Caspian

Caspian Impact Investments Private Limited is a venture capital firm based in Hyderabad, India, that specializes in growth capital investments in seed, startup, and early-stage companies. The firm focuses on making debt and equity impact investments primarily in microfinance institutions and sectors such as food and agriculture, clean energy, financial services, small business financing, and affordable housing. Caspian aims to address the needs of low-income and informal sector populations by supporting enterprises that deliver both financial returns and social value. The firm also manages funds that target investments in agriculture and commercial services, emphasizing sustainable business practices and improving access to financial resources in underserved markets.

Avishek Gupta

Managing Director and CEO, Caspian Debt

Aakash Kumar

Associate

Emmanuel Murray

Investment Director

Viswanatha Prasad Subbaraman

Founder and Chairman

B V Narasimham

CEO and Investment Director

22 past transactions

Ecozen

Series C in 2022
Ecozen Solutions Pvt. Ltd. is an innovative company based in Pune, India, specializing in eco-friendly agricultural technologies. Founded in 2009, Ecozen manufactures solar-powered products such as Ecofrost, a portable cold storage unit that enhances the shelf life of perishable produce, and Ecotron, a smart controller for irrigation pumps that incorporates IoT technology for efficient water management. These solutions significantly benefit farmers by improving produce quality and market access, while also optimizing irrigation practices. In addition to these products, Ecozen offers a digital platform called Eco-Connect, which links farmers directly with buyers, thus facilitating better market opportunities. The company also provides energy management solutions, including solar energy products and consulting services aimed at enhancing productivity and sustainability in agriculture. Through its diverse offerings, Ecozen is committed to transforming agricultural practices and supporting rural communities.

Veritas Finance

Secondary Market in 2021
Veritas Finance Private Limited is a non-banking finance company based in Chennai, India, established in 2015. It primarily serves micro, small, and medium enterprises (MSMEs) in rural and semi-urban areas, addressing the financial needs of customers who often lack access to traditional banking services. The company offers a range of financial products, including working capital loans, construction loans, and financing for business expansion and asset purchases. Veritas Finance aims to positively impact the lives of individuals engaged in informal activities by providing inclusive access to financial services, thereby supporting the growth of the MSME sector in India. The organization is led by experienced professionals in the financial services industry, dedicated to simplifying the credit process for underserved communities.

Veritas Finance

Series F in 2021
Veritas Finance Private Limited is a non-banking finance company based in Chennai, India, established in 2015. It primarily serves micro, small, and medium enterprises (MSMEs) in rural and semi-urban areas, addressing the financial needs of customers who often lack access to traditional banking services. The company offers a range of financial products, including working capital loans, construction loans, and financing for business expansion and asset purchases. Veritas Finance aims to positively impact the lives of individuals engaged in informal activities by providing inclusive access to financial services, thereby supporting the growth of the MSME sector in India. The organization is led by experienced professionals in the financial services industry, dedicated to simplifying the credit process for underserved communities.

Skymet

Debt Financing in 2021
Skymet Weather designs web and mobile based climate, weather, and crop analytics platform that measures and predicts climate risk for agriculture insurance companies, banks, and public sector institutions in India. The company's climate, weather and crop analytics platform enables users to mitigate weather risks, thereby supporting farmers to cope with the consequences of climate change and organize themselves around their changing environment by providing an updated information regarding weather change through automatic weather stations. It also offers lightening detection network to track thunderstorms in real time.

Moneyboxx Finance

Post in 2020
Moneyboxx Finance is a non-banking financial company based in India that specializes in providing financing solutions to micro enterprises and small and medium-sized enterprises (SMEs). The company engages in lending and related activities, focusing primarily on commercial lending and value-added services. Moneyboxx Finance generates most of its revenue from interest income, supplemented by fee income. By offering accessible financing options, the company aims to support the growth and development of deserving businesses within the Indian market.

Janaadhar

Venture Round in 2020
Provider of real estate services intended to improve housing accessibility, health benefits, and economic stability for communities. The company develops safe, comfortable, and affordable living spaces, offering housing alternative that translates into building well-designed homes, enabling people to live in affordable residential complexes, improving well-being and productivity.

GPS Renewables

Series A in 2020
GPS Renewables Pvt Ltd. is a Bengaluru-based company that specializes in biowaste-to-energy solutions. Founded in 2010, the company has developed a reactor known as BioOrja, which converts biowaste into bioCNG for cooking and electricity generation, along with digested slurry that serves as manure. GPS Renewables targets the substantial market of biodegradable waste generated by mass kitchens in India's tier I cities, which is estimated at USD 3 billion. The company also offers waste management technologies, including a high-rate dry anaerobic digestion system and a shredder designed for wet waste. These innovations enable businesses to transform organic waste into clean energy, thereby contributing to a more sustainable environment and helping to reduce carbon footprints. GPS Renewables provides its solutions to private and institutional clients through a network of resellers across India.

