IFC Backs Mozark’s $40M Series B to Boost Inclusive Digital Infrastructure

• Backed by IFC, RMB Capitalworks and Kalaari Capital, Mozark enables digital experience equity across every touch point in the fast-evolving AI infrastructure.

Mozark, a digital experience testing and measurement company that measures real-world digital performance across devices, networks, and geographies without encroaching user privacy, today announced the close of its $40 million Series B funding round led by IFC and RMB Capitalworks, with continued participation from Kalaari Capital. This fresh infusion of capital will support Mozark’s global expansion and strategic acquisitions.

In today's increasingly borderless and digitally connected world, AI is accelerating the rollout and adoption of digital services across consumer, enterprise, and public sector platforms. From personalized applications to high-security enterprise networks and essential public services, reliable, high-quality digital experiences are now fundamental to economic participation. Yet real-world performance remains uneven across geographies, devices, networks, and infrastructure environments, widening the digital quality divide and limiting adoption, productivity and inclusion.

Mozark addresses this gap by enabling Digital Experience Equity regardless of location, device, or network. Its AI-assisted platform executes real-world testing of critical user journeys at scale, generating synthetic experience telemetry across the full AI-native stack, from applications and AI systems to underlying infrastructure. This enables organizations to identify performance gaps down to their root cause, including data centers, networks, hardware, and power infrastructure, enabling resolution before users are impacted. Designed for sovereignty-ready deployment, Mozark provides an independent and transparent measurement layer that improves reliability, accountability, and service outcomes.

This capability is particularly important in emerging markets, where digital performance directly impacts inclusive economic participation and delivery of essential societal services. When systems underperform, the impact extends beyond technical disruption to payments, healthcare, education, government services, and overall productivity. Mozark helps strengthen service reliability, accountability, and digital access at scale.

Mozark currently serves 50+ enterprise and government clients across 20+ countries, including regulators, telecom operators, financial institutions, and global digital-native organizations. Its deployments run concurrently on several thousand live devices, having already executed 25 million+ tests supporting benchmarking and user-experience assurance analytics at scale.

Leadership Quotes

AI is accelerating digital services everywhere, but experience quality remains disparate and unreliable...” — Kartik Raja & Fabien Renaudineau, Founders & Co-CEOs of Mozark.

While AI has revolutionized coding, testing remains constrained by physical infrastructure limitations...” — Chandra Ramamoorthy, Founder & CPO of Mozark.

Investor Perspectives

• Farid Fezoua, IFC: “Reliable digital infrastructure is critical to productivity, inclusion, and growth in emerging markets...”
• Robert Oudhof, RMB Capitalworks: “Mozark’s Agentic AI platform solves critical problems in App Testing and Observability globally...”
• Rajesh Raju, Kalaari Capital: “We have strong conviction in Mozark’s strategy and execution...”

Use of Proceeds

• Deepening real-world testing and measurement across native digital AI stack: apps, networks, and AI infrastructure to strengthen digital experience equity
• Accelerating expansion in priority markets, including the U.S. and the Global South

About Mozark

Mozark is a Singapore-headquartered digital experience testing and measurement company that helps enterprises, telecom operators, public-sector organizations, and regulators run real-world digital experience tests at scale. Learn more at www.mozark.ai.

About IFC

The International Finance Corporation (IFC), a member of the World Bank Group, is the largest global development institution focused on private sector growth in emerging markets. More info at ifc.org.

About RMB Capitalworks

RMB Capitalworks partners with ambitious founders to build enduring businesses with flexible capital and strategic support. More info at rmbcapitalworks.com.

About Kalaari Capital

Kalaari is an early-stage, technology-focused venture capital firm based in Bengaluru, India. More info at kalaari.com.

Candi Solar Secures USD 58.5 Mn From International Finance Corporation (IFC) to Power Next Growth Phase

Candi Solar, a leading clean energy company specialising in distributed solar solutions for commercial and industrial (C&I) businesses, has secured USD 58.5 million in funding led by the International Finance Corporation (IFC), a member of the World Bank Group. This syndicated debt funding facility - the company's largest round to date - brings Candi's total capital raised to over USD 200 million and positions it firmly in the league of trusted, institutional-grade clean energy platforms.

The project will deliver clean, affordable solar solutions in South Africa and India, driving down operational costs and advancing sustainability for Candi's clients. Candi's portfolio has more than doubled to 220+ MWp in just 18 months, driven by 85 MWp of open-access projects in India and flagship sites including auto components manufacturer Pricol Limited in India, Ngwenya Lodge in South Africa, and the solar plant at Kings Park Stadium HQ, home of The Sharks rugby team. Candi also powers leading corporations such as IFF, Toyota, Pick n Pay, and Suryalakshmi Cotton Mills - proving the strength of its model across manufacturing, retail, and commercial real estate.

A vote of confidence in maturity

IFC's investment reinforces Candi's role as a trusted and scalable partner for businesses on their net-zero journey.

IFC's investment comprises

• USD 6.5 million from the Canada-IFC Blended Climate Finance Platform
• Up to USD 42 million equivalent for IFC's own account (composed of rands, rupees, and US dollars), a portion of which is supported by IFC's Managed Co-lending Portfolio Program (MCPP)
• A concessional loan of up to USD 10 million (mixed local rands and rupees) from IFC acting in its capacity as the implementing entity of the Climate Investment Funds' Clean Technology Fund

"This is the largest funding facility we have ever closed," said Bruno Rauis, Director of Candi Solar. "It propels us into our next phase of growth and strengthens our ambition to be the leading distributed energy partner in India, South Africa, and beyond. IFC's involvement is catalytic - it builds confidence among global investors and enables us to access larger pools of capital to scale faster in the years ahead."

"This milestone marks an inflection point for Candi Solar in India," said Nishant Sood, Managing Director of Candi Solar. "It empowers us to scale distributed projects faster, deliver substantial energy savings for our clients, and advance India's net-zero pathway. IFC's trust is a strong endorsement of our model - which has placed us among India's leading distributed solar developers - and reflects the increasing depth and significance of the sector in a rapidly expanding market."

A gateway for global capital

By blending concessional and commercial components, the IFC-led multicurrency facility (including local currency), which will support Candi's growth across key regions for distributed generation, is structured to absorb early-stage financial, operational, and performance risks while maintaining stringent ESG and governance standards. This financing structure is not just about enabling Candi's next phase; it is also about mobilising other global capital to an asset class once considered "too risky."

"This facility is a strong validation of our results-based model and its ability to deliver reliable returns," said KJ Mahoney, Head of Capital Structuring at Candi Solar. "IFC's involvement demonstrates that distributed solar can meet the highest standards of performance, governance, and impact, paving the way for global investors to support this sector at scale."

