30962 - Ambit Pragma II

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Summary of Investment Information

Project Number

30962

Company Name

APF-II INDIA HOLDINGS PVT LTD

Date SPI Disclosed

Sep 21, 2011

Country

India

Region

South Asia

Projected Board Date

Jan 19, 2012

Environmental Category

FI-3 - No Impact

Status

Active

Last Updated Date

Dec 21, 2024

Department

Equity Portfolio Management

Industry

Funds

Previous Events

Approved : Jan 19, 2012
Signed : Mar 29, 2012
Invested : Jul 10, 2012

Sector

Growth Equity Fund

Project Description

The proposed IFC investment is in Ambit Pragma Fund II (the “Fund”), a growth capital private equity fund with a target size of $150 million. The Fund will finance Indian small and medium enterprises (SMEs) targeting fundamental market needs in second and third tier cities. The Fund will focus on scaling up affordable models in the following sectors: healthcare and wellness, logistics, infrastructure services, branded consumer packaged goods, and entertainment services and leisure. The Fund’s investments in target companies are expected to generate significant employment, increase access to services across India, including in underserved regions and improve corporate governance practices in the portfolio companies. Ambit Pragma Ventures Private Limited will be the Manager of the Fund.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	20.0

Development Impact

(i) Support of SMEs: target investee companies will be SME's (ii) Private sector development, addition of value to portfolio companies by means of improved corporate governance and transparency (iii) Providing advice and risk capital to enable faster growth in portfolio companies (iv) Supporting high growth companies which will reach the bottom of the pyramid, and create jobs at a faster rate than the national average (v) Contributing to sustainable economic development by incorporating environmental and social standards

(i) Catalytic role - IFC's second commitment to a quality emerging Fund Manager would act as a stamp of approval and play a catalytic role in mobilizing other sources of capital to APF-II, contributing to a successful closing. (ii) Global expertise - IFC has extensive experience in the infrastructure, healthcare, logistics and food & agriculture sectors and will be able to share best practices with the Fund. (iii) Demonstration effect - IFC's support will provide equity funding to SMEs looking for growth capital to scale up as well as management expertise.

E&S Category Rationale / Risks and Mitigation

This project involves an IFC investment in Ambit Pragma II and has been classified as Category FI. The Fund will focus on investing healthcare and wellness, logistics, infrastructure services, branded consumer packaged goods (CPG), and entertainment & leisure sectors. The proposed project is a successor fund to Ambit Pragma Fund I (“APF I”) - a SME Fund.

The likely environmental and social (E&S) risk of proposed new Fund is associated with the identification and management of E&S impacts of Fund’s sub-projects. The Applicable Performance Requirements for the sub-projects financed by the fund are likely to include a combination of: IFC FI Exclusion List, the applicable host country E&S laws and regulations, and the IFC Performance Standards. As an existing IFC client, the fund manager has been advised, based on supervision of APF I, to upgrade its SEMS. In the context of the proposed fund, IFC will assess the potential E&S risks associated with the fund's expected portfolio and further review the existing environmental and social management capacity to manage these E&S risks.

The fund manager will be required to upgrade its Social and Environmental Management System (SEMS), prior to subscription to the satisfaction of IFC and commit to implement the SEMS to ensure that its investments/activities are in compliance with the Applicable Performance Requirements; identify responsible, qualified persons to manage and implement the SEMS; and submit a periodic report to IFC. IFC will review the implementation and performance of the fund's SEMS for the first few projects and all Category A projects, if any, prior to the fund's investment, to ensure the fund's SEMS is adequate to assess and manage E&S risks.

In accordance with IFC's Access to Information Policy, IFC will periodically disclose the names, locations and sectors of sub-projects that have been supported by IFC investments through private equity funds, subject to regulatory constraints and market sensitivities. The sub-project(s) listed below reflect(s) the status of the portfolio as of January 1, 2023.

Investee	Country Of Investment	Sector
Teamwork Arts Pvt. Ltd.	India	R-AC - Other Services (Including IT Enabled Services)

Contacts

For Inquiries About the Project, Contact

Mr. Rajeev Agrawal
Ambit Pragma Ventures Private Limited
Ambit House, 449, Senapati Bapat Marg,Lower Parel, Mumbai - 400 -013. India

Telephone: +91 22 3003 8400
Fax: +91 22 3003 8410
Email: rajeev@ambitpragma.com

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2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

Local Access of Project Documentation

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IFC supports its clients in addressing environmental and social issues arising from their business activities by requiring its real sector clients to set up and administer appropriate grievance mechanisms and/or procedures to address complaints from Affected Communities in relation to environmental and social issues arising from IFC's clients' business activities. Since 2012, IFC's Financial Intermediary clients applying the Performance Standards are required to develop External Communications Mechanisms to receive and review inquiries or complaints from any interested party regarding the E&S risks and impacts of their operations.

For IFC projects that are active or under consideration, individual(s), or their authorized representative(s), who allege they have been or will be adversely affected by E&S risks or impacts arising from IFC's clients' business activities, may submit a complaint to IFC directly for consideration. When receiving an E&S complaint, IFC engages with complainants and works with its clients to find solutions to E&S concerns as quickly and efficiently as possible.

Complaints can be submitted to IFC online at www.ifc.org/escomplaints or by email to EScomplaints@ifc.org.

IFC complaint response is separate from and complementary to IFC’s clients’ project level grievance mechanisms and IFC’s Independent Accountability Mechanism (CAO). Lodging a complaint directly with IFC does not, at any time, restrict access to CAO.

Affected communities have unrestricted access to the Compliance Advisor Ombudsman (CAO), the independent accountability mechanism for IFC and MIGA. CAO facilitates the resolution of complaints related to IFC and MIGA projects and sub-projects, undertakes reviews of IFC’s and MIGA’s environmental and social compliance, fosters public accountability for their commitments, and enhances the environmental and social performance of IFC and MIGA.

Independent of IFC and MIGA management and reporting directly to the IFC and MIGA Boards of Executive Directors, CAO helps resolve issues raised about the environmental and social impacts of projects through a neutral, collaborative, problem-solving approach via its Dispute Resolution function. It also reviews IFC’s and MIGA’s compliance with environmental and social policies, assesses related harm, and recommends remedial actions through its Compliance function. Additionally, CAO provides advice to IFC, MIGA, and their Boards to enhance environmental and social sustainability performance and minimize the risk of harm.

Complaints may relate to environmental and social harm regarding any aspect of the planning, implementation, or impact of a project or sub-project, and can be made by any individual, group, community, entity, or other party affected or likely to be affected by the environmental or social impacts of an IFC- or MIGA-financed business activity.

Complaints can be submitted by any of the following methods:

Online form: available at https://www.cao-ombudsman.org/
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Voice mail: +1 202 458 1973
Email: cao@worldbankgroup.org
SMS, WhatsApp, Telegram, and Signal: +1 202 650 2627

CAO receives and addresses complaints in accordance with the CAO Policy, which can be accessed at: https://www.cao-ombudsman.org/policies-guidelines.

This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. It also includes findings and recommendations related to environmental and social considerations regarding this potential investment. The purpose of the SII is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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