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Investments

7

Portfolio Exits

2

About India Financial Inclusion Fund

India Financial Inclusion Fund (IFIF) is a USD$90 million fund that was set up in August 2008 as an off-shore India-focused equity fund, investing in high-growth, small to medium MFIs and enablers.

India Financial Inclusion Fund Headquarter Location

Road No: 10, Banjara Hills 3rd Floor, 8-2-596/5/B/1

500034,

India

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Latest India Financial Inclusion Fund News

IFC plans to inject $15m more in Indian housing finance firm Aptus

May 3, 2018

According to a disclosure made by IFC, the investment will be made in the form of senior secured non-convertible debentures (NCDs) with a tenor of 7 years. The investment proposal comes almost six months after WestBridge Capital -backed Aptus raised Rs 200 crore ($31 million) through debentures from a mutual fund. In September 2016, the affordable housing-focused lender had raised Rs 270 crore ($40 million) from WestBridge Capital Partners, and India Financial Inclusion Fund. IFC had earlier invested the same amount of $15 million via NCDs in Aptus in April 2016 as part of a cumulative $38 million financing that it had provided to three housing finance firms, which also included Aspire Home Finance Corporation and Micro Housing Finance Corporation. According to the World Bank Group company, this latest investment is aimed at helping the company increase its reach in the affordable housing finance segment as well as diversify its funding base. “IFC’s previous investment was the first NCD for Aptus. Since then the company has raised further funding through this route affirming IFC’s demonstration effect and helping Aptus diversify away from bank borrowing. NCDs now comprise 26 per cent of total debt funding,” it said in its filing. Aptus is promoted by M Anandan who holds 31.7 per cent stake in the company as on December end. Its other major shareholders include WestBridge Crossover Fund LLC, that has 41.7 per cent stake, India Financial Inclusion Fund with 10.2 per cent and GHIOF Mauritius that holds 11.1 per cent share. Aptus is headquartered in Chennai with presence in the southern states of Tamil Nadu, Telangana, Andhra Pradesh, Karnataka and Pondicherry. According to the company’s website, Aptus has 115 branches and a loan book of Rs 1,420 crore. It claims to have cumulative disbursement of Rs 1,860 crore. Earlier this year, in February,  IFC had also proposed to invest up to $75 million in L&T Housing Finance Ltd in the form of non-convertible debentures. Also Read:

India Financial Inclusion Fund Investments

7 Investments

India Financial Inclusion Fund has made 7 investments. Their latest investment was in Aptus Value Housing Finance as part of their Private Equity on September 9, 2016.

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India Financial Inclusion Fund Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

9/22/2016

Private Equity

Aptus Value Housing Finance

$40M

No

1

9/17/2013

Series C

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$99M

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10

8/14/2013

Series D

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$99M

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10

7/20/2012

Series C - II

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$99M

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0

3/30/2011

Series B

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$99M

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0

Date

9/22/2016

9/17/2013

8/14/2013

7/20/2012

3/30/2011

Round

Private Equity

Series C

Series D

Series C - II

Series B

Company

Aptus Value Housing Finance

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Amount

$40M

$99M

$99M

$99M

$99M

New?

No

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Co-Investors

Sources

1

10

10

0

0

India Financial Inclusion Fund Portfolio Exits

2 Portfolio Exits

India Financial Inclusion Fund has 2 portfolio exits. Their latest portfolio exit was Micro Housing Finance Corporation on September 28, 2018.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

9/28/2018

Acquired

$99M

1

4/28/2016

IPO

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$99M

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10

Date

9/28/2018

4/28/2016

Exit

Acquired

IPO

Companies

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Valuation

$99M

$99M

Acquirer

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Sources

1

10

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