Incofin Investment Management is a private equity firm based in Wilrijk, Belgium, specializing in impact investments in developing countries. Established in 2001, the firm focuses on microfinance institutions (MFIs) and small and medium enterprises (SMEs) that provide financial services to underserved populations, particularly in rural areas and the agricultural sector. Incofin targets investments in a variety of sectors, including financial services and agriculture, and typically does not take a majority stake in MFIs, opting instead to participate in governance by holding board positions. The firm invests globally, with a strong emphasis on Sub-Saharan Africa, the Caribbean, and parts of Asia, particularly the Philippines. Incofin makes debt, equity, and guarantee investments, often with specific thresholds for portfolio quality and investment size, and usually maintains its equity investments for around seven years. The firm operates additional offices in Colombia, India, Kenya, Luxembourg, and Cambodia, reinforcing its commitment to fostering financial inclusion in emerging markets.
Partner and Regional Director of Private Equity Asia
Rahul Rai
Partner, Incofin India
34 past transactions
Ficohsa
Debt Financing in 2025
Ficohsa is a financial institution based in Francia, Honduras, offering a range of banking services. The bank specializes in personal and corporate banking, entrepreneurial banking, mortgage lending, and credit cards. In addition to traditional banking products, Ficohsa provides insurance, brokerage, and foreign exchange services. The institution focuses on delivering personalized financial solutions to its customers, assisting them in achieving their financial goals. Through its diverse offerings, Ficohsa aims to meet the varied needs of individuals and businesses in the region.
Sahyadri Farms
Series B in 2024
Sahyadri Farms is an integrated value chain focused on fruits and vegetables, established on January 11, 2011, by Shitij Agrawaal in Nasik, Maharashtra. This initiative is entirely managed by farmers who understand the challenges faced by small-landholding farmers. Sahyadri Farms aims to transform traditional Indian farming by procuring, processing, and marketing a variety of products, including fresh fruits like grapes and vegetables, as well as processed foods such as aseptic and frozen fruit pulps. By leveraging a network of small and marginal farmers, the company enables these producers to export their products internationally, thereby enhancing their market reach and income potential.
Couvoir Amar
Debt Financing in 2024
Couvoir Amar focuses on growing local chicken production to make it more affordable for lower-income populations while also addressing Senegal's food security and nutritional needs.
Truk Rwanda
Debt Financing in 2024
Truk Rwanda provides cold storage and transportation solutions for fresh fruits and vegetables, allowing farmers in central Rwanda to extend the shelf life of their produce.
Spouts of Water
Venture Round in 2024
Spouts of Water is manufacturing water purification filters for households to ensure that they have constant access to clean drinking water.
Arthan Finance
Series B in 2024
Arthan Finance is a non-banking financial company (NBFC) focused on supporting self-employed nano and micro-entrepreneurs, particularly in small cities across India. The company offers a range of financial products, including growth capital, secured and unsecured loans, and supply chain finance. By providing these financial services, Arthan Finance aims to empower self-employed individuals and micro-enterprises, facilitating their access to affordable funding solutions that can foster business growth and development.
Saggraha Management Services
Venture Round in 2024
SaGgraha Management Services is a financial services provider dedicated to enhancing financial inclusion for economically weaker segments of society. The company, founded by a team of professionals with backgrounds in banking and microfinance, offers a range of services including income generation loans, savings products, insurance, micro-loans, and both secured and unsecured loans for micro, small, and medium enterprises (MSMEs). By focusing on the needs of the poor and marginalized, SaGgraha aims to empower individuals to manage their financial assets effectively and achieve economic stability. The organization emphasizes ethical practices, governance, and transparency in its operations, aligning its mission with the broader goal of supporting financial inclusion in the country.
Fruitwall
Series A in 2024
Fruitwall specializes in orchard installation, development, and maintenance of controlled atmospheric storage facilities.
Qul FRUiTS
Series A in 2024
Qul FRUiTS is a tech-enabled integrated platform for horticultural farmers that helps with orchard installation, expansion, and maintenance.
Namdev Finvest
Series B in 2024
Namdev Finvest operates a non-banking finance platform that focuses on providing loans primarily to rural and semi-urban agriculture, as well as to the priority sector. The company offers a variety of financial products, including commercial vehicle loans, car loans, business loans, two-wheeler loans, and gold loans. By targeting unserved and unreached farmers and entrepreneurs, Namdev Finvest aims to enhance their financial access and improve their livelihoods.
