The firm, which had only been approved this month by the Securities and Exchange Board of India (SEBI), invested in CropIn, a cloud-based farm management solutions company, Daily Dump, a home compost solutions provider, and eye care service provider ERC.
Each company has issued about Rs 50 lakh (US$80,500) in convertible debt to Ankur Capital for approximately 30 percent equity.
According to The Economic Times, Ankur Capital has Rs 40 crore (US$6.4 million) to work with. The investment fund will aim to make 20 investments between Rs 2 crore (US$320,000) and Rs 4 crore (US$640,000) per investee with an average investment period of five years, targeting gross return on investments of about 15 percent.
One recent trend in India’s impact investing space, as pointed out in a report released this month by Unitus Capital, is the increase of rupee capital into impact investing. More funds like Ankur Capital are being set up in a space that has long been dominated by foreign impact investors. The report notes that Incube, Charioteer, and Unitus Seed Fund all obtained SEBI approval last year under the Alternative Investment Fund regulations.
Rema Subramanian, co-founder of Ankur Capital, speculates that investor interest is being driven by the emergence of ventures with sustainable business models.
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