India Impact Investing

Market Pulse

April 2023

Investment Summary


Amount Invested
(USD Mn)


No. of Deals

Financial Inclusion

Leading Sector

Deal Flow

*All figures in Million USD

Voices from the Industry

Interesting Reads for the Month

IIC Announcements

IIC and Asha Impact Trust hosted two editions of an invite only in-person event, "Building Innovation in Social Finance in India: Taking Stock".

Across the two cities, the event witnessed active participation of over 130 attendees representing leading organizations in the social impact space. These included Asset Managers, Banks and NBFCs, Philanthropic Capital Providers and Foundations as well as other ecosystem builders.

The event saw the launch of two initiatives:

1. The launch of "The Blended Finance India Narrative: A Decade of Blended Finance in India and what lies ahead." report. The report examines the various trends, challenges, and opportunities arising through the use of blended finance over the past decade.

2. The inauguration of, a go-to resource portal for everything related to blended finance in India, including research papers, masterclasses and an open-source database of all blended finance transactions in India.

The event also saw active participation from esteemed members of Impact Investors Council (IIC) including Aavishkaar Capital, Asha Ventures, AVPN, Beyond Capital Ventures, British Asian Trust, British International Investment, BTG Legal, Caspian Debt, Desai & Associates, Gray Matters Capital, IKEA Foundation, IPE Global, KOIS, KPMG, Michael & Susan Dell Foundation, Northern Arc, NSDC, Omidyar Network India, Raintree Foundation, Trilegal, UBS Foundation, UNDP, USAID, Vivriti Asset Management Capital, and Waterfield Advisors.

The Mumbai launch was inaugurated by Mr. Amarjeet Singh, Executive Director, SEBI and Mr. Vikram Gandhi, Co-Founder, Asha Ventures, and Senior Lecturer, Harvard Business School

The launch in Delhi was inaugurated by Mr. Sivasubramanian Ramman, Chairman and Managing Director, SIDBI and Mr. Vikram Gandhi, Co-Founder, Asha Ventures, and Senior Lecturer, Harvard Business School

The report is a first step toward creating data-driven awareness in the Indian ecosystem and increasing the pools of capital aligning with Blended Finance. This report is backed by the first-ever open-source database of ~180 BF transactions executed in India in the last decade and considered till the end of the calendar year (CY) 2022. Click here to read the report.

Upcoming Initiatives for June 2023

1. Unraveling the Potential of Blended Finance in Agri-Financing

A multi stakeholder dialogue on building a robust ecosystem, for mobilising finance and building capacity across the agriculture value chain.

2. Launch of India’s first “Impact Investing for Angel Investors” online course

IIC in collaboration with Lets Venture (India's Leading Early stage platform for Startup Investing ) is launching an online course on " Impact Investing ". Our objective with this course is to educate and inspire angel investors to actively engage in the impact investing industry in India.

Reach out to for more information.

About Impact Investors Council:
Impact Investors Council, India (IIC) is a member-based national industry body formed with an objective to build and strengthen the impact investing eco-system in India. To know more about our work visit or reach out to

Disclaimer: Data and Information in this newsletter is made available in good faith with the exclusive intention of helping market and ecosystem players, policymakers and the public build a greater understanding of the Indian impact investing market. The data is collated from sources believed to be reliable and accurate at the time of publication. Readers are urged to exercise independent judgment and diligence in the usage of this information for any investment decisions

Some of the information provided in this newsletter is supplied by third parties. It is important that all users understand that third party information is not an endorsement of any nature and has been put together with the sole purpose of benefiting stakeholders.