"At IFC, we see distributed solar as a powerful lever for accelerating energy access and efficiency in emerging markets," said Cláudia Conceição, IFC Regional Director for Southern Africa. "Our partnership with Candi Solar demonstrates how innovative financing models can unlock private capital at scale - supporting small and medium-sized businesses to create jobs, reduce energy costs, and strengthen operational resilience."

Impact beyond megawatts

The facility will directly finance nearly 200 MWp of new projects, with a broader impact on:

• Sustainability - advancing clean energy adoption across key industrial clusters to lower emissions
• Resilience - strengthening grid stability for businesses and communities facing power volatility
• Employment & supply chains - creating jobs and building local industrial capacity
• Affordability - giving companies predictable energy costs and long-term competitiveness

This round follows Candi's USD 24 million equity and mezzanine raise earlier this year, laying the foundation for a high double-digit-million Series D in 2026.



With this milestone, Candi Solar is preparing for its next growth chapter. By 2026, the company aims to expand its contracted portfolio beyond 400 MWp across India and South Africa, while deepening its performance-linked product suite including storage energy solutions. Candi's evolution reflects a bigger global story: distributed solar in emerging markets is no longer aspirational - it is proven, investable, and central to the world's clean energy transition.

About Candi Solar

Candi Solar is a pioneering distributed energy platform that finances, builds, and manages tailored solar solutions for commercial and industrial businesses in India and South Africa. With a contracted portfolio of over 200 MWp, Candi delivers reliable, affordable, and sustainable power while absorbing the technical and performance risks on behalf of its clients.

Since its inception in 2018, the company has raised more than USD 200 million from global investors, blending international capital expertise with deep local execution. Its performance-linked model aligns revenue with actual system output, ensuring long-term accountability and risk transfer. Candi's mission goes beyond decarbonisation: its projects contribute to job creation, enhanced grid resilience, and access to sustainable infrastructure, positioning the company as a trusted partner in the clean energy transition across emerging markets.

IFC’s First Thai C&I Solar Bet: $45 Mn Investment in CleanMax to Scale Renewable Access

To expand access to reliable energy and make clean power more affordable for industrial businesses, IFC is investing THB 1,476 million (approximately $45 million) in CleanMax Energy (Thailand) Company Limited, a subsidiary of Clean Max Enviro Energy Solutions Private Limited (“CMES” “CleanMax”). Backed by Brookfield, CleanMax is a leading Indian renewable energy and net-zero solution provider for the Commercial and Industrial (C&I) sector.

This marks IFC’s first debt investment in a renewable energy developer in Thailand focused exclusively on the C&I sector. The funding will support the development of 35 megawatt-peak (MWp) greenfield solar capacity, refinance 41 MWp of operating solar projects, and increase the country’s C&I solar capacity.

“CleanMax aims to expand clean and accessible green energy across key sectors by establishing further presence in Thailand”, said Mr. Kuldeep Jain, Managing Director of CleanMax. “Through our partnership with IFC we will strive to build a sizeable portfolio, attract interest from commercial lenders, and seek to collectively contribute to developing renewable energy assets in Thailand.”

“Building on the momentum for commercial and industrial solar in Thailand, IFC’s financing will help CleanMax, a leading Indian private player, expand its operations in line with market demand,” said Riccardo Puliti, Regional Vice President for Asia and the Pacific at IFC. “Aligned with government efforts, this project will enhance competitiveness in the distributed generation segment and expand renewable energy solutions for the country.”

As Thailand moves toward a more diversified energy mix, the industrial sector and its growing power demand continue to drive the adoption of on-site solar solutions that offer lower tariffs than the grid. IFC estimates that the market for C&I solar in Thailand could triple over the next 10 years.

"IFC was one of the first institutional investors in CMES with a more than $10 million equity investment in 2017 alongside Warburg Pincus, a global private equity firm."

This latest investment builds on that partnership, emphasizing IFC’s commitment to scaling energy solutions across emerging markets.

About IFC

IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2024, IFC committed a record $56 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet. For more information, visit www.ifc.org.

About Clean Max Enviro Energy Solutions Pvt. Ltd. (CleanMax)

CleanMax [is one of the leading Indian renewable energy companies in the C&I (Commercial and Industrial) sector,] with 2.2 GW of operating, owned and managed capacity of renewable assets spread across India, Middle East, and South-East Asia as of 31st March 2025, driven by a skilled and professional team. CleanMax is a Brookfield backed company. Focused on being the sustainability & net-zero partner of choice for corporates, CleanMax provides diverse solutions, including rooftop solar projects, solar farms, wind farms and wind-solar hybrid farms to its customers, and has further expanded its portfolio to include renewable energy certificates as well. We serve over 500 distinct corporates as on 31st March 2025. CleanMax’s solutions are aimed to comprehensively help accelerate its customers’ shift to clean energy. Companies across industries such as Data Centres, Textiles, Automotive, Chemicals, FMCG, Pharma, Manufacturing have relied on CleanMax as their Net Zero Solutions provider.

Microsoft, IFC Backed Builder.ai Collapses After AI Fraud Exposed

Founded in 2016 by Sachin Dev Duggal and headquartered in London, Builder.ai burst onto the tech scene with the promise of revolutionizing app development. The company marketed its platform as an artificial intelligence–powered solution, touting an AI assistant named Natasha that could build software as effortlessly as ordering a pizza.

With a dazzling valuation of $1.5 billion, Builder.ai attracted heavyweight investors including Microsoft, the Qatar Investment Authority, SoftBank’s DeepCore, and IFC, and raised more than $450 million in funding.

Beneath the glossy marketing narrative, however, a very different story was unfolding. Rather than relying on groundbreaking algorithms and autonomous machine learning, Builder.ai’s “AI” was fueled by human ingenuity. Investigations revealed that more than 700 skilled engineers in India were manually crafting the code that the company claimed was generated by Natasha. These engineers, working from hubs in cities like Bengaluru and Noida, were responsible for delivering customized software solutions for clients, all while their efforts were misrepresented as the output of advanced AI.

The exposure of this deception sent shockwaves through the industry. Former employees and insiders began to speak out, pointing to a well-orchestrated façade where human developers were camouflaged as an AI solution. What initially appeared to be a leap forward in technology turned out to be a classic case of “AI washing”—where a company exaggerates its technological capabilities to lure in investments and boost its market presence. This revelation not only undermined the credibility of Builder.ai but also called into question the ethics of promoting technology based on inflated claims

The financial repercussions were swift and severe. Builder.ai’s management had previously reported stellar revenue figures—claims of $220 million in 2024 were later debunked by an independent audit showing actual earnings closer to $50 million. With lender Viola Credit seizing $37 million from the company’s accounts and mounting debts including approximately $85 million owed to Amazon and $30 million to Microsoft, the startup found itself on a downward spiral.

