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Growth equity for India's impact economy
Incofin India Progress Fund (IPF) (IN/AIF2/19-20/0725) is a SEBI-registered Category II AIF managed by Incofin India Investment Management Private Limited, the India-based investment management subsidiary of Incofin Investment Management (Incofin IM), a Belgian impact investment firm with EUR 1 billion+ AUM. IPF is Incofin IM's first country-focused fund, structured as an Article 9 fund under EU SFDR. The fund had its first close in July 2021 at USD 60 million; subsequent closes brought total commitments to approximately USD 80–100 million. The fund invests through private equity (early growth to mid-expansion equity) in entrepreneur-led businesses in India creating tangible impact in two sectors: Financial Inclusion (NBFCs, fintechs, microfinance) and Agri-Food (agri-tech, post-harvest value chain). Ticket sizes: USD 3–10 million (INR 250–700 million). Limited Partners at first close include Korys (Colruyt family), CDC (now BII), Proparco, BIO, SDG Frontier Fund, King Baudouin Foundation, and Belgian family offices. The fund is managed from Chennai (operational) and New Delhi, with SEBI registration at The Capital, Anna Nagar, Chennai.
Incofin India Progress Fund invests in the missing middle of Indian impact sectors — companies that are too large for microfinance but too small for mainstream PE. The fund targets entrepreneurs using technology and innovation to extend financial inclusion to underserved communities and to develop India's agri-food value chain sustainably. With 18+ years of global impact investing, Incofin brings a hands-on value creation approach, direct operational expertise, and a global network of impact-oriented LPs. Every investment is assessed for both financial return and measurable social and environmental impact.
Sanjay Kumar
SEBI Contact Person; India Investment Team
Sanjay Kumar is the SEBI-designated contact person for Incofin India Progress Fund. He is part of Incofin's India investment team based in Chennai.
Swaminathan Dandapani
Chairman, Incofin India Investment Management Private Limited
Swaminathan Dandapani was appointed Chairman of Incofin India Investment Management Private Limited in 2019. He is a seasoned professional with over 40 years of experience in senior management, including as CEO and Managing Director of Infosys BPO and subsequently Executive Chairman of Manipal Health Enterprises. He serves on boards of companies in healthcare, talent, and technology transformation.
Aditya Bhandari
India Investment Team Lead
Aditya Bhandari leads the India equity investment team at Incofin India Investment Management. He is responsible for sourcing, executing, and managing investments for the India Progress Fund across financial inclusion and agri-food sectors.
Siva Vadivelazhagan
India Investment Team
Siva Vadivelazhagan is a member of Incofin India Investment Management's investment team, contributing to deal sourcing and portfolio management for the India Progress Fund.
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