• India
Where the impacts of the investment may be experienced.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Bank Risk Rating
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
Oct 19, 2020
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.
Gajam India Pvt Ltd
The holder of the loan, grant, or other investment.
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 1.41 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported EUR 1.20 MLN
Converted using 2020-10-19 exchange rate.
Primary Source

Original disclosure @ FMO website

Updated in EWS Dec 15, 2020

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Project Description

According to the bank's website, "The proposed debt funding to Gajam India's holding Gajam Group will be converted into a guarantee to back a working capital facility for Gajam India that will be used to purchase and sell primarily solar energy and energy efficient cookstoves."

Investment Description
  • Netherlands Development Finance Company (FMO)
Private Actors
  • Gajam India Pvt Ltd (Client)

Gajam India Pvt Ltd operating under the brand name Dharma Life ("DL") is an India based social impact enterprise targeting the BoP through an entrepreneurship model and by selling products, a.o., solar lamps and induction cooking stoves to rural households. DL has set up a network of 16,000+ rural entrepreneurs (so called "Dharma Life Entrepreneurs"), of which 75% are women, reaching approx. 40,000+ rural villages in 13 states across India.

Contact Information


As part of FMO's ex-ante disclosure (disclosure of transactions before contracting), you can send requests or questions for additional information to:


Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW). A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: