42382 - A91 Partners

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Summary of Investment Information

Project Number

42382

Company Name

A91 PARTNERS FUND I

Date SPI Disclosed

Feb 28, 2019

Country

India

Region

South Asia

Projected Board Date

Apr 1, 2019

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Dec 14, 2022

Department

Equity Portfolio Management

Industry

Funds

Previous Events

Approved : May 17, 2019
Signed : May 31, 2019
Invested : Jul 31, 2019

Sector

Growth Equity Fund

Project Description

IFC is considering an equity investment of up to US$25 million in A91 Emerging Fund I LLP (“the Fund”). The Fund is targeting US$250-330 million in commitments to invest in ten to fifteen companies in the early growth/ late venture capital stage of development. Target sectors include consumer goods and services, healthcare, financial services and technology.

Sponsor / Cost / Location

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

Development Impact

Project outcome: The Fund manager will provide access to growth capital for investees at an early stage of the companies' development, with ticket sizes of US$5-30 million, primarily to 10-15 small to medium-sized enterprises. IFC expects the value-creation strategies of the Fund Manager will increase investee growth; the Fund manager has an explicit strategy to support 1st-generation entrepreneurs who will bring tech-enabled solutions to disrupt traditional business models, and would target SMEs that have reached an inflexion point and need capital to accelerate growth. The Fund Manager expects to generate high multiples and significantly above average returns. The Fund Manager will transfer knowledge and operational value-add to investees, thanks to an active investment strategy, which will allow investees to increase market, technical, operational and business management competence through sharing the insights of a peer group of entrepreneurs. Contribution to Market Creation: Beyond the project, if successful, this intervention is expected to increase competitiveness by a demonstration effect, through the strengthening of the domestic PE ecosystem, by improving domestic consolidation, by institutionalizing businesses, by growing local companies into national/regional providers and competitors, by encouraging regulatory alignment of the PE ecosystem. Domestic and international business expansion and supply-chains will foster greater integration in the market. Through capacity-building activities, the project will help investee companies expand domestically, promote domestic market integration and stronger supply-chains beyond the direct project outcomes. prior experience with investees The Fund Manager has demonstrated this successfully in.

IFC's investment will help provide growth capital in a segment which is receiving relatively less attention from investors (compared to venture capital or large-scale investments), assisting this Fund in achieving its first close (March 2019). Through the transfer of knowledge, experience and capacity-building, IFC will contribute by mentoring and guiding a first-time fund manager with a differentiated and clear strategy, thereby reducing the risk perception for this strategy and sending a positive signal to the market which will catalyze additional commitments from other DFIs, commercial and private investors. As this is a first-time fund manager, IFC's presence will support the introduction of E&S and governance best practices, which will align with international standards.

E&S Category Rationale / Risks and Mitigation

The fund will primarily invest in established, private companies in India. Potential sectors of exposure may include consumer goods and services (food, home and personal care, consumer service, retail etc.), financial services (specialist lending, saving, insurance etc.), healthcare (consumption driven pharma and healthcare services) and technology (software products and services). Most of the environmental or social risks or impacts of these industry sectors will be few in number, generally site-specific, largely reversible, and readily addressed through mitigation measures and good industry practices. Given fund's investments strategy there is very limited likelihood for investments in companies exposed to significant E&S risks related to involuntary resettlement, adverse impacts on Indigenous Peoples, significant risks to the environment, community health and safety, biodiversity, cultural heritage, or significant occupational health and safety risks. Hence, the E&S risk of the proposed investment is medium, and the project is categorized as FI-2 according to IFC's Policy on Environmental and Social Sustainability. The applicable performance requirements will be i) the IFC- FI Exclusion List; ii) the relevant national E&S laws and regulations; and iii) the IFC Performance Standards. The fund will not invest in any coal-related project.

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, 2025.

Investee	Country Of Investment	Sector
Alpha Vector India Pvt Ltd	India	M-CF - Motor Bicycle (Including Bicycles)
Indiejewel Fashions Pvt Ltd	India	M-EA - Miscellaneous Consumer Products (Including Sporting and Athletic Goods, Exercise Equipment, Jewelry, Musical Instruments, Toys, Games, Diversified)
Llama Logisol Pvt Ltd	India	R-AC - Other Services (Including IT Enabled Services)
AlphaVector	India	M-EA- Miscellaneous Consumer Products (Including Sporting Goods and Equipment, Soap and Cleaning Materials Mixing, Packaging and Distribution, Toys, Games, Other)
Atomberg Technologies	India	M-BC- Household Appliances (Including Refrigerators, Laundry Machine, Dishwashers, etc.)
Aye Finance	India	O-FA- Other Non-Banking Financial Institution (NBFI)
Exotel Techcom	India	N-AD- Other (Including Satellite Telecommunications, Radio and Television Broadcasting, etc.)
GIVA	India	M-EA- Miscellaneous Consumer Products (Including Sporting Goods and Equipment, Soap and Cleaning Materials Mixing, Packaging and Distribution, Toys, Games, Other)
GoDigit General Insurance	India	O-JB- General Insurance (Non-Life)
Happilo International	India	M-EA- Miscellaneous Consumer Products (Including Sporting Goods and Equipment, Soap and Cleaning Materials Mixing, Packaging and Distribution, Toys, Games, Other)
Hector Beverages	India	M-EA- Miscellaneous Consumer Products (Including Sporting Goods and Equipment, Soap and Cleaning Materials Mixing, Packaging and Distribution, Toys, Games, Other)
Inshorts Pte	Singapore	N-CA- Printing/Publishing
La Renon Healthcare	India	Q-BB- Pharmaceuticals and Medicine Retailers
Pushp Brand	India	M-EA- Miscellaneous Consumer Products (Including Sporting Goods and Equipment, Soap and Cleaning Materials Mixing, Packaging and Distribution, Toys, Games, Other)
Shipsy	India	X-XX- Other (For Non-Investment Projects)
Soothe Healthcare	India	M-EA- Miscellaneous Consumer Products (Including Sporting Goods and Equipment, Soap and Cleaning Materials Mixing, Packaging and Distribution, Toys, Games, Other)
Vellvette Lifestyle	India	M-EA- Miscellaneous Consumer Products (Including Sporting Goods and Equipment, Soap and Cleaning Materials Mixing, Packaging and Distribution, Toys, Games, Other)

The main E&S risks and impacts of the project derive from the E&S risks associated with the fund's investment activities, its capacity and systems in place to manage these risks. The Fund Manager will put in place an E&S risk management system (ESMS) including an external communications mechanism, in line with the IFC requirements to screen and assess investments against the IFC Exclusion List, local laws and regulations and the Performance Standards. The fund will also be required to appoint an E&S manager to ensure implementation of the ESMS and provide staff training.

Task Title & Description	Actual Due Date	Status	Completion Date
Nominate officers		Completed	03/10/2019
Establish SEMS		Completed	03/10/2019
Staff Training	02/28/2020	Completed	09/30/2020

Contacts

For Inquiries About the Project, Contact

4Point9 Capital Advisors LLP
VT Bharadwaj
Managing Partner

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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.

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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.

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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