These financial misrepresentations led to insolvency proceedings across multiple jurisdictions, forcing the company to lay off nearly 1,000 employees in India, the UK, and the US.

Beyond the immediate fallout, the collapse of Builder.ai has ignited a broader debate about transparency and accountability in the AI industry. The scandal stands as a stark reminder that in a time dominated by the promise of artificial intelligence, authenticity remains paramount. Investors and regulators are now urged to conduct greater due diligence and demand verifiable evidence behind any claims of AI-driven innovation. The Builder.ai debacle serves as a cautionary tale, urging the tech community to distinguish genuine technological breakthroughs from marketing-driven illusions.

As the industry reels from this saga, many are left questioning the ethical responsibilities of startups seeking to capitalize on AI hype. The case of Builder.ai underscores the need for clear standards and robust verification mechanisms to prevent similar deceptions in the future. In a rapidly evolving technological landscape, the lessons learned from this collapse may pave the way for stronger industry regulations and a renewed focus on real, substantive innovation.

The story of Builder.ai is more than just a tale of financial misrepresentation; it is a reminder that in the race toward the future, innovation built on transparency and truth will always outlast the fleeting allure of hype. The fallout is prompting a broader discussion on how best to balance bold visions with ethical practices in the age of artificial intelligence.

Bajaj Finance Secures $400 Mn Loan From IFC to Support Women Micro-Entrepreneurs/Borrowers and Boost EVs Sales

The International Finance Corporation (IFC), a member of the World Bank Group, has committed a $400 million loan to Bajaj Finance to boost electric vehicle (EV) sales and support energy-efficient consumer goods in India. This funding is part of Bajaj Finance's $1 billion fundraising plan.

This funding is part of Bajaj Finance's $1 billion fundraising plan and aims to increase competitiveness in the climate finance market, support India's climate goals, and promote financial inclusion.

The loan aims to expand access to finance for customers purchasing EVs, including two-wheelers, three-wheelers, and four-wheelers, as well as energy-efficient appliances.

The initiative also focuses on supporting women-owned microenterprises and women micro-borrowers. The funding will promote financial inclusion by ensuring that more women have access to the necessary resources to start and expand their businesses.

This partnership is expected to quadruple Bajaj Finance's climate loan portfolio to $600 million by 2027, contributing to India's net-zero goals.

The funding will increase competitiveness in the climate finance market and promote financial inclusion.

Sandeep Jain, CFO & COO of Bajaj Finance, highlighted that responsible business practices driven by their ESG principles are foundational to their operations.

Imad N Fakhoury, Regional Director for South Asia at IFC, mentioned that accelerating climate financing is crucial for India to meet its net-zero goals and that this investment will inspire other NBFCs and investors to expand their financing for energy-efficient solutions, e-mobility, and microfinance.

Mahindra Last Mile Mobility Ltd. Valued Up To INR 6,020 Cr by IFC, Receives 1st Tranche of Investment

In March 2023, the International Finance Corporation (IFC) committed to invest INR 600 Crore (in one or more tranches), at a valuation of up to INR 6020 Crore, in a new company housing the last mile mobility division of Mahindra Group.

Mahindra Last Mile Mobility Limited (MLMML) was incorporated as a subsidiary of Mahindra & Mahindra Ltd. (M&M), and it commenced commercial operations in September 2023, pursuant to closing of Asset Transfer Agreement and Business Transfer Agreements with M&M.

MLMML has since completed other regulatory and procedural requirements and has received the first tranche of INR 300 Crore from IFC. This partnership with IFC reflects the shared values and ambitions both entities have demonstrated in their commitment to sustainable, inclusive, and clean mobility solutions. MLMML will accelerate the green transition of the automotive industry in support of India’s climate targets.

MLMML will focus on scaling last mile passenger and cargo transportation solutions. Ms. Suman Mishra will lead MLMML as its Managing Director and CEO.

Mahindra Last Mile Mobility Limited is committed to the electrification of the mobility landscape, prioritising electric 3- and 4-wheelers. The company offers a wide portfolio of products in various fuel options, including 3-wheelers like Treo, Zor Grand, Alfa, and the 4-wheeler SCV - Jeeto.

IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2023, IFC committed a record $ 43.7 Billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org

Onsurity Secures $24 Mn in Funding from World Bank's IFC, Nexus Venture Partners, and Quona Capital

Yogesh Agarwal and Kulin Shah (L-R)

The company aims to serve 50,000 businesses and 5 million lives by 2026

Onsurity, India’s first SME-focused monthly subscription-led employee healthcare benefits provider, has raised $24 million in Series B funding. The round is led by International Finance Corporation (IFC), the largest global development institution. Additionally, existing investors Nexus Venture Partners and Quona Capital also participated in the round.

The insurtech start-up will utilise this funding to work with its insurance partners to facilitate an unparalleled claims experience for its members by co-creating a technology solution to drive a seamless and transparent journey. This initiative is particularly geared towards eliminating prolonged waiting periods and uncertainties typically associated with claims. This will ensure that all members experience a fully digital, transparent, and efficient benefits utilisation journey that is powered by Artificial Intelligence (AI).

Additionally, these funds will bolster the company's overarching vision to forge partnerships with 50,000+ companies and provide coverage to over 5 million lives by 2026. A portion of this funding will also be allocated towards the company's efforts to charting its path to profitability.

Speaking on the milestone, Yogesh Agarwal, Founder and CEO, Onsurity said, “We are immensely proud of reaching this milestone. Our goal has always been to revolutionise employee healthcare benefits, making them accessible and user-friendly for India’s SMEs. With the strong support of IFC, Nexus Venture Partners, and Quona Capital, we will further intensify our efforts in scaling our tech-based platform which will enable us to extend insurance coverage to a larger spectrum of SMEs, ensuring a comprehensive safety net for their operations.”

Kulin Shah, Co-founder and COO, Onsurity said, “India's SMEs stand at the threshold of a transformative era. The fresh infusion of funds will supercharge our mission to broaden our product offerings by crafting one of the finest tech-led distribution stacks in the industry. It underscores our commitment to shaping innovative partnerships, exploring new geographies, and penetrating underserved customer segments.”

In August, Onsurity became the fastest new-age insurtech to serve a million lives. The company’s reach spans across 5,000+ businesses, leaving an impact on SMEs in 26 Indian states and 3 union territories. It's noteworthy that over 80% of businesses purchasing healthcare memberships from Onsurity have ventured into employee healthcare for the first time.

“The availability of insurance coverage is vital for economic risk management and bolstering social security. Our recent funding underscores our dedication to a technology platform that improves accessibility of employer-sponsored health insurance services," said Wendy Werner, IFC Country Head, India. "Out-of-pocket healthcare expenses can be a significant burden for employees of SMEs. Health insurance helps SMEs manage their expenses while supporting their employees."

