F ORGING A STRONGER R PROCEEDINGS REPORT...

F O R G I N G A S T R O N G E R L P - G P E N G A G E M E N T

Investment & TechnologyPromotion Division

Ministry of External Affairs

R T PROCEEDINGS REPORT

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Prabhav 2016 the inaugural impact investor’s conference in India

organized by the Impact Investors Council (IIC) in partnership with

Investment and Technology Promotion Division (ITP) of the Ministry

of the External Affairs (MEA), featured over 180 Limited Partners

(LPs) and General Partners (GPs) from around the world.

Prabhav 2016 which spanned over a course of 3 days had three parts,

starting with all-day field trips (across 3 locations) on 15 November and

1.5 day conference in Westin, Gurgaon on 16th and 17th of November.

The third part was the multilateral discussions led by Germany-Japan-

US –UK to build global standards and transnational highways for

impact investing on 17th evening.

It was a matchmaking event for Indian GPs in the impact investing

space and global and local LPs who want to invest in this sector.

The first inaugural edition is therefore titled, “Forging a stronger

LP-GP relationship”.

P R O C E E D I N G S R E P O R T

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Affordable Education

Affordable Healthcare

Clean Energy Access

Water Climate Change Infrastructure

Rural Infrastructure

DisabilitiesFinancial Inclusion

Sanitation & Waste Management

Skill Development & Livelihoods

Affordable Housing

Agriculture & Agribusiness

Impact Investors Council (IIC) is the national industry association of all Social Impact Investors in India. Impact Investors are financial investors who invest in social enterprises to deliver social (and environmental) impact to the underserved in sectors such as Agriculture, Financial Inclusion, Affordable Education & Healthcare, Water & Sanitation, Clean Energy, Livelihoods, etc. Impact Investors use the power of financial markets and social entrepreneurship to deliver such impact. A nonprofit, IIC members have led the impact

SOCIAL ENTERPRISE SECTORS

investing eco-system development since 2001. Today, India has $4.0 billion of cumulative impact investments across 350 social enterprises touching over an estimated 40 million beneficiaries, which we expect will grow to $6.5 billion by 2020 with annual investments of $1 billion. We have had close to 50 partial and full exits, with 15% returns. In the last 6 months, we have seen three successful IPOs (Narayan Health, Ujjivan and Equitas). Clearly, we are market leaders in the world and Impact Investment promises to be India’s next IT sector.

India- Members India- Non Members USA UK

Japan Sri Lanka Belgium Australia

Netherlands Mayamnmar Singapore/SEAsia Germany

France Switzerland

Domestic:International::70:30 LP:GP:SE/ES::28:56:17


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4 1 212

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Speakers & Delegates (100%=183)

Who’s in the room? SpeakerS & DelegateS

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november

15The event started on 15th November 2016 with grass root immersive field trips across 3 locations in the country i.e. Delhi, Mumbai and Bengaluru to showcase successful social business models in India and our track record of impact investing. The field trip comprised of grass-root experience of social innovations at work, conversation with the entrepreneurs, meeting with the beneficiaries and observing the social impact work.

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The North India tour for Prabhav 2016 was led by IIC member Asha Impact. Asha Impact’s team comprising Kartik Desai (Principal), Alpana Srivastava (Associate), and TT Venkat (Associate), along with Sourabh Anand of IDFC, designed and coordinated the day-long tour which showcased three successful social enterprises across the sectors of housing finance, agriculture and education.

The tour assembled at 9am at the Westin Gurgaon and comprised eleven limited partners. As the bus took off for Jahangirpuri, Kartik described the itinerary for the day and introduced the senior management team of SEWA GrihRin (SGR)

SeWa grihrin (Sgr)

SEWA GrihRin is a housing finance company that provides housing loans for informal sector clients in low-income urban areas. Shruti Gonsalves, the CEO of SGR, provided a detailed overview of the company’s history and business model. After arriving at Jahangirpuri at 10:30am, the LPs got the opportunity to see SGR’s operations and meet several of the clients living in the low-income area. The group had a great experience speaking with the borrowers and understanding the underwriting

process along with the impact of the loans in improving the standard of living.

Skymet

At 12 noon, the group left for Najafgarh to see the operations of Skymet, India’s largest weather monitoring and agriculture risk solutions company. Skymet provides services such as weather forecasting, crop monitoring, agriculture risk assessment and crop insurance solutions by leveraging its network of 4,000 Automatic Weather Stations (AWS) across India. NalinRawal, Head of Agribusiness, joined the group at Jahangirpuri and introduced Skymet. The group arrived at the agricultural village of Dhansa in

north India tour prabHav 2016

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West India tour prabHav 2016

Najafgarh at 1:45 pm. Skymet’s team demonstrated the weather measurement unit and the data collection process, and showed how this data is used for creating innovative agri-financing products.

avanti learning

The last stop of the day was West Delhi where the group was supposed to engage with the students of Avanti Learning, an affordable after-school science and math test-preparation classes provider for high school students. Avanti’s CEO, AkshaySaxena, joined the bus at Dhansa and described Avanti’s business model. Meanwhile, the Asha Impact team got busy in figuring out how to best beat the traffic and reach the hotel back on time. Owing to the traffic delays, Alpana requested Akshay to take the group to another Avanti center in Gurgaon. The tour bus was diverted to the Jacobpura Government School Centre in Gurgaon.