Ecozen

Series A in 2019
Ecozen Solutions Pvt. Ltd. is an innovative company based in Pune, India, specializing in eco-friendly agricultural technologies. Founded in 2009, Ecozen manufactures solar-powered products such as Ecofrost, a portable cold storage unit that enhances the shelf life of perishable produce, and Ecotron, a smart controller for irrigation pumps that incorporates IoT technology for efficient water management. These solutions significantly benefit farmers by improving produce quality and market access, while also optimizing irrigation practices. In addition to these products, Ecozen offers a digital platform called Eco-Connect, which links farmers directly with buyers, thus facilitating better market opportunities. The company also provides energy management solutions, including solar energy products and consulting services aimed at enhancing productivity and sustainability in agriculture. Through its diverse offerings, Ecozen is committed to transforming agricultural practices and supporting rural communities.

WayCool

Series B in 2019
WayCool Foods & Products Pvt. Ltd. is an agri-tech company based in Chennai, India, specializing in the procurement, processing, and distribution of fresh produce, dairy products, and grocery staples. Founded in 2015, the company sources fruits and vegetables from smallholder farmers and aggregators, facilitating direct links between farmers and consumers. WayCool employs innovative technology to enhance logistics and food safety, ensuring the quality of its products. It operates a diverse distribution network that includes retail stores under the brand SunnyBee, mobile stores on trucks, and e-commerce platforms, primarily serving the Chennai area. Additionally, WayCool designs and manages storage facilities and cold chain distribution operations, aiming to increase farmers' incomes while providing fresh produce to local shops, restaurants, and catering establishments. The company's vision focuses on becoming a leading food development and distribution entity in India, positively impacting the agricultural community.

WayCool

Debt Financing in 2019
WayCool Foods & Products Pvt. Ltd. is an agri-tech company based in Chennai, India, specializing in the procurement, processing, and distribution of fresh produce, dairy products, and grocery staples. Founded in 2015, the company sources fruits and vegetables from smallholder farmers and aggregators, facilitating direct links between farmers and consumers. WayCool employs innovative technology to enhance logistics and food safety, ensuring the quality of its products. It operates a diverse distribution network that includes retail stores under the brand SunnyBee, mobile stores on trucks, and e-commerce platforms, primarily serving the Chennai area. Additionally, WayCool designs and manages storage facilities and cold chain distribution operations, aiming to increase farmers' incomes while providing fresh produce to local shops, restaurants, and catering establishments. The company's vision focuses on becoming a leading food development and distribution entity in India, positively impacting the agricultural community.

Origo Commodities

Venture Round in 2018
Origo Commodities India Pvt. Ltd. provides post harvest management services for agricultural commodities. Its solutions include commodity handling and collateral management services for producers, processors, corporate houses, and financial institutions. The company provides procurement, professional warehousing, quality certification and gradation, preservation of stock, delivery points for commodity exchanges, audit and surveillance, and trading and other value-added services. Origo Commodities India Pvt. Ltd. was incorporated in 2011 and is headquartered in Gurugram, India.

Ecozen

Series A in 2018
Ecozen Solutions Pvt. Ltd. is an innovative company based in Pune, India, specializing in eco-friendly agricultural technologies. Founded in 2009, Ecozen manufactures solar-powered products such as Ecofrost, a portable cold storage unit that enhances the shelf life of perishable produce, and Ecotron, a smart controller for irrigation pumps that incorporates IoT technology for efficient water management. These solutions significantly benefit farmers by improving produce quality and market access, while also optimizing irrigation practices. In addition to these products, Ecozen offers a digital platform called Eco-Connect, which links farmers directly with buyers, thus facilitating better market opportunities. The company also provides energy management solutions, including solar energy products and consulting services aimed at enhancing productivity and sustainability in agriculture. Through its diverse offerings, Ecozen is committed to transforming agricultural practices and supporting rural communities.

Aptus Value Housing

Venture Round in 2016
Aptus Value Housing Finance India Limited is a housing finance company that focuses on providing long-term housing loans to low and middle-income customers, particularly self-employed individuals in rural and semi-urban areas of India. The company offers a variety of loan products, including home loans for purchasing, constructing, or renovating residential properties, as well as loans against property and refinancing options. Aptus aims to address the significant housing finance gap in India, where many self-employed individuals and those from informal sectors struggle to access financing. Established in 2009 and headquartered in Chennai, the company operates a network of 175 branches, facilitating its commitment to meet the housing finance needs of underserved populations. Additionally, Aptus also provides insurance products to enhance their financial offerings.

Veritas Finance

Series A in 2016
Veritas Finance Private Limited is a non-banking finance company based in Chennai, India, established in 2015. It primarily serves micro, small, and medium enterprises (MSMEs) in rural and semi-urban areas, addressing the financial needs of customers who often lack access to traditional banking services. The company offers a range of financial products, including working capital loans, construction loans, and financing for business expansion and asset purchases. Veritas Finance aims to positively impact the lives of individuals engaged in informal activities by providing inclusive access to financial services, thereby supporting the growth of the MSME sector in India. The organization is led by experienced professionals in the financial services industry, dedicated to simplifying the credit process for underserved communities.

