32133 - Infuse Capital

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Summary of Investment Information

Project Number

32133

Company Name

INDIAN FUND FOR SUSTAINABLE ENERGY

Date SPI Disclosed

Apr 13, 2012

Country

India

Region

South Asia

Projected Board Date

May 15, 2012

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Dec 14, 2022

Department

Equity Portfolio Management

Industry

Funds

Previous Events

Approved : Jun 11, 2012
Signed : Jun 22, 2012
Invested : Jul 23, 2013

Sector

Private Equity/Venture Cap Fund - Country

Project Description

INFUSE Capital (“INFUSE” or the “Fund”) is a sustainable energy and cleantech focused incubation and early stage fund aimed at seeding and supporting scalable ventures in India through equity investment up to US $ 1.5 million per venture. INFUSE is housed at Indian Institute of Management Ahmedabad’s business incubator – the Centre for Innovation Incubation and Entrepreneurship (“CIIE”) - and currently backed by BP Ventures (BP’s corporate venturing arm) and Government of India’s Ministry of New and Renewable Energy (MNRE) & Technology Development Board (TDB).

INFUSE aims to raise a US$25 million fund that will invest in technology and business model innovation based entrepreneurial solutions across the cleantech vertical. INFUSE will bridge the early-stage equity gap in this sector and simultaneously build an enabling ecosystem for eco-ventures in India.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	5.0

Development Impact

1) Environmental impact: India is currently the third largest CO2 emitter and by 2030, India's share of global emissions is expected to increase 60%, which represents the largest expected percentage increase of any nation. Because of India's existing energy infrastructure is insufficient and inefficient, there exists an opportunity to shift development away from the model of fossil-fuel centric generation & old technologies to clean technologies. Demonstrating that cleantech investment is profitable in India may spur the type of widespread private sector adoption that could help alter India's emerging carbon emissions footprint.

2) Narrowing the Gap of funding of Early Stage Cleantech Companies: Despite presence of affordable, globally proven technologies, there exists a gap in funding for early-stage cleantech companies in India, with no major VC actively investing them in an ongoing basis. Demonstrating that investment in early-stage companies in cleantech sector is profitable and may lead to increased inflow of much needed private capital for the sector.

1) Catalyst Effect: Supporting India's first early-stage cleantech dedicated fund will send a positive message to the fund investment community on attractiveness of the sector.

2) Expertise: IFC's global expertise in cleantech will enhance the quality of investments for the Fund and have an impact on the early stage cleantech ecosystem where our activities are limited.

3) Advisory: The technical assistance program of CTIF can be utilized to benefit the fund and its underlying portfolio companies.

4) Standards: Having IFC as an investor and a potential co-investor will ensure a tight adherence to and propagation of E&S & corporate governance standards at the fund and portfolio company level.

E&S Category Rationale / Risks and Mitigation

This project involves IFC investment in a new private equity fund to invest in early-stage legally incorporated Indian companies. The fund shall neither provide prototyping grants nor project financing. The stress shall be on commercialization of available technologies through development of innovative and scalable business models. The investment has been classified as Category FI-2.

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, 2022.

Investee	Country of Investment	Sector
Altizon Systems	India	Energy Efficiency
cKers	India	Renewable Energy Funds - Renewable Energy Generation
Ecolibrium	India	Energy Efficiency
Glowship	India	Solar Photovoltaic Equipment
Proklean Technologies	India	All Other Chemical Product
RE Connect	India	Other Services (Including IT Enabled Services)
Revive	India	Waste Collection Treatment and Management
Surya Power	India	Other Services (Including IT Enabled Services)
TESSOL	India	Other Machinery (Including Metalworking Machinery, Ventilation, Heating and Air-Conditioning, etc.)

Hence, the Applicable Performance Requirements for the sub-projects financed by the fund includes: IFC FI Exclusion List, the applicable host country E&S laws and regulations, and the IFC Performance Standards alongwith EHS guidelines.

As a new IFC client, the fund manager’s E&S management capacity is not fully known. The fund has recently developed an SEMS. As part of IFC's investment, the fund will be required to upgrade the current SEMS to be benchmarked to the requirements of IFC Performance Standards to manage the E&S risks.

Contacts

For Inquiries About the Project, Contact

Mr. Kunal Upadhyay
INFUSE Capital,
C/o Center for Innovation Incubation and Entrepreneurship
Indian Institute of Management (IIM), New Campus,
Vastrapur, Ahmedabad, Gujarat - 380015, India
Mob: +91-9998731825
E-mail: mailto:kunal@infusecapital.in
http://www.infusecapital.in

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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.

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Task Title & Description	Anticipated Completion Date	Status	Comments	Completion Date
Nominate officers		Completed	Completed	02/18/2013
Establish SEMS		Completed	Completed	02/18/2013

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