Investor Profile

Investor Profile

An insight into the profile of our investors

Aavishkaar Group (Promoter)

Aavishkaar Group is a global pioneer in taking an entrepreneurship-based approach towards development. The Group is focused on developing the impact ecosystem in the continents of Asia and Africa. Aavishkaar Group manages assets in excess of USD 1 bn across Equity and Credit, with ~9,000 employees present across India, Bangladesh and Kenya.

Aavishkaar Group includes Aavishkaar Capital - Pioneer in equity led impact investing, Arohan - One of India’s largest Technology led Financial inclusion platform, Ashv - specialized lender to small and growing businesses, Intellecap – Thought Leader and Advisory business with a focus on sustainability and Sankalp Forum – one of the world’s largest inclusive development led platform.

Aavishkaar Group’s shareholders include TIAA-Nuveen, Triodos Bank, Shell Foundation and Dutch Entrepreneurial Development Bank, FMO. Its investments into Arohan Financial Services Limited have been done through Aavishkaar Venture Management Services Pvt Ltd and Intellectual Capital Advisory Services Pvt Ltd.

Aavishkaar Goodwell India Microfinance Development Company II Ltd (Institutional Investors)

Aavishkaar Goodwell is a for-profit business development company that provides equity finance and hands-on support to enterprises active in the microfinance sector in India on a socially and commercially sustainable basis. Aavishkaar Goodwell is a joint initiative of the teams behind pioneering global impact investment firm. Goodwell Investments and Aavishkaar India, the world’s first for-profit micro venture capital fund.

Tano India Private Equity Fund II

Tano Capital is an independent fund manager of two private equity funds: TIPEF-I and TIPEF-II, aggregating USD 211 mn. The funds are focused on providing growth capital to Indian companies across diverse sectors such as Consumer, Pharmaceuticals, Financial Services, Engineering and Manufacturing.

Maj Invest Financial Inclusion Fund II K/S

Maj Invest is a Danish asset management company with about USD 12 bn under management, providing services in asset management and private equity. With headquarters in Copenhagen, Denmark, the company employs approximately 100 highly skilled professionals worldwide. Maj Invest was founded more than 18 years ago and is fully owned by management and employees. The financial inclusion business area is one of the several business areas of Maj Invest and operates on Maj Invest’s regulated institutional platform with its own dedicated team supported by the legal, finance, and administrative departments. The financial inclusion team of eleven people is based in Copenhagen and in regional offices in Lima, Peru and Mumbai, India. Maj Invest Financial Inclusion Fund II K/S (Fund II), was established in 2015 and has invested in seven companies around the globe.

TR Capital III Mauritius

TR Capital is a leading secondary private equity investor in the Asia-Pacific region, with close to USD 1.5 bn of assets under management and focus on providing liquidity solutions to owners of private equity assets through single asset and portfolio transactions. The firm invests in innovative leaders in the Technology, Next-Generation Consumer and Healthcare sectors across Asia. TR Capital is an active investor and shareholder and works with its portfolio companies to optimize their business models and capital structures. The firm’s sophisticated global investor base includes sovereign funds, pension funds, asset management firms, entrepreneurs, and family offices. TR Capital’s 31 professionals are based across 6 offices in Asia: Hong Kong, Singapore, Shanghai, Shenzhen, Mumbai and Delhi.

Michael & Susan Dell Foundation (MSDF)

The Michael & Susan Dell Foundation ( is dedicated to transforming the lives of children living in urban poverty around the world. With offices in Austin, TX, New Delhi, India, and Cape Town, South Africa, the Dell Foundation funds programs that foster high-quality public education and childhood health and improve the economic stability of the families we serve. To date, the foundation has committed USD 2.3 bn to global children’s issues and community initiatives to accelerate opportunity for families.

Teachers Insurance and Annuity Association of America (TIAA)

TIAA was chartered in 1918 as a stock life insurance company, domiciled in New York State, to provide employees of nonprofit education and research institutions with the means to enhance their future financial security. The Carnegie Corporation had provided TIAA’s initial USD 1 mn capital, and as sole owner of TIAA, it held all the stock: five hundred shares. For TIAA’s first twenty years, the Carnegie Corporation paid the organization’s business expenses. However, in 1937, The Carnegie Corporation formed a new nonprofit company to hold the shares of stock in TIAA to enable the organization to be governed on its own. Named Trustees of T.I.A.A. Stock, it was incorporated by a Special Act of the New York State legislature. The Carnegie Corporation then turned over ownership of TIAA to the new company. In 1989, Trustees of T.I.A.A. Stock was renamed TIAA Board of Overseers and again renamed in 2021 to be called the TIAA Board of Governors. TIAA Board of Governors normally consists of seven members, each of whom serves a seven-year term. The members do not directly supervise TIAAmanagement, but they elect the members of the TIAA Board of Trustees, which does exercise such supervision. They also approve amendments to TIAA’s Charter and Bylaws. TIAA Board of Governors meets at least twice a year. TIAA is regulated principally by the New York Department of Financial Services.

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

FMO is the Dutch entrepreneurial development bank. As a leading impact investor, FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs. FMO believes that a strong private sector leads to economic and social development and has a 50+ year proven track-record in empowering entrepreneurs to make local economies more inclusive, productive, resilient and sustainable. FMO focuses on three sectors that have high development impact: Agribusiness, Food & Water, Energy, and Financial Institutions. With a total committed portfolio of over EUR 13 bn spanning over 85 countries, FMO is one of the larger bilateral private sector development banks globally.

The Investment Fund for Developing Countries (IFU)

IFU is a Danish impact investor contributing to green, just and inclusive societies as well as supporting the Sustainable Development Goals. IFU provides risk capital to companies operating in developing countries across Africa, Asia, Latin America and parts of Europe. Investments are made on commercial terms in the form of equity, loans and guarantees. IFU has co-invested in over 1,300 companies in more than 100 developing countries and emerging markets. IFU is fund manager for a number of funds and facilities, including the Danish SDG Investment Fund, a public-private partnership with Danish pension funds. Capital under management is EUR 2.1 bn.