Stellaris Venture Partners India I (IFC-39605)

Regions
  • South Asia
Where the impacts of the investment may be experienced.
Countries
  • India
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
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jun 19, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
STELLARIS VENTURE PARTNERS
The holder of the loan, grant, or other investment.
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, etc.
Investment Amount (USD)
$ 10.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 10.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 3, 2018

Disclosed by Bank May 9, 2017


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Project Description

According to IFC website, the project is for an equity investment of $10 million in Stellaris Venture Partners India I, a self-managed closed-end fund domiciled in India with a target size of $100 million. The Fund had its first close in Jan 2017 and an expected next close in June 2017. The Fund seeks to focus primarily on Series A and pre-Series A investments in technology and technology-enabled companies in India, and currently has two investments in its portfolio - Whatfix and Wydr. The project has the following development impact: 

 

1. Global expansion of local businesses: In the current fund, IFC will be supporting 18-20 innovative Indian companies to grow and gain access to international capital markets.

 

2. Supporting innovation and technology: Stellaris invests in early and growth stage technology firms, supporting and empowering entrepreneurs and innovation.

 

3. Job creation and economic growth: According to IFC's experience, venture capital funds such as Stellaris contribute meaningfully to job creation and economic growth.

 

4. Financial inclusion and access to capital: Access to long term equity capital is difficult for asset light businesses such as technology firms, and IFC commitment would provide necessary risk capital for such businesses.

 

5. Governance, operational and E&S improvements: IFC will guide the fund manager and ensure that local businesses implement best practices in various fields.

Investment Description
  • International Finance Corporation (IFC)
Private Actors

The Fund is a self-managed closed-end fund and has appointed Stellaris Advisors LLP., as its investment advisor. Stellaris was established in March 2016 by Alok Goyal, Ritesh Banglani, and Rahul Chowdhri. All three general partners were previously partners at Helion Ventures.

Contact Information

Project Contact: Alok Goyal
General Partner, Stellaris 
Contact No.: +91-9971555922
Email Address: alok@stellarisvp.com
Office Address: Inhwa Business Center, Iris Tech Park, Sohna Road, Sector 48, Gurgaon
Website: http://stellarisvp.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/