With the mission of making healthcare benefits accessible to India’s 'missing middle', Onsurity has catered to a spectrum of companies, ranging from small teams of 3 to established businesses with over 1,000 employees. From covering business executives and start-up employees to gig workers and their dependents, the company boasts of a diverse and inclusive member base. More than half of Onsurity’s members are blue-collar workers, and close to 40% hail from tier II and tier III cities.

Anup Gupta and Anand Datta of Nexus Venture Partners have brought a wealth of experience and strategic acumen to Onsurity’s board. Ganesh Rengaswamy and Sheena Jain of Quona Capital have been an invaluable guiding force in this journey, given Quona’s deep expertise in fintech and having seen similar insurtech businesses in other emerging markets.

The company, through its subsidiary, offers an array of crucial business products, including Cyber insurance, D&O liability insurance, Commercial General Liability insurance, among others under Onsurity Plus. These offerings are designed to provide comprehensive coverage and support SMEs in navigating the complexities of modern risks and challenges.

HomeFirst Raises INR 280 Crores from International Finance Corporation (“IFC”)

HomeFirst raises INR 280 Crs from IFC, a member of World Bank Group.

HomeFirst raises its maiden green housing focused long term debt.

HomeFirst has further diversified its borrowing sources with the latest fund raise from IFC, through the issuance of INR denominated, senior secured, rated, unlisted, redeemable Non-Convertible Debentures with a tenor of up to seven years. The proceeds will be utilized to provide financing for retail buyers of affordable housing and green affordable housing units, encouraging home ownership for low-income segments, and supporting the development of green affordable housing.

Under the arrangement, IFC will also provide non-financial support in terms of knowledge, innovation and capacity building through the advisory engagement and non-commercial risk mitigation through IFC Advisory services. IFC will support HomeFirst in developing its green housing framework, including technical support for green housing evaluation parameters, operationalizing certification process and capacity building on green housing certification, monitoring and reporting. IFC estimates a US$3.1 trillion climate-related investment opportunity for India between 2018 to 2030, with green buildings accounting for a major portion of this opportunity at US $1.4 trillion.

Commenting on the agreement, Mr. Manoj Viswanathan, MD & CEO said “We are pleased to partner with IFC, a reputed multi-lateral agency and a member of the prestigious World Bank Group to further our mission ‘to be the fastest provider of home finance for the aspiring middle class, delivered with ease and transparency.’ This is a huge vote of confidence for HomeFirst’s business model and its strong risk-management process. We believe this partnership has a strong potential to enhance financial inclusion and Green Housing in India.”

About IFC

IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2022, IFC committed a record $32.8 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org.

About Home First Finance Company India Limited

Home First Finance Company India Limited (HomeFirst) is a technology driven affordable housing finance company that targets first time home buyers in low and middle-income groups. It primarily offers housing loans for the purchase or construction of homes. The Company has deep penetration in the largest housing finance markets with a network of 101 branches and distribution across 13 States / UT in India, with a significant presence in urbanized regions in the states of Gujarat, Maharashtra, Andhra Pradesh, Telangana,
Karnataka and Tamil Nadu. The company has diversified lead generation channels with a wide network of connectors. 

IFC and We-Fi Launches "IFC ScaleX" to Award Upto $25K to Biz Accelerators Helping Women-led Cos in Emerging Markets

To help tackle the financing gap that women entrepreneurs still face, particularly in emerging markets, IFC and the Women Entrepreneurs Finance Initiative (We-Fi) launched today a new call for applications for IFC ScaleX—a performance-based initiative that will provide an award of up to $25,000 to business accelerators that have helped women-led companies in emerging markets raise equity financing.

"After acceleration, women raise far less capital than men, other factors being equal,” said Stephanie von Friedeburg, Senior Vice President of Operations at IFC. “We must level the playing field to ensure the best ideas are funded. IFC ScaleX is designed to do this, backing impactful accelerators that are themselves backing women entrepreneurs with great ideas."

Research shows that startups that can access external financing are able to grow up to 30 percent faster than those that do not. However, accessing capital remains a challenge, particularly for women entrepreneurs in emerging markets. Only 11 percent of seed funding in emerging markets goes to companies with a woman in their founding team, and the figures are even lower for later stage funding. Furthermore, an IFC study found that male-led startups, on average, increase the amount of equity they raise post-acceleration by 2.6 times more than female-led startups.

IFC ScaleX seeks to incentivize accelerators to actively help women unlock funding opportunities, catalyzing a total of $40 million into women-led startups over the next two years.

“Gender disparity in accessing funding, particularly in high-growth technology sectors, is still significant,” said Wendy Teleki, Head of the We-Fi Secretariat. “It is troubling to see that women entrepreneurs receive only a small fraction of the global venture capital, despite the enormous potential of their solutions. IFC ScaleX will help promote more gender-inclusive acceleration and investment across emerging markets, which is critical for creating more high-growth and resilient women-led firms.”

Accelerators can visit the IFC ScaleX website to learn more about the initiative and determine if they are eligible to apply for an award. Applications will be reviewed on an ongoing basis. For more information, please reach out to the IFC ScaleX team at scalex@ifc.org.

IFC has partnered with Village Capital, the largest supporter of impact-driven, seed stage startups in the world, to help implement this initiative.

About IFC

IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2021, IFC committed a record $31.5 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of the COVID-19 pandemic. For more information, visit www.ifc.org.

About We-Fi

The Women Entrepreneurs Finance Initiative (We-Fi) is a groundbreaking partnership that aims to unlock financing for women-led/owned businesses (WSMEs) in developing countries. We-Fi’s partners include 14 donor governments, six multilateral development banks as implementing partners, and numerous other stakeholders in the public and private sector. We-Fi, launched in 2017, has allocated $300 million to programs that will benefit close to 130,000 women-led SMEs and will mobilize $3 billion in public and private funds. As one of the We-Fi implementing partners, IFC supports private sector clients with investment and advisory services to expand financial services and market access for women-led firms, as well as increasing the capacity of women entrepreneurs to run high-growth businesses. For more information, visit www.we-fi.org.

About Village Capital

Village Capital helps entrepreneurs bring big ideas from vision to scale. Our mission is to reinvent the system to back the entrepreneurs of the future. Our vision is a future where business creates equity and long-term prosperity. Since 2009, we have supported more than 1,000 early-stage entrepreneurs through our investment readiness programs. Our affiliated fund, VilCap Investments, has invested in more than 110 program graduates. For more information, visit www.vilcap.com.

