IDG Ventures India Fund III LLC (IFC-39362)

Regions
  • South Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • India
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
FI
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Mar 1, 2017
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
IDG VENTURES INDIA ADVISORS PRIVATE LIMITED
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 40.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 14, 2018

Disclosed by Bank Jan 27, 2017

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to IFC website, the proposed project consists of an equity investment of up to US$ 20 million in IDG Ventures India Fund III LLC, a self-managed closed-end fund domiciled in Mauritius with a target size of $200m. The Fund seeks to focus primarily on Series A/B investments with selective seed and later stage investments in technology and technology enabled companies in India across Consumer Internet, Software, Health-tech and Fin-tech sectors.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The Fund has appointed Leopard Capital Advisors Co. Ltd., a private company incorporated under the laws of Mauritius (“Investment Advisor”), as its investment advisor to provide it with non-binding and non-exclusive advice on investment and divestment.

Sub-Advisor

IDG Ventures India Advisors Private Limited (“IDGVI” or “Sub-Advisor”), a company incorporated under the Indian Companies Act, 1956 will provide non-binding investment advice to the Investment Advisor. IDGVI was established in 2006 by Managing Directors (“MDs”) Sudhir Sethi and TC Meenakshisundaram (“TCM”). Prior to that, Sudhir and TCM worked together for over a decade at Wipro, and then in the investment team at Walden International. Since then IDGVI has grown into a 12 member team with 200+ years of combined Indian and global experience and 90+ years of combined VC experience. The Sub-Advisor is wholly owned by Sudhir and TCM. The Investment Advisor is wholly owned by affiliates of Sudhir and TCM.

 

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

IDG Ventures India Advisors Private Limited, a company incorporated under the Indian Companies Act, 1956 will provide non-binding investment advice to the Investment Advisor. IDGVI was established in 2006 by Managing Directors  Sudhir Sethi and TC Meenakshisundaram. Prior to that, Sudhir and TCM worked together for over a decade at Wipro, and then in the investment team at Walden International.  Since then IDGVI has grown into a 12 member team with 200+ years of combined Indian and global experience and 90+ years of combined VC experience. The Sub-Advisor is wholly owned by Sudhir and TCM. The Investment Advisor is wholly owned by affiliates of Sudhir and TCM.


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Project Contact: Gulshan Raj Ramgoolam
Manager, International Financial Services Limited
Contact No.: +230 467 3000 | Direct No: +230 464 1352 | Fax No: +230 467 4000
Email Address: gulshan@ifsmauritius.com
Office Address: IFS Court, Bank Street, TwentyEight Cybercity, Ebène 72201, Republic of Mauritius
Website: http://www.ifsmauritius.com

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/

How it works

How it works