Incofin Investment Management

Incofin Investment Management, established in 2001, is a Belgium-based impact investment firm specializing in financial inclusion for rural and agricultural sectors in developing countries. It invests in microfinance institutions (MFIs) and small and medium enterprises (SMEs), providing debt, equity, and guarantee financing. Incofin typically invests in MFIs with a credit portfolio of at least €1 million and a portfolio quality of PAR30 below 10%. It seeks investments in the range of €100,000 to €1 million, with equity investments held for seven years and debt investments with maturities of one to five years. The firm operates globally, with a significant focus on Sub-Saharan Africa, and has offices in Belgium, Colombia, India, Kenya, Luxembourg, and Cambodia.

Aditya Bhandari

Partner and Regional Director of Private Equity Asia

Rahul Rai

Partner, Incofin India

Past deals in Agriculture

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.

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.

Fruitwall

Series A in 2024
Fruitwall specializes in orchard installation, development, and maintenance of controlled atmospheric storage facilities.

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.

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.

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.

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.

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.

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.

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.
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