Education Sector Exclusive NBFC ISFC to get $30 Mn from IFC of World Bank Group

International Finance Corporation (IFC), a member of the World Bank Group, will invest $30 million in Indian School Finance Company (ISFC), an India's first & only Non Banking Finance Company (NBFC) providing loans exclusively to Schools, School entrepreneurs and School Eco-space.

The investment will be mix of both equity and debt, with up to $15 million in equity and the same amount in debt. The funds will enable ISFC to help schools expand their existing facilities and improve their current infrastructure, reported Business Standard.

ISFC, which started its operations in December 2008 from Hyderabad, provides retail loans to affordable private schools, colleges, coaching centres, educational small and medium enterprises (SMEs) and teachers. The objective of ISFC is to assist the Schools and other education institutions in capacity building through infrastructure improvements, thereby enabling students to access quality education.

ISFC caters to entire education segment, with focus areas including Affordable Private Schools, Private Schools, Play Schools, Private Degree and Vocational Colleges, Coaching Centers, Teachers and SME catering goods and services to Education segment.

The loans provided by ISFC are typically extended for improvement in school infrastructure facilities such as construction of additional floors/wings within the existing school premises, setting up of computer labs/facilities, science laboratories, adding basic amenities, providing finance for implementation of new teaching methodologies like digital classrooms, experiential learning and other similar facilities, leading to a qualitative and quantitative improvement in their delivery model.

IFC, which is headquartered in Washington, is an international financial institution that offers investment, advisory, and asset-management services to encourage private-sector development in less developed countries.

Last year, one of the leading gold finance NBFCs in India, Manappuram Finance, has acquired an 85.39% stake in ISFC for Rs 212.20 crore (around $31 million), which was followed by concerns raised by the Reserve Bank of India over the company's shareholding pattern and management changes that would take place post the acquisition deal.

Last July, Gray Matters Capital (GMC) sold its entire 81.92% stake in ISFC to Manappuram Finance Ltd. Caspian, an impact focused investor which has advised ISFC since its inception also exited the Company, selling its 3.48% stake.

Currently, Gray Matters Capital & affiliates holds 81.9% stake in ISFC, while Caspian Advisors holds 3.5% and 14.6 % of ISFC's shares are with its key management and employees.

Jungle Ventures' third VC Fund gets $175 Mn from Temasek, IFC, Cisco and Others

Singapore based Venture Capital (VC) firm, Jungle Ventures, that invests in and helps build tech category leaders from Asia, has received commitments of around $175 million for its third VC fund, said a report by Livemint.

According to the report, about 90% of the $175 million of third VC fund, which may increase to $220 million, came from institutional investors in North America, Europe, the Middle East and Asia, which include International Finance Corporation (IFC) of World Bank group, DEG - Deutsche Investitions, Germany, Cisco Investments, and Temasek Holdings among others.

Jungle Ventures, which has recently invested in Singapore's TookiTaki, has raised a total of $275 Mn across two VC funds. The third, Jungle Ventures III, was announced in December last year.

Founded in 2012, by Anurag Srivastava (IIM-Calcutta) and Amit Anand (IIT-Kanpur), Jungle Ventures invests in technology and e-commerce start-ups in India and south-east Asia. The firm later on-boarrrded Jayesh Parekh, the co-founder of Sony Entertainment Television, and David Gowdey, the former operating partner at private equity firm TPG Growth. In July last year, Grace Xia, Tencent’s former senior director of strategy & development, joined Jungle Ventures as a principal.

From its third fund, Jungle Ventures has already made 5 new investments where it led Series A & Series B rounds, said the report. Each year, the firm invests in around 10-15 tech startups and software companies, specifically across Series A and B rounds.

In India, some of the recent investments of Jungle ventures include Livspace, Paysense, Moglix and Klinify among others. The funds’ last 8 investments globally in Southeast Asia have collectively reached over $500 Mn.

Logistics Tech Startup Blackbuck Raises $12.5 Mn from Existing Investors and IFC of World Bank

Bangalore-based Zinka Logistics Solutions Pvt. Ltd, which owns and operates tech-enabled logistics and supply chain solutions brand, Blackbuck, has raised fresh $12.5 million (Rs 87 crore) from some of its existing investors, reported VCCircle.

BlackBuck's existing investor Sands Capital led the round by investing Rs 50.78 crore and rest came from
International Finance Corporation (IFC), the investment arm of the World Bank.

In October this year, the logistics firm had raised Rs 202.96 crore ($27.4 million) in a Series D round of funding led by Sequoia Capital along with participation from existing investors Sands Capital and Accel.

So far, the logistics startup has raised a total of about $148 million in funding over six rounds including this one.

Founded in 2015, by IIT Kharagpur alumni Rajesh Yabaji, Chankaya Hridaya, and Ramasubramaniam, Blackbuck offers B2B logistics solutions for long-haul trucking. With the help of its online marketplace, it facilitates intercity freight transportation by bringing together truckers and shippers.

Blackbuck has partnerships with World Bank and Indian government and claims to be present in 1000+ locations with 1200+ employees and 250,000+ trucks. The startup's clients include leading SME and corporate giants like Coca-Cola, Unilever, among others.

The fundraise by BlackBuck comes within few days after an another logistics startup, LetsTransport, had raised Rs. 100 Crores from Bertelsmann India Investments, Fosun International and other investors.

[Top Featured Image - Glassdoor.co.in]

50-Yrs-Old Indian Poultry Firm Wants to Invest in Startups in Food Sector

Founded in 1965, Hyderabad-based poultry company Srinivasa Farms is a five decades old company that up till now engaged in poultry production & breeding business. The firm however now wants to invest in startups and has lined up expansion plans to the tune of ₹300 crore, which includes ₹150 crore it had raised last month from International Finance Corporation (IFC), the investment arm of the World Bank Group.

The company is planning to set up a family office under its delisted group firm Srinivasa Hatcheries Ltd and through this family company it will invest in startups in sectors like agri-businesses.

By investing in startups, Srinivasa aims to pursue a collaborative growth model to enter into allied businesses such as agri-businesses, retail and processed foods including ready-to-eat and ready-to-make products.

Notably, last year Srinivasa Farms had already ventured into retail with eight stores in Andhra Pradesh and now the the company plans to create an omnichannel model with an online component, in which the firm will partner with an e-tailer for enabling online ordering and deliveries.

The company, which currently has operations in Telangana, Andhra Pradesh, Tamil Nadu and Karnataka is all set to expand into Maharashtra, Haryana and Punjab, soon.

According to Suresh Chitturi, vice chairman and MD of Srinivasa Farms, the company will invest over ₹300 crore in next 3-4 years in order to double up its capacities, extending its retail footprint and enter allied businesses as mentioned above.