Arriving at 5:30 pm, the group attended a math class taught by Akshay and attempted to solve probability questions meant for Indian engineering test preparation exams. The impact of the peer-learning methodology of Avanti was amply evident when the group members could crack hard math problems after discussions with the students in the class. The group left off for the hotel at 6:45 pm. Alpana and Saurabh thanked everyone for attending the tour.

The West India tour for Prabhav 2016 was led by IIC member Caspian Impact Investment Advisor. Ravi Narsimham, Director Investments, Caspian along with Ranjna Khanna, Deputy Head, IIC designed and coordinated the day-long tour which showcased four successful social enterprises across the sectors of housing finance, agriculture, Micro Finance and Clean Energy Accesss. The Tour started at 8:00 am from Sofitel Hotel, BKC. The delegation comprised of investors from organizations like FMO, Kois Investments, Omidyar Network, Sonanz, BNP Paribas, Yes Institute from Yes Bank, TIAA Cref, CDC and Economic Times. The social enterprises covered in the Mumbai Trip were :

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neogrowth Credit

NeoGrowth Credit Pvt. Ltd. operates as a non-banking financial company in India. It offers business financing to small and medium sized retailers that sell apparel, consumer durables and electronic items, footwear and accessories, handicrafts, gifts, food and grocery items, and optical goods, as well as to restaurants, beauty salons, hotels, gymnasiums, and health diagnostic centers. NeoGrowth Credit Pvt. Ltd. was incorporated in 2005 and is based in Mumbai, India.The company has been promoted by Dhruv Khaitan (DK) & Piyush Khaitan (PK) and is backed by Omidyar Network, Aspada Investment Company, Khosla Impact and Accion Frontier Inclusion Fund (AFIF), Mauritius.

greenway

Greenway is an Ashden Award winning start-up enterprise that innovates products for developing world consumers. Founded in 2011 with the mission to make available a clean biomass burning stove, the company today is the largest seller of biomass stoves in India with over 450,000 stoves sold, impacting nearly 2 million individuals. Greenway undertakes end-to-end services – from design to manufacture to distribution to after sales service.

micro Housing Finance Corporation limited

Micro Housing Finance Corporation Limited (MHFC) was founded with the sole objective of helping urban India’s financially excluded, lower income families own an independent home. Since starting operations in 2009, MHFC has sanctioned over 12,000 housing loans (amounting to approximately USD 76Mn) to financially excluded families buying homes in affordable housing projects. One of the issues stalling the development of low income housing is the lack of finance available to lower income households (especially those without documentation to prove incomes) to buy such homes. MHFC was set up to specifically address this gap. MHFC currently operates in

InI Farms

InI Farms is an integrated fresh fruit company focused on improving value chain of pomegranate, banana and pineapple. InI Farms controls and directs the operations in chosen products from farming to consumption. This includes doing large scale farm-level operations, managing and controlling the process right through-out the supply chain and supplying the fruit across the world to large importers and retailers. InI has established long term & trust-based business partnership with the farmers, buyers in national and international market and other stake holders. InI Farms products are sold under the brand name Kimaye in export and domestic markets. It has been in Pomegranate and Banana business since 2009 and having best-in- class certifications including ISO 22000, HACCP, Global Gap and Sedex.

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Bengaluru Field Tour began with little hustle bustle early morning around 7:45 am. The itenary began with small introduction by Omnivore Partners to all delegates with each other and with Prabhav Outline.

South India tour prabHav 2016

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Drishti eye Care Hospital

The first Visit began with an hour travel to Drishti Eye Care Hospital and further eye camp activities. Drishti is a social impact enterprise that provides affordable eye care in under-served markets. Drishti is currently setting up hospitals and vision centers in markets that have limited or no provision for eye care. This was very overwhelming being our first visit with intricate details for under privileged being served affordable eye care.

Y Cook

We further moved to a detailed three hour visit to Y Cook and its 4 factories right from the harvesting to fields to proper finished solutions. Unique and differentiated Processing food is what defines y-Cook. They see pre-cooked foods as a key constituent to meet the needs of 21st century families worldwide. They seek opportunities to build on and extend in this perspective. Innovation at Y-cook is centred on one belief: enabling people get more out of life. They refresh and review offerings to ensure that they are ‘on trend’ and bring the best of technology and farm practices to cater to 21st century families.

Heading through such interesting visit amid the fresh corn tasted, we had boxed meals prepared deliciously over our journey to our next visit.

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vindhya e-Infomedia

Our Next Stop was informative, unique and splendid. All the foreign nationals were intriqued by the diversity of this meticulously planned venture namely Vindhya E-Infomedia, a BPO started in the year 2006 with the vision of bringing Business and Philanthropy together employs close to 1400 employees with many of its production staff comprising physically challenged, hearing impaired, socially disadvantaged women and border cases of Autistic. A unique “For Profit” Organization serving diverse verticals in the voice and non voice business process segments has won several accolades and recognition including Shell – Helen Keller Award, NDTV Business Leadership award. This visit was truly a memorable experience, a cherished one. Nobody felt leaving this place for the warmth of the generous people we met.

labournet

Our Fourth Visit had to be wrapped over the FireSide Chat. This was Labournet, which was started in the year 2006 as an initiative of Movement for Alternatives for Youth Awareness (MAYA), a non-governmental organization based in Bengaluru. It began largely as an effort to provide a one-stop platform for unorganised sector workers to obtain services which are currently available and accessible by formal sector workers. It provides financial inclusion, social protection and welfare services to unorganised workers, builds capacities of workers and markets their services to customers. LabourNet focuses on improving workers lives through seven strategies: LabourNet is supported by National Skill Development Corporation of India, besides other funding and knowledge partners. LabourNet is the Certified partner of NSDC.