Rite Water Solutions
Venture Round in 2023
Rite Water Solutions is a company based in Nagpur, Maharashtra, specializing in the provision of potable water and water quality improvement solutions across India. The company focuses on addressing the challenges posed by chemical and biological contamination of ground and surface water sources, aiming to deliver safe drinking water to affected communities. Rite Water Solutions offers a diverse range of technologies, including electrolytic processes, nanotechnology-based solutions, membrane and filtration systems, and various disinfection methods. Its product portfolio features fluoride and arsenic removal systems, auto chlorination and electro chlorination systems, reverse osmosis units, and chemical dosing systems, among others. Committed to sustainability and cost-effectiveness, Rite Water Solutions plays a crucial role in enhancing water quality for both rural and urban populations, ultimately contributing to the well-being of communities throughout India. The company is also ISO 9001:2008 certified and registered as a small-scale industry.
Varashakti Housing Finance
Series A in 2023
Varashakti Housing Finance is a rural housing finance provider focused on offering long-term loans to customers for the construction, repair, and purchase of homes. The company specializes in housing loans, small-ticket home loans, loans against property, and home improvement loans, specifically targeting individuals who lack access to formal banking services. By catering to economically disadvantaged groups, Varashakti Housing Finance aims to help these individuals achieve their dream of homeownership, thereby enhancing their standard of living and contributing to overall community development.
Unnati
Series B in 2023
Unnati is a fintech-based agricultural platform that aims to empower farmers through digital technologies, enhancing the efficiency of their farming operations. The company provides a comprehensive range of services, including banking solutions, agri-inputs, agronomy services, output management, and farmer relationship management. By offering these services on a single digital platform, Unnati seeks to minimize risks associated with farming and promote business transparency. Its mission is to foster the development of 5 million farm entrepreneurs, specifically targeting small and medium land-holding farmers, thereby creating a holistic ecosystem that supports sustainable agricultural practices and drives farm entrepreneurship.
Mufin Green Finance
Post in 2022
Mufin Green Finance is an Indian non-banking finance company that focuses on providing financial services primarily in the electric vehicle (EV) sector. The company specializes in offering various loan products, including used-car loans, personal loans, unsecured working capital loans, property loans, two-wheeler loans, and educational loans. Mufin Green Finance derives its revenue mainly from interest income generated through these financing activities. By concentrating on the burgeoning EV market, the company aims to support the transition to sustainable transportation while catering to diverse customer financing needs.
Light Microfinance
Series B in 2022
Light Microfinance Private Limited is a non-banking finance company based in Ahmedabad, India, specializing in micro and meso finance products and services. Established in 1994, the company primarily operates in the Indian states of Gujarat, Rajasthan, and Madhya Pradesh. It focuses on delivering gender and poverty-oriented programs aimed at supporting rural and peri-urban communities, with a particular emphasis on empowering poor women. As a registered entity with the Reserve Bank of India, Light Microfinance is recognized as one of the fastest-growing microfinance institutions in the country, addressing the financial needs of underserved populations.
Sahyadri Farms
Venture Round in 2022
Sahyadri Farms is an integrated value chain focused on fruits and vegetables, established on January 11, 2011, by Shitij Agrawaal in Nasik, Maharashtra. This initiative is entirely managed by farmers who understand the challenges faced by small-landholding farmers. Sahyadri Farms aims to transform traditional Indian farming by procuring, processing, and marketing a variety of products, including fresh fruits like grapes and vegetables, as well as processed foods such as aseptic and frozen fruit pulps. By leveraging a network of small and marginal farmers, the company enables these producers to export their products internationally, thereby enhancing their market reach and income potential.
Save Solutions
Series A in 2021
Save Solutions is a financial services company focused on providing last-mile banking services to the unbanked population in rural areas of India. By leveraging an extensive network of customer service points, the company aims to enhance financial inclusion and support the development of underserved communities. Save Solutions operates under the principles of social justice, equality, and fraternity, aligning its mission with the broader goals of societal welfare and national development. Through its innovative business correspondent network, the company facilitates access to essential financial services, thereby contributing to the economic empowerment of individuals in these regions.
Unnati
Series A in 2021
Unnati is a fintech-based agricultural platform that aims to empower farmers through digital technologies, enhancing the efficiency of their farming operations. The company provides a comprehensive range of services, including banking solutions, agri-inputs, agronomy services, output management, and farmer relationship management. By offering these services on a single digital platform, Unnati seeks to minimize risks associated with farming and promote business transparency. Its mission is to foster the development of 5 million farm entrepreneurs, specifically targeting small and medium land-holding farmers, thereby creating a holistic ecosystem that supports sustainable agricultural practices and drives farm entrepreneurship.