Last year, the company had also announced plans to launch a poultry-focused mega food park in collaboration with Malaxmi Group in Prakasam district of Andhra Pradesh. It also plans to set up a food park and chicken and egg processing businesses.

The company is trying to get manufacturers of ready-to-eat and ready-to-cook products, like biryani, curry mixes, packaged omelette and juices, to set up base in the food park. The company’s retail footprint will help sell these products under a joint collaboration model, said Chitturi.

In 2017, Srinivasa Farms joined hands with US-based poultry firm Hy-Line International to expand globally. In 2016-17, it recorded revenue of ₹750 crore.

Chitturi, who is also the vice chairman of the International Egg Commission, is engaged with global bodies such as World Organisation for Animal Health and World Health Organization.

Related - What Does the Food Industry in India 2018 Look Like?

The food processing industry is one of the largest industries in India and ranks fifth in terms of production, consumption and exports. India's food and retail market is expected to touch $ 482 billion by 2020, up from $ 258 billion in 2015.

To recall, in April this year it was reported that the Mumbai dabbawalas, a group of men delivering lunch tiffins across Mumbai and its suburbs, are setting up a start-up business in the food processing sector.

Last year, Japanese investor & incubator Mistletoe along with startup accelerator GSF and Infobridge had launched "Gastrotope", a new Agri-Food tech accelerator in India, with the vision to catalyze the creation of a new agriculture and FoodTech enabled industry ecosystem that builds upon India’s rich food diversity and focuses on sustainability throughout the ‘farm to fork’ value chain.

India is ranked at 15^th in the list of top 20 exporters of agricultural products, worldwide. The agricultural exports grew at CAGR of 16.45% and reached from USD 11.3 billion in FY 2010 to USD 38.21 billion in FY 2018.

The agricultural ministry has been allocated USD 8.9 billion in the Union Budget 2018-19. In FY 2018, it is expected that the Gross Value Added (GVA) by the agriculture, forestry, and fishing will grow to USD 274.23 billion.

Source - Live Mint

World Bank's IFC to Invest $21 Mn in Mumbai-based LEAP India

World Bank's investment arm International Finance corporation (IFC) is in advanced talks to invest around $21 million (₹138 crore) in Mumbai-based LEAP India, a supply chain solutions startup, to fund the startup's capital expenditure plans for the next five years.

According to an IFC disclosure, the presence of IFC as an equity investor will provide comfort to additional investors and help the startup attract more debt funding required to complete its expansion plans.

"In addition to the expected equity investment, the team will also explore long-term debt financing to the company that is currently not available in the local market," said IFC in a statement.

Founded in 2013 by Sunu Mathew, LEAP India provides pallet and container on rental across India. Its core business is of returnable packaging and pooling of equipments namely - wooden pallets & boxes, plastic containers, metal wire mesh catering to all sectors that work with these products to store or transfer goods from one site to another.

In late last month, LiveMint reported that LEAP India is close to raising ₹300 crore of equity from global investors along with few existing investors.

So far, LEAP India has raised a total of $23.8 Mn in four funding rounds. LEAP India’s existing investors include Mayfield Fund, IndiaNivesh, Sixth Sense Ventures, TCI Ventures, and SSG Capital Management Group.

In May this year, the startup raised debt of about ₹25 crore from Avendus Finance, the non-banking financial company (NBFC) business of KKR-backed Avendus Capital. Prior to which, in January 2017, the company had raised $13 million from new and its existing investors.

LEAP has a pan India network comprising 18 warehouses, 14 contract manufacturing centres and a team of 270 employees.

About IFC, a member of the World Bank Group, it has already backed quite a few Indian startups like Byju's, Lenskart, Bigbasket and Blackbuck, with ticket sizes upwards of $5 million at Series-B stage and onward.

In April this year, Bengaluru-based Lithium Urban Technologies, an electric vehicle cab provider to corporate sector, had approached IFC for proposed $8 million investment for an equity.

Source - Business Standard

[Top Image - LEAP India]

World Bank's IFC to Invest $21 Mn in Mumbai-based LEAP India

World Bank's investment arm International Finance corporation (IFC) is in advanced talks to invest around $21 million (₹138 crore) in Mumbai-based LEAP India, a supply chain solutions startup, to fund the startup's capital expenditure plans for the next five years.

According to an IFC disclosure, the presence of IFC as an equity investor will provide comfort to additional investors and help the startup attract more debt funding required to complete its expansion plans.

"In addition to the expected equity investment, the team will also explore long-term debt financing to the company that is currently not available in the local market," said IFC in a statement.

Founded in 2013 by Sunu Mathew, LEAP India provides pallet and container on rental across India. Its core business is of returnable packaging and pooling of equipments namely - wooden pallets & boxes, plastic containers, metal wire mesh catering to all sectors that work with these products to store or transfer goods from one site to another.

In late last month, LiveMint reported that LEAP India is close to raising ₹300 crore of equity from global investors along with few existing investors.

So far, LEAP India has raised a total of $23.8 Mn in four funding rounds. LEAP India’s existing investors include Mayfield Fund, IndiaNivesh, Sixth Sense Ventures, TCI Ventures, and SSG Capital Management Group.

In May this year, the startup raised debt of about ₹25 crore from Avendus Finance, the non-banking financial company (NBFC) business of KKR-backed Avendus Capital. Prior to which, in January 2017, the company had raised $13 million from new and its existing investors.

LEAP has a pan India network comprising 18 warehouses, 14 contract manufacturing centres and a team of 270 employees.

About IFC, a member of the World Bank Group, it has already backed quite a few Indian startups like Byju's, Lenskart, Bigbasket and Blackbuck, with ticket sizes upwards of $5 million at Series-B stage and onward.

In April this year, Bengaluru-based Lithium Urban Technologies, an electric vehicle cab provider to corporate sector, had approached IFC for proposed $8 million investment for an equity.

Source - Business Standard

[Top Image - LEAP India]

IFC & Karo Sambhav Collaborate to Build a Sustainable Electronic Waste Solution for India

IFC, a member of the World Bank Group, has partnered with Karo Sambhav, a collective producer responsibility organization (PRO) engaged in developing and implementing responsible electronic waste (e-waste) management solutions across India for its member producers. Electronic waste refers to discarded electrical or electronic devices, including phones, computers, tablets, refrigerators, air conditioners amongst others.

Karo, focused on the Information Technology Enabled Services Industry, represents several prominent electronic producers including Apple, Dell, Lenovo, and H.P, and will help these organizations comply with the E-waste Management and Handling Rules 2016 through a transformative technology enabled e-waste management and governance platform. The Rules mandate electronic producers collect and responsibly recycle 30 percent of the waste generated for the first two years and gradually increase it to 70 percent by 2023.