Truly a remarkable day which had refreshing breaks over salads,muffins, lemonade, apart from different planned snacks and meals.

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With an immersive grass root tour to some of the selected Social Enterprises through the day, the first day of the conference ended with an even more exciting event – a fireside chat featuring a philanthropist (s) each across all three locations. The Session was designed as an informal chat

between the interviewer and interviewee with themes around Philanthropy vs Impact Investing and motivations, etc. for the wealthy to decide- how they pick causes, whose advice they hear, how do they follow-up, what is their definition of success, etc.

FEATURED SPEAKERS

IntervIeWer - Vikram Gandhi

IntervIeWeeS - Ms. Shanu, H P Hinduja and Mr. Arun Maira

neW DelHI

Fireside Chats neW DelHI | mUmbaI | bengalUrU

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FEATURED SPEAKERS

IntervIeWer - Roopa kudva

IntervIeWee - Rakesh Jhunjhunwala

mUmbaI

FEATURED SPEAKERS

IntervIeWer - Anuja Masterbose

IntervIeWee - Rohini Nilekani

bengalUrU

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16th November started off with a pre-conference session from Mckinsey and Company in which Vivek Pandit (Senior Partner at McKinsey and Company Co.) and his Team comprising Toshan Tamhance,

Saipriya Sarangan, Farah Sarfaraz, Anshul Mehndiratta and Himanshu Satija shared some insightful findings on the industry. Mckinsey & company has initiated a pro-bono study on the sector and are expected to publish a report in a month’s time focused on the Study of Impact Investing in India; its growth drivers, current potential, growth rate and key challenges the industry will need to address in order to further unlock its potential. The key takeaways of the session are

• Impact investing in India has the potential to grow from $1 billion in 2015 to $ 6-8 billion by 2025.

• With over 50 active impact investors and a cumulative investment of $4.1 billion since 2010 in more than 350 enterprises, India has emerged as one of the largest impact investment destinations in the world.

• Impact investments in India are focused on the areas of clean-tech, financial inclusion, agriculture, healthcare and education.

• Conventional private equity and venture capitalists have contributed over 44 percent of the impact investment capital in India, with the rest coming from specialised impact investors.

• Impact investors have played a vital role in seeding early-stage enterprises, who account for over 60-70 percent of capital in smaller investments with deal sizes less than $5 million.

• Based on the study of nearly 50 exit deals, the

median internal rate of return was found to be 10 percent, and it can only get better over time given the projected growth rate of over 20 percent of underlying social sectors and a steady GDP growth of 6-7 percent.

Five key challenges for impact investment industry:

1 Unproven dual performance

2 Limited domestic capital (only 10-15%)

3 Untapped market marking (1 SIB in India vs 60+ SIB Globally)

4 Governance gaps {high variance in governance practices across impact funds than conventional PE/VC (Private Equity/Venture Capital)}

5 Low access to affordable debt (over 40% SMEs rely on informal sources of debt)

Its Growth drivers:

1 Exploding social entrepreneurship in India.

2 A perfect blend of rich talent, mature capital market, stable regulations and proof of microfinance success (23-25%).

3 More than 280 million of India’s population is below poverty line.

4 A global growth rate of 24%

Assuming a growth of 20-24% based on global rates and strong growth of underlying sectors, India’s impact investing sector could absorb $6-8 billion of capital annually by 2025, provided some critical barriers are addressed by the industry and the government.

pre Conference SessionmCkInSeY FInDIngS on ImpaCt InveStIng StUDY InDIa

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TOPIC: InDIA An ImPACT nATIOn?

keY note SpeakerS

Sandeep Farias, Chairman of IIC & Founder of Elevar Equity (Moderator)

Dr. rajiv lall– Founder, MD & CEO of IDFC Bank

roopa kudva– Partner and MD of Omidyar, India

mr. ajay kumar kapur– Deputy CMD of SIDBI

mr akash gupta – Under Secretary, ITP, MEA

The Session started with an opening video address from Mr. N R Narayan murthy. Mr. Murthy congratulated the IIC team for organizing Prabhav 2016 and emphasized on the need for impact for impact investing in India

The moderator of this session, Mr. Sandeep Farias initiated the session with Capital market giving its long

term perspective and difficulty in navigating through capital market due to the public-private partnerships. The session captured the following pointers:

India has over five decade’s history in Impact Investing, much before the word was coined. Dr. Kurien’s Amul (1945), Ela Bhatt’s SEWA Bank (1972), Dr. V’s Aravind Eye Care (1976), John Bisell’s Fab India (1960) are all early examples which show that India was the original home of modern social enterprises. With world’s most scaled social enterprises- 3 listed companies in Financial Inclusion (ujjivan, Equitas, SKS), a listed hospital chain in affordable health care (Narayan Health), few listed companies in agriculture, irrigation and water, etc., India is well on its way on becoming an Impact Nation. Across all our Priority Sectors, the profit with purpose businesses are using markets to solve

opening video address by n r narayan murthy

Welcome address by mr. amit bhatia, CEO, Impact Investors Council

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While the impact investing industry is in an early stage of development, it is poised for growth. One of the chief barriers to industry advancement remains a paucity of robust research on impact performance. Credible data on risk and return can help both existing and future impact investors better identify strategies that best suit their desired social, environmental, and financial criteria. GIIN has recently printed its financial benchmarks with Cambridge. The report observed: “Over the full period analyzed, the benchmark has returned 6.9% to investors versus 8.1% for the comparative universe, but much of the performance in more recent years remains unrealized. Impact investment funds that raised under $100 million returned a net IRR of 9.5% to investors. These funds handily outperformed similar-sized funds in the comparative

problems of access and choice for the poor. So what defines an Impact Nation? What should India aim for in the space? What long term role can Impact Investing play for India’s development? Do the following ingredients offer Impact Investing to be India’s next IT/ITES sector?

