MICROCAPITAL BRIEF: Triple Jump via ASN Microkredietpool, NMI, Incofin Place $9.4m in Equity in Light Microfinance for Financial Inclusion of Women in Rural India

Light Microfinance, a non-banking finance institution in India, recently raised equity from three European organizations: USD 4 million from Nordic Microfinance Initiative (NMI), a Norway-based public-private partnership active in Africa and Asia; USD 3 million from ASN Microkredietpool, a microfinance fund managed by Netherlands-based Triple Jump; and EUR 2 million (USD 2.4 million) from Incofin Investment Management, a Belgium firm active in emerging markets.

Founded in 1994, Light Microfinance offers loans of INR 25,000 (USD 340) to INR 300,000 (USD 4,000) with periods of 12 months to two years, primarily for women in rural areas. As of March 2020, the firm reported total assets of INR 3.99 billion (USD 53.8 million), approximately 185,000 customers and 1,000 employees working in 119 branches in the states of Gujarat, Madhya Pradesh and Rajasthan. The organization does not accept deposits.

Founded in 2008, NMI manages five funds supporting microfinance institutions at all stages of growth, both directly and via other microfinance investment vehicles. The firm prioritizes investments that support both social and financial sustainability such as climate-focused efforts. Its commitments totaled USD 370 million as of its 2020 fiscal year. As of 2021, the organization has 26 active equity, debt and fund-of-fund investments managed by 17 employees at five office locations.

ASN Microkredietpool is a retail microfinance fund that was established in 1998 by the Netherlands’ ASN Bank. The investment vehicle, which is active in Africa, Asia, Eastern Europe and Latin America, is funded by the single-purpose entity ASN-Novib Microkredietfonds, which has a volume of EUR 234 million as of July 2021. ASN-Novib Microkredietfonds was founded as a partnership between ASN Bank and Oxfam Novib, the Dutch affiliate of Oxfam International, an NGO whose members seek to “to end poverty and injustice and to save lives.”

Founded in 2006 and headquartered in Amsterdam, Triple Jump’s 80 staff members manage five investment funds as of 2021 that invest in debt, equity and other funds. Its investments focus on agriculture, housing, sustainable energy, microfinance, and small and medium-sized enterprise. In addition, the firm offers advisory services to financial intermediaries seeking to develop inclusive financial markets. As of the 2020 fiscal year, it manages investments valued at EUR 907 million (USD 1.1 billion) spanning 182 portfolio companies in 69 countries.

Founded in 2001, Incofin is a for-profit firm that seeks “to promote inclusive progress.” As of 2021, it has 320 investees in 66 countries, mostly active in financial inclusion and agriculture. Incofin’s portfolio is valued at USD 1 billion and comprises the following funds: agRIF, BRS Microfinance Coop Fund, Fairtrade Access Fund (FAF), Fonds pour l’Inclusion Financière en République Démocratique Congo, Incofin CVSO, Invest in Visions, Rural Impulse Fund (RIF) II, Volksvermogen and a loan portfolio of vdk bank.

By Teo Lin-Bianco, Research Associate

Sources and Additional Resources

Incofin press release
https://incofin.com/covid-19-doesnt-stop-incofin-cvso-from-investing-in-india/

NMI press release
https://www.nmimicro.no/news/nordic-microfinance-initiative-has-recently-completed/

Triple Jump press release
https://triplejump.eu/2021/08/09/new-series-a-funding-to-light-microfinance-in-india/

Light Microfinance homepage
https://www.lightmicrofinance.com/

Light Microfinance 2020 annual report
https://www.lightmicrofinance.com/doc/Annual%20Report-%20FY%202019-20.pdf

ASN Bank profile on ASN-Novib Microkredietfonds
https://www.asnbank.nl/web/file?uuid=754d7f90-49e6-4ea6-9394-c616dcdc0207&owner=6916ad14-918d-4ea8-80ac-f71f0ff1928e&contentid=1738

Oxfam-Novib homepage
https://www.oxfamnovib.nl/

Oxfam homepage
https://www.oxfam.org/

Triple Jump profile on ASN Microkredietpool
https://triplejump.eu/fund/asn-novib-microcredit-fund/

Triple Jump 2020 annual report
https://triplejump.eu/wp-content/uploads/2020/06/Annual-Report-2019_FINAL-FOR-DISTRIBUTION.pdf