Namdev Finvest
Series A in 2021
Namdev Finvest operates a non-banking finance platform that focuses on providing loans primarily to rural and semi-urban agriculture, as well as to the priority sector. The company offers a variety of financial products, including commercial vehicle loans, car loans, business loans, two-wheeler loans, and gold loans. By targeting unserved and unreached farmers and entrepreneurs, Namdev Finvest aims to enhance their financial access and improve their livelihoods.
Sempli
Venture Round in 2021
Sempli is a digital financial institution based in Colombia that focuses on providing an all-in-one banking solution for small and medium-sized businesses. The company operates an online lending platform designed to facilitate access to capital for these enterprises, helping them grow and enhance their value. By leveraging technology and information, Sempli streamlines the lending process, making it more efficient and convenient for entrepreneurs seeking funding. This approach aims to empower small and medium businesses, enabling them to thrive in a competitive market.
SuperZop
Series A in 2021
SuperZop is an Agri-commerce platform based in Ahmedabad, Gujarat, that aims to revolutionize the unorganized retail sector by connecting retailers directly with farms. Established in 2016, the platform offers a comprehensive solution for Kirana stores, allowing them to order a wide range of staples and farm products efficiently through an easy-to-use interface. By leveraging innovative technology and eliminating middlemen, SuperZop provides competitive pricing and a streamlined supply chain, ensuring quick delivery of goods to retail shops. The platform serves as a single stop for all grocery needs, significantly enhancing the ordering process for retailers.
Sempli
Convertible Note in 2021
Sempli is a digital financial institution based in Colombia that focuses on providing an all-in-one banking solution for small and medium-sized businesses. The company operates an online lending platform designed to facilitate access to capital for these enterprises, helping them grow and enhance their value. By leveraging technology and information, Sempli streamlines the lending process, making it more efficient and convenient for entrepreneurs seeking funding. This approach aims to empower small and medium businesses, enabling them to thrive in a competitive market.
Light Microfinance
Series A in 2021
Light Microfinance Private Limited is a non-banking finance company based in Ahmedabad, India, specializing in micro and meso finance products and services. Established in 1994, the company primarily operates in the Indian states of Gujarat, Rajasthan, and Madhya Pradesh. It focuses on delivering gender and poverty-oriented programs aimed at supporting rural and peri-urban communities, with a particular emphasis on empowering poor women. As a registered entity with the Reserve Bank of India, Light Microfinance is recognized as one of the fastest-growing microfinance institutions in the country, addressing the financial needs of underserved populations.
Sempli
Series A in 2019
Sempli is a digital financial institution based in Colombia that focuses on providing an all-in-one banking solution for small and medium-sized businesses. The company operates an online lending platform designed to facilitate access to capital for these enterprises, helping them grow and enhance their value. By leveraging technology and information, Sempli streamlines the lending process, making it more efficient and convenient for entrepreneurs seeking funding. This approach aims to empower small and medium businesses, enabling them to thrive in a competitive market.
Rent 2 Own(Myanmar)
Debt Financing in 2019
Rent 2 Own (Myanmar) Ltd, established in 2015 and headquartered in Yangon, specializes in motorcycle rental services designed to facilitate asset acquisition for individuals lacking immediate purchasing power. The company primarily targets entrepreneurs, particularly farmers, by providing flexible rental contracts that include maintenance and insurance. These contracts can be adjusted or terminated early without penalties, reflecting the company’s commitment to adaptability. Rent 2 Own also offers options for clients to upgrade their motorcycles or to purchase them outright at any point during the rental period. By enhancing rural mobility, the company plays a vital role in enabling educational access for children, improving farmers' market reach, and supporting individuals in commuting for work. Overall, Rent 2 Own aims to empower its clients and foster economic growth through improved transportation solutions.
Juhudi Kilimo
Venture Round in 2019
Juhudi Kilimo Company Limited is a Nairobi-based microfinance institution founded in 2004 that specializes in providing asset financing, technical assistance, and business training services to smallholder farmers and small-to-medium agro-businesses in Kenya. The company offers a diverse range of financing options, including loans for livestock such as dairy cows, goats, poultry, pigs, and other animals, as well as for fish farming. Additionally, it finances agricultural equipment like irrigation systems and energy-related machinery, along with vehicles such as motorcycles and bicycles for transporting farm goods. By focusing on loans that support agricultural activities and providing business management and financial literacy training, Juhudi Kilimo aims to enhance the livelihoods of rural farmers and empower them to create wealth through improved agricultural practices.