• Big Underserved Market

• Affordable Product/Service Business Models

universe (4.5%), impact investment funds over $100 million (6.2%), and funds over $100 million in the comparative universe (8.3%). Emerging markets impact investment funds have returned 9.1% to investors versus 4.8% for developed markets impact investment funds. Those focused on Africa have performed particularly well, returning

• Inspired Social Entrepreneurs

• Access to Impact Capital

• Favourable Regulatory Environment

• Vibrant Social Entrepreneurial Eco-System

• High Impact Per Dollar

Key Note Speakers for the session helped the audience see the shape of things to come.

breakoUt rotatIon 1

Some ideas shared during the discussion

TOPIC 1A: SOCIAL ImPACT RETURnS- CAn wE bEnChmARK?

moDerator: John Simpkins– General Counsel, USAID (USA)

leaD DISCUSSantS

mona kachhwaha– Director Investments, Caspian Impact Investment Advisor, (India)

arun gore– President and CEO, Gray Ghost Ventures

Clara barby– Partner, Bridges Ventures (UK/Myanmar)

andreas nilsson– Founder Sonanz (Germany)

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9.7%.” IIC worked with McKinsey recently and found that across 48 partial and full exits, Indian investments returned 11% net IRR (in uSD) and found it comparable to VC/PE returns. So can we declare that Impact Investing is mainstream? Will

it be a service or dis-service? Is it the right time for establishing benchmarks for the industry or should be wait for some more years? Is the data available enough for setting up the benchmarks? Is it representative of the entire gamut of investments?

In 2006, the tradtional world of philanthropy was fully disrupted and two variants took wing. In 2006, Bill Gates and Warren Buffet disrupted this random-cause, philanthropic giving with business-like focus, which gave wings to the idea of “venture philanthropy”. Also in 2006, Muhammad Yunus was awarded the Nobel Prize, jointly with Grameen Bank for his social entrepreneurial approach to fighting poverty, and gave birth to the micro-finance and the financial inclusion revolution. As other social entrepreneurs replicated his for-profit social business model, supported by a breed

of patient capital, that felt profit and purpose could coexist, “Impact Investing” took deeper root. Both Venture Philanthropy and Impact Investing have business like focus with the only distinction that Impact Investing funds for-profit businesses which will provide exit to investors and capital gains/ dividend incomes. Or is it? How will these two evolve? Which problems are best addressed by each? Do they compete or complement each other? Think of Blended Finance- don’t both play a role? Large Foundations pride on having twin cheque books- to do either. So, where’s the line?


TOPIC 1b: VEnTURE PhILAnThROPy VS ImPACT InVESTInG- whERE’S ThE LInE

moDerator: Nishith Desai Founder, Nishith Desai & Associates

leaD DISCUSSantS

naina Subberwal batra– CEO, AVPN (Singapore)

Jasjit mangat– Global Partner, LGT Impact Ventures, (India)

moutushi Sengupta– Director, India at MacArthur Foundation

Carolin leesha– Social Impact Strategist, The Fred Hollows Foundation (Australia)

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Is there an optimum size for the impact funds in relation to cost and return expectations? Is bigger always better because it leads to diversification and investments therefore can be split in different industries and different stages of growth, Or is small beautiful. Defining impact investing as a separate asset class is most likely to lead to the growth of assets, as observed in the cases of hedge funds, private equity and commodities. It is a nascent industry and the fund sizes are small as compared to the traditional investing. But when it comes to active investment management, there is a strong

case for small rather than big as the performance of some of the large funds trails in the slow lane.


TOPIC 1D: EARLy VERSUS LATE STAGE: whERE IS ThE mOnEy?

TOPIC 1C: ImPACT FUnD SIzE- IS SmALL bEAUTIFUL?

moDerator: Will Poole– Managing Partner at Capria & Unitus Seed Fund (USA)

moDerator: Sandeep Farias– Chairman- IIC & Founder- Elevar Equity (India)

leaD DISCUSSantS

Siddharth nautiyal– Investment Partner, Omidyar (India)

arvind malhan– Partner, NSR Advisors (India)

Sahil kini– Principal, Aspada Investments (India)

arun natarajan– Founder,Venture Intelligence (India)

leaD DISCUSSantS

ritu verma– Founding Partner, Ankur Capital (India)

kate Cochran– CEO at Upaya Social Ventures (USA/India)

Sara taylor– Director, Impact Fund, CDC Group plc (UK)

kartik Desai– Principal, Asha Impact

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IIC-McKinsey study found that 70% of the deals in the last 6 years were $5 million or less but only accounted for 10% of the >$4 billion investments analysed. While the research did not determine that all small deals are early stages and all big deals are growth/late stage, there is a correlation there. Therefore, the answer to this question, “Where is the money?” seems a forgone conclusion. For example, Ujjivan, Equitas and Narayan Health raised >$500 million in pre-IPO rounds, more than the sector put together. But the returns tell a different story. In India, the highest IRR (16%) accrued to investments in $1-5 million in size, followed by 12% IRR for investments in $0.1-1 million in size, followed by 8% IRR for investments greater than $5 million in size and the lowest 2% IRR for investments less than $0.1 million in size. Even GIIN study found that Funds less than $100 million in size outperformed the large funds.

