India Financial Inclusion Fund


Last updated 13 May 2020, by Impactyield.

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India Financial Inclusion Fund (IFIF) is a US$ 90 Mn fund that was set up in August 2008 as an off-shore India-focused equity fund, investing in high-growth, small to medium MFIs and enablers.

IFIF’s triple bottom line objectives are financial inclusion, capital appreciation, and social performance initiatives. Through its investments, IFIF will aim to:

- Provide new MFIs with start-up, growth capital, strategic inputs, and technical advice

- Support and enable product diversification by providing appropriate risk capital

- Encourage the scaling up or creation of microfinance enablers, who will contribute to building an efficient microfinance ecosystem

- Play the role of an active, responsible investor seeking to deliver a competitive financial return and support the expansion of social performance initiatives

Financial description

We look for early opportunities in Companies who:
- Focus on financial inclusion services for the un-served/under-served segments of society
- Have sustainable and scalable business models
- Have ambitious, qualified and experienced management teams, interested in running successful, efficient and large microfinance operations
- Provide a vast range of innovative ideas for service delivery
- Possess a sound debt servicing ability
- Encompass strong capabilities and intents to generate attractive returns

15 years

of track record


the year funded

88,974,200 USD


Asset manager

SDG goals

SDG targets

Equal rights to ownership basic services technology and economic resources

Safe and affordable housing

Increase access to financial services and markets

Key performance indicators

Fund overview

Asset manager: Caspian Advisors Private Limited

Product track record: Fund has 15 years of track record

Target IRR: n.a.

Committed Capital: n.a.

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

Fund domicile:

Product status:

Style/Stage: , ,

Inception year: 2008

Vintage year: 2008

Target region: , , ,

Target close date: n.a.

Product term: 10

Assets under management: 88,974,200 USD (US Dollar)

Investment size: Min: 2,000,000; Max: 10,000,000; Avg: 5,000,000

Co-investment policy:

Currency of investments:

Currency for fund / product figures:

Fund investments to date: 11

Fund investments to date exited or repaid: 0

Management fee: n.a.

Carried interest: n.a.

Hurdle rate: n.a.

GIIN Investors' Council Investment: Yes

Limited Partners / Investors: n.a.

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




Phone number: +91 40 66297100

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

Mona Kachhwaha

Director Investments

Impact Performance


Impact thesis

Caspian has been working closely with Investees on pursuing and developing appropriate Social Reporting and Management practices within their respective institutions. Through its active engagement, Caspian continuously encourages socially and environmentally friendly practices, with particular focus on the promotion of, and commitment to, transparency and responsible reporting.
In addition, we also officially endorse the Smart Campaign – a global effort meant to unite microfinance leaders around a around a common goal of enhancing client protection.

Impact Management


Financial benchmark

Term Description:


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