Stellaris Venture Partners India I (IFC-39605)

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
Jun 19, 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
STELLARIS VENTURE PARTNERS
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)
$ 10.00 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.
Project Cost (USD)
$ 10.00 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 Aug 3, 2018

Disclosed by Bank May 9, 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 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
Here you can find a list of individual development financial institutions that finance the project.
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.

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
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: 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/

How it works

How it works