So isn’t this paradoxical? To build a deeper and wider Impact Investing sector, we need more early-stage risk capital which is also delivering IRR, but the big $s are all chasing big deployment, mostly in later stages. How will Impact Investing evolve? Will we replicate the VC story? Will we charter our own path? Will all impact investments, in late stages, be mainstreamed? Or will we have our own dedicated PE funds? Where’s the money?

TOPIC 2A: RESPOnSIbLE ExITS & FUnD STRUCTURE- CAn ThEy CO-ExIST


leaD DISCUSSantS

anurag agrawal– Partner, Aavishkaar (India)

abhijit ray– Cofounder and Managing Director of Unitus Capital (India)

Shashank awasthi– Advisor, Grey Ghost Ventures (India)

Jyotsna krishnan– Managing Director, Elevar Equity (India)

breakoUt rotatIon 2

As impact investing attracts interest from a growing array of active and potential investors, it’s a good time to ask what happens at the time of exiting an impact transaction – not just what happens at entry. If impact investors decide to deploy their capital with the intention of generating positive development, social, environmental outcomes



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alongside financial returns, how do they ensure they are meeting these objectives on the way out? And are they being responsible at the time of exiting when they are? Is a 8+2 years fund structure appropriate for the more patient, Impact Investing.

TOPIC 2b: SOCIAL ImPACT ECOSySTEm CREATIOn- CAn InDIA LEAD?

moDerator: Anil Sinha– Global Liaison, GIIN (South Asia)

leaD DISCUSSantS

Harjiv Singh- CEO Gutternberg (USA/India)

lm Singh- Head Impact Investments and Urban Health USAID, IPE Global (India)

ragini Choudhary- Private Sector Development Advisor- DFID (India)

Sachin rajan- Russell Reynolds (India)

Some ideas shared during the discussionIndia is seen as a leading hub for impact investing with a well-developed ecosystem of enterprises across all the critical needs sectors, diverse set of investors, enablers such as incubators and accelerators, and forums and convening platforms. We even have dedicated research companies, investment banks, headhunters, etc. for the sector. Yet we are just evolving. What will a mature ecosystem look like? Can India lead? India still does not have recognition for Social Enterprises or Impact Investors. Won’t a classification and recognition help? How should India

engage with its four key stakeholder groups in India’s impact investing ecosystem – the enterprises, impact investors, ecosystem enablers and the Government?

TOPIC 2C: SOCIAL ImPACT DEbT- CAn IT TAKE OFF?

moDerator: Anand Chandani– Regional Director Asia Pacific- responsAbility (India)

leaD DISCUSSantS

avishek gupta– Head of debt business- Caspian Impact Investment Advisor (India)

Hugues thierry– Head of Business Development- BNP Paribas (India)

manoj nambiar– MD, Aarohan / Intellegrow (India)

rahul khanna– Co-Founder and Managing Partner, Trifecta Capital (India)

If half of the deplyment is happening mid-way through a Fund’s life, what does that mean for the pressure to exit? The IPOs are few and far between. Most exits are secondary or strategic sales. Can Responsible Exits and Fund Structure co-exist?

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Fixed income (FI) is a cornerstone of traditionally balanced investment portfolios, offering stable income, varying liquidity, and a relatively low risk profile. Given the prevalence and diversity of FI investment opportunities, families who wish to create or expand an impact investment portfolio may find FI to be a good place to start.”says The Impact in a Primer for Family Offices. But in India, over two-thirds or perhaps more of Impact Capital is Equity. Almost three-fourth of IIC member base focus or prioritize Equity. In a rip-off from the Venture Capital world, perhaps Equity has been placed on a pedestal. To others, there is risk and Venture Equity is best positioned to leverage it.

But what about Enterprise Leverage? At what stage, in what sectors, for which needs should Debt have a role? Why has Social Impact Debt in India not taken off? Is it regulatory issues? This session will debate the role and evolution of Debt as Impact Capital.

TOPIC 2D: ImPACT EnTRy & ExIT VALUATIOnS: COnSERVATIVE OR AGGRESSIVE?


leaD DISCUSSantS

Saurabh narain– President and CEO, National Community Investment Fund (USA)

anuradha ramachandran– Investment Director at Omidyar Network (India)

krishnan neelakantan– Director, Ankur (India)

Yashiki Hashimoto– Investment Committee Aavishkaar (Japan)

Beauty is in the eye of the beholder. Venture Capitalists love this statement. In one sentence, it justifies every valuation- high or low. Only Literature can answer complex Financial issues with disarming ease. According to McKinsey, in 48 exits in India, Impact Investors made 11% IRR in uSD terms, comparable to VC returns. Clearly, Impact Investing has imported the VC model and mindset, from raising and deploying capital to its incentives (2 and 20)! Do similar returns mean similar relative valuations too? Should Impact Investing also have its pulse determined in the Silicon Valley? So how is supply of Impact Capital and Social Enterprise Deal Flow determining Impact Valuations? If Narayan Health, ujjivan and Equitas get oversubscribed

14X to 40X, what does it mean for upstream pricing? If Impact Investing’s frontier sectors are FinTech, HealthTech, CleanTech and EdTech, is our vocabulary getting plagiarised too? So where are we on the cycle of valuations- Conservative or Aggressive? Will we have our own barometer and benchmarks- ever?