“We aim to be a pioneer in establishing sustainable E-waste management solutions across India and making recycling a way of life,” said Pranshu Singhal, Founder & Director, Karo Sambhav. “We are committed to achieving high environmental and social standards in collection, dismantling and recycling of e-waste and bringing about transparency at every level through the use of technology.”

India, the fifth largest producer of E-waste globally, generates over 1.8 million tonnes of e-waste per annum with a growth rate of 30 percent per annum. With 95 percent of E-waste being collected and handled by the informal sector which uses unsafe methods to dismantle and recycle e-waste, it leads to serious health hazards for value chain partners. It is estimated that 76 percent of electronic-waste workers suffer from respiratory ailments due to improper safeguards at dismantling units. In addition, a large part of these electronic products get accumulated in landfills leading to the deterioration of the environment.

“E-waste management is currently a big problem in the country and the e-waste generated in India is growing significantly year on year. We partnered with Karo Sambhav as our PRO because of our trust in the organisation’s ability to understand the complexity of managing e-waste in India, as India is still new to the concept of Extended Producer Responsibility. We are especially excited about the Karo Sambhav App that we hope will bring in the much-needed transparency in this sector,” said Rahul Agarwal, Manager Environmental Affairs & Sustainability, at Lenovo.

IFC’s India E-waste program aims to optimize recovery of resources from electrical and electronic products, keeping discarded or obsolete electronic products out of landfills, and to promote the adoption of responsible e-waste management practices in India. The program will also roll out a pan-India multi stakeholder awareness campaign to address low awareness levels about e-waste and increase sustainable e-waste channelization among households, companies, schools, colleges, and government agencies. IFC signed a Memorandum of Understanding with Karo Sambhav and the Indian Cellular Association, the apex body of the mobile industry, to collaborate on developing this sustainable e-waste management system for India.

“The India E-waste program is a part of IFC’s strategy to undertake transformative high impact projects in developing countries to increase access to basic services and to build sustainable infrastructure,” said Neal Donahue, Global Manager of SME & Value Chain Solutions, IFC. “In building a sustainable solution for e-waste management in India, we will address critical gaps in the market by systematically leveraging international and local best practices in the sector. The program aims to have a positive impact on the environment while creating sustainable livelihoods and improving the health conditions of value chain partners.”

The awareness and engagement programmes aim to reach out to over 1,000 Schools and 2,000 institutional consumers of e-waste across 27 states over the next one year. The India E-waste Program is supported by the government of Japan and the Korea Green Growth Trust Fund of the World Bank Group.

Image Source: ShutterStock

IFC & Karo Sambhav Collaborate to Build a Sustainable Electronic Waste Solution for India

IFC, a member of the World Bank Group, has partnered with Karo Sambhav, a collective producer responsibility organization (PRO) engaged in developing and implementing responsible electronic waste (e-waste) management solutions across India for its member producers. Electronic waste refers to discarded electrical or electronic devices, including phones, computers, tablets, refrigerators, air conditioners amongst others.

Karo, focused on the Information Technology Enabled Services Industry, represents several prominent electronic producers including Apple, Dell, Lenovo, and H.P, and will help these organizations comply with the E-waste Management and Handling Rules 2016 through a transformative technology enabled e-waste management and governance platform. The Rules mandate electronic producers collect and responsibly recycle 30 percent of the waste generated for the first two years and gradually increase it to 70 percent by 2023.

“We aim to be a pioneer in establishing sustainable E-waste management solutions across India and making recycling a way of life,” said Pranshu Singhal, Founder & Director, Karo Sambhav. “We are committed to achieving high environmental and social standards in collection, dismantling and recycling of e-waste and bringing about transparency at every level through the use of technology.”

India, the fifth largest producer of E-waste globally, generates over 1.8 million tonnes of e-waste per annum with a growth rate of 30 percent per annum. With 95 percent of E-waste being collected and handled by the informal sector which uses unsafe methods to dismantle and recycle e-waste, it leads to serious health hazards for value chain partners. It is estimated that 76 percent of electronic-waste workers suffer from respiratory ailments due to improper safeguards at dismantling units. In addition, a large part of these electronic products get accumulated in landfills leading to the deterioration of the environment.

“E-waste management is currently a big problem in the country and the e-waste generated in India is growing significantly year on year. We partnered with Karo Sambhav as our PRO because of our trust in the organisation’s ability to understand the complexity of managing e-waste in India, as India is still new to the concept of Extended Producer Responsibility. We are especially excited about the Karo Sambhav App that we hope will bring in the much-needed transparency in this sector,” said Rahul Agarwal, Manager Environmental Affairs & Sustainability, at Lenovo.

IFC’s India E-waste program aims to optimize recovery of resources from electrical and electronic products, keeping discarded or obsolete electronic products out of landfills, and to promote the adoption of responsible e-waste management practices in India. The program will also roll out a pan-India multi stakeholder awareness campaign to address low awareness levels about e-waste and increase sustainable e-waste channelization among households, companies, schools, colleges, and government agencies. IFC signed a Memorandum of Understanding with Karo Sambhav and the Indian Cellular Association, the apex body of the mobile industry, to collaborate on developing this sustainable e-waste management system for India.

“The India E-waste program is a part of IFC’s strategy to undertake transformative high impact projects in developing countries to increase access to basic services and to build sustainable infrastructure,” said Neal Donahue, Global Manager of SME & Value Chain Solutions, IFC. “In building a sustainable solution for e-waste management in India, we will address critical gaps in the market by systematically leveraging international and local best practices in the sector. The program aims to have a positive impact on the environment while creating sustainable livelihoods and improving the health conditions of value chain partners.”

The awareness and engagement programmes aim to reach out to over 1,000 Schools and 2,000 institutional consumers of e-waste across 27 states over the next one year. The India E-waste Program is supported by the government of Japan and the Korea Green Growth Trust Fund of the World Bank Group.

Image Source: ShutterStock

Moglix Raises $12 Mn In Series B funding From IFC, Rocketship, Others

B2B e-commerce startup, Moglix has announced closing of Series B round of funding at $12 million. The round saw participation from International Finance Corporation (IFC), a member of the World Bank Group and Rocketship.vc, along with Moglix’s existing investors Accel Partners, Jungle Ventures, Shailesh Rao, ex-VP Twitter and Google and Venture Highway advised by Neeraj Arora of Whatsapp.

Moglix is also backed by Tata Sons’ Chairman Emeritus Ratan Tata since its inception, as his maiden investment in B2B e-commerce domain.

The company plans to use funds to support the strong demand for Moglix’s robust technology solution in supply chain and manufacturing domain, infrastructure growth and geographical expansion plans.

