billion and comprises the following funds: agRIF, BRS Microfinance Coop Fund, Fairtrade Access Fund, Fonds pour l’Inclusion Financière en République Démocratique Congo, Incofin CVSO, Invest in Visions, Rural Impulse Fund (RIF) II, Volksvermogen and a loan portfolio of vdk bank. It has offices in Belgium, Colombia, Cambodia, India and Kenya.
By Adhya Singh, Research Associate
Sources and Additional Resources
Incofin press release
https://incofin.com/incofin-makes-its-first-agri-tech-investment-in-superzop/
SuperZop homepage
http://www.superzop.com/
SuperZop App
https://play.google.com/store/apps/details?id=com.retranzinfolabs.superzopordering&hl=en_US
CB Insights profile on SuperZop
https://www.cbinsights.com/company/superzop
Incofin India Progress Fund description
https://incofin.com/incofin-launches-india-focused-impact-fund-with-a-first-hit-of-usd-60-million/
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