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TOPIC: ThE LP DILEmmA: TO ALLOCATE OR nOT TO ALLOCATE

keY note SpeakerS

vineet rai– Founder, CEO- Aavishkaar& Founder Chairman- Intellecap & Intellegrow (Moderator)

marilou van golstein brouwers– Chair of the Management Board of Triodos Investment Management (Netherlands)

Claudia Schmerler– Head of Division, KFW (Germany)

kiran karnik– Director, RBI & arun maira, management consultant and former member of Planning Commission of India launch Aavishkaar Impact Report, 2016

To solve problems on a global scale, we need global capital pools to respond. This means that, alongside the pioneering investors already allocating for impact, we need impact investment to find its formal place within institutional portfolios. This will happen when Chief Investment Officers and Investment Managers recognize that a diversified and thoughtful allocation to impact investments can fit with their fiduciary responsibilities, and when governments use well-designed policies to encourage and support such allocations.

The old paradigm of ‘two pockets’ (making money with regard only to financial return and giving it away with regard only to impact) is rapidly breaking down. The current generation want investments that marry profit with purpose and traditional foundations worldwide are beginning to consider ways that their endowment can further their mission. Impact investment is the strategy of choice for those seeking to align their wealth with their specific social and/or environmental

objectives. There may also be purely financial reasons to allocate to impact investment. As impact investment becomes mainstream, and track records develop, we can envisage impact investments across asset classes. Given the emergent return and correlation profile of some of these categories of impact investment (for example, Social Impact Bonds and Development Impact Bonds, which will likely sit within absolute return), we see a growing strategic asset allocation logic, based on the potential diversification benefits of including impact investment within a broader portfolio. Impact investments’ focus on identifying solutions to (often large) unmet societal challenges means that, as an investment strategy, impact investment naturally lends itself to identifying areas of new and rapid growth in otherwise mature markets.

Post the discussion, Aavishkar launched its Impact Report or 2016. kiran karnik- Director, RBI arun maira, management consultant and former member of Planning Commission of India together with Vineet Rai, launched the report.

the key messages exchanged in the discussion were

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TOPIC: An ASSET CLASS OR InVESTInG APPROACh?

keY note SpeakerS

vishal mehta– Co-founder & MD, Lok Capital (Moderator)

Jaap reinking– Director for Private Equity, FMO (Netherlands)

brooks preston– Head of Investment funds of OPIC’s Investment Funds Department (USA)

phillipe Serres– Private Equity Investment Officer, Proparco

Impact investments have begun to carve out a niche within the investment portfolios of a wide range of investor types, but does that make them an asset class? Some believe it does. Defining impact investing as an asset class within the alternative investments space is most likely to lead to the growth of assets, as observed in the cases of hedge funds, private equity and commodities. We can argue that it comes with a unique set of risk-return trade-offs. Given the moral burden (or is it?) to do market development, many argue that

with different return expectations of investors, Impact Investing offers a range of asset classes, to asset owners and LPs. Consider Development Impact Bonds- they are neither Equity nor Debt! Yet others argue that born from Venture Capital, with 2% fee and 20% carry, Impact Investing is just another Investing Approach with a unique thesis that throws Social or Environment in the mix-just like ESG thesis. These pundits argue that the underlying assets, often (and mostly) start-up equity, with a VC-styled risk-return framework, cannot

the key Discussion points

plenarY 3

IIC SHoW Stoppernovember

17 Hon’ble Minister of State-Civil Aviation, Shri Jayant Sinha in conversation with Jasjit Mangat

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P R A B H A V 2 0 1 6

Impact investors mainly raise funds from foreign investors (DFIs, foundations, HNIs, pension funds, and commercial investors) and domestic sources of funds are negligible. We estimate that almost 80-90% funding is from overseas LPs. Only a few impact funds have attracted domestic capital.

be classified as “unique assets”. If so, perhaps with more Return evidence, Impact Investing will cannibalize VC dollars with great ease!

This session will additionally focus on the unique set of investment/risk management skills required to succeed in the space. Just as impact investments

Some ideas discussed in the session

TOPIC 3A: DOmESTIC LP bASE- IS IT POSSIbLE?


leaD DISCUSSantS

nishith Desai– Founder, Nishith Desai & Associates (India)

Jinesh Shah– Founder Partner, Omnivore Partners (India)

Srikrishna ramamoorthy– Partner at Unitus Seed Fund India (India)

royston braganza– CEO Grameen Capital (India)

breakoUt rotatIon 3

With most domestic investors clearly thinking in binary terms- of welath maximization and philanthropy- the idea of Impact Investing is yet to take roots? What willit take to catalyse domestic LPs? Is a 100% domestic LP base even possible.

combine financial and social aims, the impact investor must be skilled in both investment management and the management of socially/ environmentally-driven endeavours. So should LPs and GPs prepare and equip themselves different to succeed at Impact Investing? And this session will put to rest this debate once and for all!

23


TOPIC 3b: CAn wE STAnDARDISE SOCIAL ImPACT mEASUREmEnT

moDerator: Ajit Mahadevan– Country Director, Acumen (India)

leaD DISCUSSantS

Diana Hollman– Advisor– Financial Systems Development, GIZ (Germany)

Saneesh Singh– Managing Director, Dia Vikas Capital (India)

Sapna Shah– Director, GIIN (USA)

rahil rangwala– Director, Family Economic Stability, MSDF (India)

When we talk in context of impact investing, the thought of measuring the impact comes to the mind immediately. A further challenge to the industry lies in quantifying the actual impact of the investments? If the industry wants to distinguish itself from the regular venture capital or private equity investments, the measurement of this impact is a key differentiator. Can we get beyond lives and households touched? Is impact measurable in monetary terms? How can we attach a monetary value to the impact created? Does this vary from industry to Industry?