Veritas Finance
Debt Financing in 2018
Veritas Finance is dedicated to addressing the financial needs of micro, small, and medium enterprises, particularly those in the informal sector with limited access to financial services. The organization aims to make a significant impact by providing inclusive financial solutions to individuals engaged in informal activities, thereby supporting their growth and contributing to the broader economy. Veritas Finance offers a range of loan products, including short-term loans for working capital, medium-term loans for business expansion, and long-term loans for asset creation. With a team of professionals experienced in the financial services industry, the company strives to simplify the credit process for its customers, ultimately enhancing their ability to thrive in a competitive business landscape.
Faircent
Series B in 2017
Faircent operates a peer-to-peer lending platform that connects borrowers directly with lenders, bypassing traditional financial intermediaries like banks. By eliminating the high margins that banks typically charge due to their significant overhead costs, Faircent offers a more cost-effective solution for both parties. Borrowers benefit from lower interest rates, while lenders can achieve better returns on their investments compared to conventional savings accounts. The platform facilitates a virtual marketplace where users can negotiate loan terms and conditions directly, fostering a more straightforward and efficient lending process.
Save Solutions
Series A in 2017
Save Solutions is a financial services company focused on providing last-mile banking services to the unbanked population in rural areas of India. By leveraging an extensive network of customer service points, the company aims to enhance financial inclusion and support the development of underserved communities. Save Solutions operates under the principles of social justice, equality, and fraternity, aligning its mission with the broader goals of societal welfare and national development. Through its innovative business correspondent network, the company facilitates access to essential financial services, thereby contributing to the economic empowerment of individuals in these regions.
Sohan Lal Commodity Management
Secondary Market in 2017
Sohan Lal Commodity Management Pvt Ltd specializes in agricultural commodity warehouse management and procurement services. Founded in 1971 and based in New Delhi, the company offers a comprehensive range of solutions, including commodity warehousing, agriculture financing, and collateral management. It also provides risk mitigation and analytical services, supported by its Commodity Market Intelligence division, which conducts crop surveys and studies. Additional services include quality testing, fumigation, pest control, and commodity certification. Sohan Lal serves a diverse clientele, including farmers, processors, millers, traders, and government entities, facilitating access to technology-driven logistics and storage solutions. The company has expanded its operations beyond India to Myanmar, reinforcing its position as a key player in the agri-logistics sector.
Annapurna Finance
Series B in 2014
Annapurna Finance is a microfinance institution focused on the financial and economic upliftment of underserved women and economically backward clients. The organization aims to expand microfinance operations in areas lacking access to formal financial systems, providing vital livelihood support to impoverished households. Annapurna Finance offers a range of need-based financial services, including micro-loans for clean water, sanitation, home improvement, support for widowed families, and small businesses. Additionally, the company provides customized insurance plans to ensure that customers receive tailored financial assistance aligned with their life cycle needs. By bringing these clients into the financial mainstream, Annapurna Finance facilitates economic empowerment and entrepreneurial skill development.
Fusion Microfinance
Series B in 2013
Fusion Microfinance, headquartered in New Delhi, operates primarily in the North Central region of India, including Madhya Pradesh, Uttarakhand, Uttar Pradesh, Delhi, and Haryana. Established in January 2010, the company initially focused on microfinance lending to financially underserved women organized into Joint Liability Groups (JLGs). It provides small, collateral-free loans to empower these women and also extends its services to micro, small, and medium enterprises (MSMEs). In addition to lending, Fusion Microfinance leverages its distribution channels to offer various financial products aimed at enhancing productivity, such as loans for purchasing mobile handsets and bicycles. The company's acquisition of the microfinance division Aajeevika, which had a modest initial member base, further strengthened its operations and outreach in the sector.
Annapurna Finance
Series A in 2012
Annapurna Finance is a microfinance institution focused on the financial and economic upliftment of underserved women and economically backward clients. The organization aims to expand microfinance operations in areas lacking access to formal financial systems, providing vital livelihood support to impoverished households. Annapurna Finance offers a range of need-based financial services, including micro-loans for clean water, sanitation, home improvement, support for widowed families, and small businesses. Additionally, the company provides customized insurance plans to ensure that customers receive tailored financial assistance aligned with their life cycle needs. By bringing these clients into the financial mainstream, Annapurna Finance facilitates economic empowerment and entrepreneurial skill development.
Asomi Finance
Private Equity Round in 2009
Asomi Finance is a microfinance institution that specializes in providing small credit and loan facilities aimed at supporting rural development. The company focuses on offering individual loan options through joint liability groups, which enables businesses and self-help groups to access essential micro-credit services. By targeting underserved populations, Asomi Finance aims to foster economic growth and financial inclusion within rural communities.
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