Institutional Investors & Bankers


Nederlandse Financierings Maatschappij voor Ontwikkelingslanden N.V.(FMO)

FMO, an entrepreneurial development bank of the Netherlands, has invested INR 434.71 Million in equity through Cumulative Compulsorily Convertible Preference Shares.

FMO`s investment portfolio is EUR 7.7 BLN (as of 2016), making it one of the largest bilateral development banks worldwide. FMO has an AAA rating from Standard & Poor`s and Fitch and has recently obtained a banking license from the Dutch Central Bank (DNB).

Through such investments FMO is stepping up to achieve their mission to stimulate sustainable private sector development and optimize economic growth through its investment activities in emerging markets.

FMO’s investment decisions are based on the fundamental concept that sustainable economic growth is stimulated by the development of a healthy private sector, which in turn contributes to combating poverty and to improving living standards in developing countries.


Bellwether Micro Finance Fund had invested Rs. 65 Million in the company in the form of Redeemable Non-Convertible Cumulative Preference Shares.

The Bellwether Microfinance Fund is dedicated to investing in the capital of Microfinance institutions (MFIs) in India. The Fund, incorporated in India, has its operating base in Hyderabad, in the southern state of Andhra Pradesh. The Fund invests in high potential startups as well as established medium-sized NGO-MFIs intending to transform in to legally appropriate entities. The Fund looks to invest in MFIs that focus on efficiency as well as commercial viability.

ICICI Venture

ICICI Venture Fund Management Company Limited, the private equity arm of ICICI Bank Ltd., India’s second biggest lender, had invested INR 400 Million through a mezzanine fund, India Advantage Fund - VII. The investment was in the form of redeemable preference shares. The investment made by ICICI Venture has been successfully redeemed by the company in the year 2012.

Deutsche Investitions-Und Entwicklungsgesellschaft Mbh (DEG)

DEG invested EUR 10 Mn. in MAS in the form of Compulsorily Convertible Debentures.

DEG, a subsidiary of KFW, is one of the largest European development finance institutions for long-term project and company financing. For 50 years, DEG has been financing and structuring the investments of companies in developing and transition countries in order to contribute to sustainable progress.

Its portfolio in India stands at over EUR 500 Mn. across 50 companies


The Lok Capital initiative was launched at the end of 2000 with the support of a grant from the Rockefeller Foundation. Lok Capital means People’s Capital. Lok Capital defines itself as a hands-on financial investor with social performance goals and standards, dedicated to promoting financial and social inclusion through all its activities.

Lok Capital manages two BoP funds with over $85mn under management. The funds are the central entity of the Lok group structure. Lok Foundation, the charitable trust at the heart of Lok Capital, was set up in 2003 to promote financial and social inclusion, principally in India by means of targeted grants, technical support, research and advocacy.

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