Some ideas discussed in the session

TOPIC 3C: IS ThERE AnD whAT ShOULD bE ThE ROLE OF GOVERnmEnT In ImPACT InVESTInG?


leaD DISCUSSantS

arvind mathur– Chairman, Private Equity Pro Partners

mark kahn– Founding Partner –Omnivore Partners (India)

preeti Sinha– Senior President & Global Convener, Yes Institute (India)

nehal Sanghvi– Sr. Advisor for Innovation and Partnership at USAID (USA/India)

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P R A B H A V 2 0 1 6

Governments, through various welfare schemes Governments, through various welfare schemes and programs, have been the largest funders of social development projects across the globe. The potential of social enterprises can, therefore, be fully explored only with active participation of government in various capacities: as the facilitator, consumer, investor, regulator etc. It is important to examine the best practices from across the globe and discuss the different ways in which governments can support the development of impact investing industry. While in western hemisphere, Social Impact Bonds, have caught the imagination of Governments- not so in India. Our IT industry was

born and grew because there was no regulation. So is no Government involvement a boon or a bane? In a developing country like India, what should be the role of Government in Impact Investing?


TOPIC 3D: DEbT OR bLEnDED FInAnCE- UnIqUE nEEDS OR READInESS ISSUES?

moDerator: Vineet Sukumar– Senior Partner, IFMR Capital

leaD DISCUSSantS

peter nicholas– Director, Social Finance (UK)

bjoern Struewer– Founder & CEO, Roots of Impact, (Germany)

aparajita agrawal– Director India, British Asian Trust (UK/India)

Suhasini Singh– Head Agriculture Debt Investments, ResponsAbility (India)

Traditionally the domain of aid agencies, development finance institutions, and foundations, the landscape of development finance is changing rapidly. Public investors are increasingly engaging and investing alongside private investors to achieve their goals. And private investors believe Equity and the Venture Capital model are the panacea for solving all social problems. We know well that Cost of Equity is significantly higher than Cost of Debt and yet, that’s what the majority Impact Investors offer. What role should Debt and Blended Finance play in the Impact Investing revolution? Blended

Discussion points

finance refers to the deliberate use of public funds to attract private capital towards investments

25


delivering development impact in emerging and frontier markets. Guarantees and First Loss Capital have already been made important tools by several Aid Agencies and DFIs. Estimates suggest that public capital deployed through blended finance transactions can attract 1-10 time the initial amount in private investment. Naysayers argue that this demonstrates that Impact Investing is far from mainstreaming yet- it is not ready for the big game. They say venture capital plays the same role in

incubating new ventures and the risk pays off as three decades of evidence demonstrates. To them, Blended Finance is a case of old “philanthropy/social finance” in a new “impact investing” bottle. So what’s the truth? Is blended finance a crutch or is it a panacea? Is impact investing ready for the mainstream? Will we give Debt its real role or will Impact Investing become a surrogate for Venture Equity in Social Enterprises. This session contested the case for Debt and Blended Finance.

TOPIC: ImPACT InVESTInG VS PhILAnThROPy: DISRUPTIOn OR COnTInUITy?

keY note SpeakerS

Urmi Sengupta– Program Officer, Impact Investment, MacArthur Foundation (USA)

robert D. Dunn– Opportunity Intl. (Australia)

Debasish mitter– Country Director, Michael & Susan Dell Foundation (India)

paula goldman– Vice President, Global Lead for Impact Investing at Omidyar Network (USA)

Philanthropy has historically been identified with grant-making. until the term ‘impact investing’ was coined, the role of philanthropic actors in investing financial capital to support social purpose projects and organizations was neither highly visible nor discussed too often. With the growing engagement of a broad range of actors in the impact investment

space, each of whom brings a different viewpoint on the risk-return-impact continuum; this is an opportune time to focus on the role impact investment capital from philanthropic actors plays in this field. Does it complement or crowd out other actors? What types of capital needs is it focusing on? When does it work in concert with grant-making?

key messages shared in the discussion

plenarY 4

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P R A B H A V 2 0 1 6

TOPIC: mARKET RETURn VS mUTED RETURn: TO EACh hIS Own

keY note SpeakerS

geeta goel– Director Mission Investing, MSDF– (Moderator)

adam Wolfensohn– Co-Managing Partner, Encourage Capital (USA)

Samit ghosh– Founder & Managing Director, Ujjivan Financial Services (India)

graham macmillan– Senior Program Officer, Inclusive Economies, Ford Foundation (USA)

Impact investment has brought two very divergent worlds together – philanthropy and investing and is attempting to build a new equilibrium for the relationship between social impact and return on investment. Different investors have different expectations from the investments. A set of prominent voices in the sector argue that the pursuit of greater social impact often involves addressing segments and sectors with greater risk, due to multiple reasons (poor propensity to pay, no existing markets, no commercial scale, etc.) and hence, we should be happy to secure

muted returns- which is an evidence that a market has been created. This group believes that patient, impact capital has a distinct role to play in market development, in evangelising the services/solutions that help the underserved, and have a demonstration effect so that commercial capital can follow. The other set highlights the evidence, from GIIN and IIC, and say that pursuit of commercial returns alone will deliver highest efficiency in the social impact sector. They say if GIIN and IIC data shows that market returns are possible, an expectation of muted returns, distorts the market. This group is convinced that to mainstream social impact capital, investors should invest because the business will scale and be successful, because they will secure and exit, because the poor make good customers. Any expectation of impact investing out of guilt or morality or obligation, and therefore, expectation of muted returns, hinders its mainstreaming. Will we ever have an equilibrium return? Or will it be- to each his own?

key messages shared in the discussion

plenarY 5

When does it not? How can it be most useful to the impact investment market going forward? Reflections on these questions – and others – offer significant learning value as the sector balances the immense opportunity offered by the potential engagement of traditional capital markets with the need to understand what support is most optimal for social sector organizations to realize their full potential.