Manufacturing sector in India is the least digitised industry compared to other sectors in India. Today, barely 2-3% of manufacturing units are using digital platforms in their supply chain management. With this investment, Moglix is looking to propel digital revolution of India’s manufacturing sector with its integrated digital supply chain solution and aiming to launch in 3 more cities in India apart from its current presence in Delhi NCR, Pune and Chennai.

Commenting on the development, Pravan Malhotra, Head Asia Internet Investments, IFC, said, "Moglix’s client satisfaction, innovation, strength of management and expansion are redefining the B2B e-commerce market. We are excited to partner with the company as they embark on the path of rapid growth and success.”

Founded in 2015 by Rahul Garg who was previously the Head of Advertising Exchange at Google Asia, Moglix is led by a group of young and motivated individuals passionate about shaping the manufacturing/ B2B commerce landscape in India.

Moglix that is specializes in B2B procurement of industrial products such as MRO, Fasteners, Electrical, Hardware, Pneumatics, Safety items and more, aims to be the largest technology platform where demand and supply can be matched through price discovery and product availability.

Moglix’s solutions cater to more than one lakh small and medium-sized enterprises (SMEs), and over 200+ large manufacturing houses in India. Moglix currently has more than two lakh stock keeping units (SKUs) listed on its platform and serves some of the largest auto, electrical and public sector undertakings (PSUs) in the country including Lumax, IndiaForge, Havells etc.

“The raise will accelerate our infrastructure build-up to better serve our customers, and enhance our product offerings as the manufacturing and supply chain industry heralds towards digitization.According to a recent industry report, the global B2B e-commerce market is estimated to reach $7 trillion by 2020, as it’s twice as big as B2C market. We are making strides to harness the potential of the market in India and other Asian countries,” said Rahul Garg, Founder & CEO, Moglix.

The company specializes in digital procurement of industrial MRO items and aims to utilise the funds to expand geographically across multiple industrial hubs in India. With the recent reforms of GST implementation and move towards a cashless economy, Moglix is well-poised to cater to more customers in the days to come.

Recently, Moglix also launched GreenGST, a unique solution for the manufacturing sector that will make the entire customer ecosystem GST compliant and future-ready, marking another milestone towards its commitment to the space.

Moglix had previously raised Seed and Series A funding of $6 million from venture capital firms like Accel Partners, Jungle Ventures, SeedPlus and Venture Highway. With this current round, the total amount of fund raised by Moglix stands at $18 million. The announcement is significant since the investment has been raised at a time when there is heightened uncertainty and deteriorating business confidence overshadowing the startup ecosystem.

IFC Pumps In $3 Mn In AI Focused Fund pi Ventures

International Finance Corporation (IFC), a part of the World Bank Group, is investing $3 million in pi Ventures’ maiden fund. Fun plans to utilise freshly infused fund for investing in companies leveraging technologies such as applied artificial intelligence (AI), machine learning and IoT across a range of sectors.

Commenting on the development, Ruchira Shukla, Regional Lead, Venture Capital, South Asia, IFC said, “This investment is aligned with IFC’s objective to act as a catalyst to spur entrepreneurial activity and support technology startups that drive innovation in India and globally, and solve complex problems across industries.”

IFC is making investments through the ‘IFC Startup Catalyst programme’ which aims to build local ecosystems to drive innovation and entrepreneurship. IFC has both a direct investment practice and is also a Limited Partner (LP) to local PE and VC funds.

Founded in mid 2016 by Manish Singhal and Umakant Soni, pi Ventures is an early stage investment fund focused on startups in the area such as applied artificial intelligence, machine learning and internet of things (IoT). Till date, fund has made four investments in the healthcare and energy-efficiency space, namely Sigtuple, Zenatix, Ten3T and NIRAMAI. Earlier in March 2017, pi Ventures had announced the first close at $13 million.

“Getting IFC to back us in our journey is very meaningful to us. Not only do they bring a wealth of knowledge but also a world-wide network which can be very useful for our investee companies. We appreciate IFC backing disruptive product companies in the Applied AI space via pi Ventures,” said Manish Singhal, Founding Partner, pi Ventures.

IFC's committed portfolio in India is over $5 billion as of June 30, 2016. In FY16, IFC committed $1.1 billion in new investments in the country. In addition to strengthening local capital markets in India, IFC is focused on boosting financing in infrastructure and logistics, promoting financial inclusion, helping create conditions to attract increased private capital, and helping structure public-private partnerships.

IFC’s focus areas in venture capital include consumer internet, edutech, healthtech, cleantech and emerging technology solutions based on data analytics and AI.  IFC’s venture capital investments in India include online grocery major Big Basket, edtech startup Byju, Portea- a company providing affordable home-care and Blackbuck, a leading player in elogistics.

IFC Pumps In $3 Mn In AI Focused Fund pi Ventures

International Finance Corporation (IFC), a part of the World Bank Group, is investing $3 million in pi Ventures’ maiden fund. Fun plans to utilise freshly infused fund for investing in companies leveraging technologies such as applied artificial intelligence (AI), machine learning and IoT across a range of sectors.

Commenting on the development, Ruchira Shukla, Regional Lead, Venture Capital, South Asia, IFC said, “This investment is aligned with IFC’s objective to act as a catalyst to spur entrepreneurial activity and support technology startups that drive innovation in India and globally, and solve complex problems across industries.”

IFC is making investments through the ‘IFC Startup Catalyst programme’ which aims to build local ecosystems to drive innovation and entrepreneurship. IFC has both a direct investment practice and is also a Limited Partner (LP) to local PE and VC funds.

Founded in mid 2016 by Manish Singhal and Umakant Soni, pi Ventures is an early stage investment fund focused on startups in the area such as applied artificial intelligence, machine learning and internet of things (IoT). Till date, fund has made four investments in the healthcare and energy-efficiency space, namely Sigtuple, Zenatix, Ten3T and NIRAMAI. Earlier in March 2017, pi Ventures had announced the first close at $13 million.

“Getting IFC to back us in our journey is very meaningful to us. Not only do they bring a wealth of knowledge but also a world-wide network which can be very useful for our investee companies. We appreciate IFC backing disruptive product companies in the Applied AI space via pi Ventures,” said Manish Singhal, Founding Partner, pi Ventures.

IFC's committed portfolio in India is over $5 billion as of June 30, 2016. In FY16, IFC committed $1.1 billion in new investments in the country. In addition to strengthening local capital markets in India, IFC is focused on boosting financing in infrastructure and logistics, promoting financial inclusion, helping create conditions to attract increased private capital, and helping structure public-private partnerships.

IFC’s focus areas in venture capital include consumer internet, edutech, healthtech, cleantech and emerging technology solutions based on data analytics and AI.  IFC’s venture capital investments in India include online grocery major Big Basket, edtech startup Byju, Portea- a company providing affordable home-care and Blackbuck, a leading player in elogistics.