IPF (India Progress Fund)
Korys wants to enable people to live an authentic life and aims to unlock their entrepreneurial potential. Through our investment in the India Progress Fund (IPF), we will make a difference for Indian entrepreneurs.
India has a young population (86% is under 55) focused on enriching life through work and entrepreneurship. Nevertheless, the country faces serious challenges. 65% of India’s population lives in rural areas and yet private equity investments are focused on urban companies. That’s why many Indian entrepreneurs fail to realize their full potential.
IPF supports these entrepreneurs by investing in Indian financial service providers and agri-food value chain enterprises and, in addition, increasing their chances of success through patient capital, mentoring and access to a global network.
Belgian impact investor Incofin IM, together with Korys as an anchor investor, and the Belgian Investment Company for Developing Countries, Fund Manickam (managed by the King Baudouin Foundation), Proparco and CDC raised more than EUR 50m and focusses on rural development in India through private equity investments in:
- financial service providers that apply innovative or technology-based business or underwriting models that allow increasing access to disenfranchised populations; and
- agri-food value chain enterprises that apply innovative or technology-based business models.
Hari Subramanian, Partner India of Korys: “There is a profound joy derived from a project, such as IPF, that aims to bring a positive change in the lives of those who are disadvantaged by various economic and social factors. And there is a good match between the IPF objectives and our Korys principles of sustainability.”
