BlueOrchard Impact Investment Managers, a unit of UK-based Schroders Group, recently placed USD 6 million in equity from its InsuResilience Investment Fund II into FinAGG Technologies, a provider of cash flow financing and insurance to micro-, small and medium enterprises in India. Tata Capital, SIDBI (Small Industries Development Bank of India), and Prime Venture Partners invested additional funds totaling USD 5 million in the Series A round.
FinAGG CEO Nipun Kohli said, “We are excited to… further drive the penetration of climate insurance to our clients.” Mahesh Joshi, BlueOrchard’s Head of Private Equity Investments in Asia, described the overall aim as to “improve access to financial services, drive growth and improve the resilience of the vulnerable MSME sector in India.”
In support of the investment, IIF will provide technical assistance to FinAGG to help it boost its financial literacy efforts. Further, a representative of the fund will take a seat on the FinAGG Board of Directors.
Author: Pranav Agarwal
