Ankur Capital Fund


Last updated 12 May 2020, by Impactyield.

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Ankur Capital is an India focused micro-fund that incubates and invests in start-up businesses that impact low-income communities. We focus on models that can provide radical improvements in livelihoods as well as ones that impact health and education in these communities. We partner with young companies providing intensive hands on support as well as seed capital. We look to build organizations that can grow and sustainably create impact.

We are a new fund with an innovative approach to very early stage investing. We aim to realize our investments in 7 years. The fund will seek to deliver debt like returns while creating impact in low income communities.

Financial description

Ankur adopts a tiered investment strategy. Our initial investment in a company is small, and is followed up with hands on assistance in building proof points for the companies further growth. We deploy a second round of capital in these companies upon successful milestone completion and leverage co-investors as well in this round.
Ankur uses a range of instruments including debt, equity and hybrids to support companies. We invest in companies that are 1) post-revenue, 2) have clear business propositions that can grow and scale and 3) and business models that can demonstrate meaningful traction.
Target IRR and hurdle rate below are reported in INR terms. In local currency (Indian Rupee - INR) target IRR is 18% and hurdle rate is 10%.

9 years

of track record


the year funded

7,000,000 USD


Asset manager

Ankur Capital


Headquarters location:

SDG goals

SDG targets

Equal rights to ownership basic services technology and economic resources

Universal access to safe and nutritious food

Universal access to sexual and reproductive care, family planning and education

Free primary and secondary education

Full employment and decent work with equal pay

Key performance indicators

Fund overview

Asset manager: Ankur Capital

Product track record: Fund has 9 years of track record

Target IRR: 18%

Committed Capital: 2,500,000 USD (US Dollar)

Target return category: Risk-adjusted market-rate of return

Fund domicile:

Product status:


Inception year: 2014

Vintage year: 2014

Target region: , , ,

Target close date: 01/08/2016

Product term: 7 years +2x 1-yr ext

Assets under management: 7,000,000 USD (US Dollar)

Investment size: Min: 2,500,000; Max: 40,000,000; Avg: 10,000,000

Co-investment policy: ,

Currency of investments:

Currency for fund / product figures:

Fund investments to date: 5

Fund investments to date exited or repaid: 0

Management fee: 3%

Carried interest: 18%

Hurdle rate: 10%%

GIIN Investors' Council Investment: No

Limited Partners / Investors: n.a.

Limited Partner / Investor Type: Development Finance Institution (DFI), Family Office, Other Institutional Investors


E-mail: n.a.


Phone number: +91 9820683107

If you wish to have your details removed from this database please email

Rema Subramanian

Managing Partner

Ritu Verma

Managing Partner

Impact Performance


Impact thesis

Ankur is an impact first fund. We focus on three areas of impact – livelihoods , health and education. We target businesses that can create an impact in these areas on people who live on less that $2 a day.
As part of livelihood impact we look at business models that can provide inclusive growth and ones that can bring in efficiencies that can lead to income enhancements ( e.g.. agribusinesses, alternative rural businesses, agri-tech aimed at small farmer holders, market access for small and marginal producers and skill training models that increase employability). Our investments into social infrastructure, health and education look for businesses that allow the poor to avail of these services, either through cost reduction or improved access.
In all the above cases we measure 1) the depth of impact and 2) the scale of impact created by the businesses we partner with. We look for businesses that have potential to maximize both impact parameters. We look to measure relevant IRIS metrics in all our investments.
Ankur believes that our impact also lies on being able to bridge a wide gap in the impact investment ecosystem where seed stage companies flounder to get hands on support and small amounts of capital to prove business models. We will measure portfolio organization growth, and follow on funding raised as a measure of our impact on creating viable companies for impact.

Impact Management


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