Micro Housing Finance Corporation

Private Equity Round in 2013
Micro Housing Finance Corporation Limited, established in 2008 and based in Mumbai, India, specializes in providing housing finance solutions aimed at lower income households, particularly within the informal sector in urban areas. The company addresses a significant barrier to low-income housing development: the lack of accessible financing for households without documentation to prove their incomes. By focusing on this underserved market, Micro Housing Finance Corporation aims to facilitate home ownership among those who typically face challenges in securing traditional financing. The company is regulated by the National Housing Bank, having obtained the necessary Certificate of Registration to operate in this sector.

Equitas Holdings

Venture Round in 2012
Equitas Holdings operates as a non-banking financial institution in India, focusing on providing a variety of financial services through its subsidiaries. Founded in 2007 and based in Chennai, the company offers products such as microfinance loans, vehicle finance, housing finance, and loans for micro and small enterprises. It also provides agri loans, gold loans, and business loans, primarily targeting individuals and low-income customers who may not have access to traditional banking services. In addition to its lending activities, Equitas Holdings engages in online freight facilitation through its Wowtruck brand. The company, which was formerly known as Equitas Micro Finance India Private Limited, changed its name in 2012 to reflect its broader scope of operations.

Jana Small Finance Bank

Series C in 2012
Jana Small Finance Bank Limited is a banking institution based in Bengaluru, India, that provides a range of financial products and services to both individuals and businesses. The bank's offerings include current and savings accounts, fixed and recurring deposits, and a variety of loan products such as home, gold, agriculture, and business loans. Additionally, it provides services like debit cards, online banking, and payment solutions. Jana Small Finance Bank operates through four key segments: Treasury, Corporate/Wholesale Banking, Retail Banking, and Other Banking Operations, with a significant portion of its revenue generated from retail banking activities. Originally established as Janalakshmi Financial Services Limited in 2006, the institution rebranded to its current name in March 2018.

Jana Small Finance Bank

Series B in 2010
Jana Small Finance Bank Limited is a banking institution based in Bengaluru, India, that provides a range of financial products and services to both individuals and businesses. The bank's offerings include current and savings accounts, fixed and recurring deposits, and a variety of loan products such as home, gold, agriculture, and business loans. Additionally, it provides services like debit cards, online banking, and payment solutions. Jana Small Finance Bank operates through four key segments: Treasury, Corporate/Wholesale Banking, Retail Banking, and Other Banking Operations, with a significant portion of its revenue generated from retail banking activities. Originally established as Janalakshmi Financial Services Limited in 2006, the institution rebranded to its current name in March 2018.

Micro Housing Finance Corporation

Venture Round in 2009
Micro Housing Finance Corporation Limited, established in 2008 and based in Mumbai, India, specializes in providing housing finance solutions aimed at lower income households, particularly within the informal sector in urban areas. The company addresses a significant barrier to low-income housing development: the lack of accessible financing for households without documentation to prove their incomes. By focusing on this underserved market, Micro Housing Finance Corporation aims to facilitate home ownership among those who typically face challenges in securing traditional financing. The company is regulated by the National Housing Bank, having obtained the necessary Certificate of Registration to operate in this sector.

A LITTLE WORLD

Series B in 2008
A Little World Private Limited, founded in 2000 and based in Navi Mumbai, India, specializes in developing payment solutions aimed at enhancing financial accessibility for the masses. The company is known for its flagship product, ZERO, which is India's first domestic payment system designed to function on low communication infrastructure. ZERO utilizes near field communication technology, contactless RFID smart cards, and integrated biometrics to facilitate secure mobile transactions for customers and merchants. Additionally, the company offers mZERO, a mobile self-service payment option that allows users to make over-the-counter and remote payments directly from their mobile phone SIM. The ZERO platform supports various applications, including biometric identity verification, cash deposits, money transfers, and utility payments, thereby promoting cashless transactions and financial inclusion across diverse user segments.

Sahayata

Venture Round in 2008
Sahayata Microfinance is a non-banking finance company that operates with the mission of providing responsible financial services to individuals in need. Rooted in the Hindi term 'Sahayata,' which means 'to extend responsible help to someone in need,' the organization focuses on enhancing the lives of its customers through socially responsible and sustainable financial solutions. By prioritizing the well-being of its clients, Sahayata aims to foster financial inclusion and support the economic empowerment of underserved communities.

Jana Small Finance Bank

Series A in 2008
Jana Small Finance Bank Limited is a banking institution based in Bengaluru, India, that provides a range of financial products and services to both individuals and businesses. The bank's offerings include current and savings accounts, fixed and recurring deposits, and a variety of loan products such as home, gold, agriculture, and business loans. Additionally, it provides services like debit cards, online banking, and payment solutions. Jana Small Finance Bank operates through four key segments: Treasury, Corporate/Wholesale Banking, Retail Banking, and Other Banking Operations, with a significant portion of its revenue generated from retail banking activities. Originally established as Janalakshmi Financial Services Limited in 2006, the institution rebranded to its current name in March 2018.
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