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plenarY 6

TOPIC: RETURn VS. ImPACT: A FALSE ChOICE- An InDIAn LP PERSPECTIVE

keY note SpeakerS

S. viswanatha prasad– Managing Director, Caspian (India) (Moderator)

Swaminathan aIyar– Editor, Economic Times (India)

gopal Srinivasan– Chairman, TVS Capital Funds Limited (India)

p. n vasudevan– Managing Director, Equitas Microfinance (India)

The session was moderated by Geeta Goel and her initial thoughts were that the impact investing industry has been having the same debate for the last 10 years, with no agreement. Why? Because we are asking the wrong question. Let’s ask a different question: If impact investing is not a singular asset class, why is it expected to have a singular risk-return profile?

Each of the panelists including Adam Wolfensohn

from Encourage Capital, Graham Macmillan from Ford Foundation and Samit Ghosh from Ujjivan Financial Services, agreed it was unfair to bucket impact investing in one asset class, when it truly spans across asset classes. And the promise of impact investing in India to drive sustainable social change, and ‘doing good while doing well’, continues to remain attractive.

It often feels like a choice: use investments to seek outsized market returns or to drive positive social impact. But impact investing has brought these two worlds together. The three recent Indian social enterprise IPOs (Narayan Health, Equitas and ujjivan) resoundingly prove the Impact Investing thesis that we can build scalable social businesses which can deliver financial returns along with social impact and attract mainstream capital. So we hope that the Hype vs Reality discussion can now be put to rest and leading LPs can hold GPs to similar high standards of finding and supporting world class

the key discussion points were

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P R A B H A V 2 0 1 6

TOPIC: CREATInG An ImPACT wORLD

keY note SpeakerS

vikram gandhi– Founder Asha Impact & VSG Capital Advisors (India)

matsumoto katsuo– Senior Advisor to DG –JICA (Japan)

Susanne Dorasil– Head- Economic Cooperation & Development, German Embassy (Germany)

meenakshi nath– Deputy Head, DFID India and Head, Private Sector Development (UK/India)

John Simpkins– General Counsel, USAID (USA)

Impact Investing is transitioning from its initial phase of proving the concept through deals to a more mature phase in which we will have to muster a social movement to build new systems. These include new regulations and policies, standardized measurements, uniform jargon, new approaches

to leadership, etc. Can we really make an Impact World? East and West, North and South could not be more different than when it gets to definitions of Equity and Social Impact? Can we ever have the same social evils and equity goals in developed, developing and LDC economies? And what about

key messages shared in the Session

plenarY 7

social entrepreneurs. There is sufficient data now to prove that impact and return are not mutually exclusive and these could be achieved at the same time. Think about the fact that Do Poor Make Good Customers? And you don’t have to look far- Micro Finance has 1% default rate but Commercial Banks in India have 8% Non-Performing Assets.

The former customers are often earning $2/day/ person/household while the latter are billionaires! Have we forgotten how 1 Rupee Shampoo Sachet revolutionized the rural markets for consumer goods in India?

But others disagree. They will claim Financial Inclusion is an exception, not a rule, given over 3 decades history and standardized products. They say, show this in Education, Healthcare, Water, Sanitation, etc.? Where is the scale? Where are the exits? If you go to regions with no markets, customers with no or little purchasing power- you cannot expect to make the same money? It goes against Adam Smith’s invisible hand. If there were returns, Entrepreneurs would have discovered these markets. They point to the 3, 5 or 10 listed companies, and say: “One swallow does not a summer make”.

29


Governments- can they ever endorse profiteering from the poor? Is this sector not built on failures of the Governments to provide social services. How can we expect them to celebrate this?

Three billion in our world need help. Private Sector can be such an able partner of Governments. Yet- it is hard. How can we have a unified vision of the Impact World?

Can India be a test ground to bridge the divide? On definitions? On standards? On measurement? How should India partner with the world? What role should India play at a multi-lateral level? Why is this not on G-20 Agenda? Have SDGs adequately embedded themselves in the Impact Investing universe? This session will paint a global vision for Impact Investing and India’s role in the world?

Closing address by mr. amit bhatia, Former CEO, Impact Investors Council

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P R A B H A V 2 0 1 6

annexure 1 lISt oF attenDeeS

Delegate name Organisation name Designation

Abhijit Ray Unitus Capital Private Limited Co-Founder and Managing Director

Adam Wolfensohn Encourage Capital Co-Managing Partner

Aditi Sawhney Michael & Susan Dell Foundation Program Officer, Mission Investing

Aditya Dev Sood Startup Tunnel Chief Mentor

Ajay Kumar Kapur SIDBI Deputy CMD

Ajay Maniar Aavishkaar Venture Management Services Pvt Ltd

Partner

Ajit Mahadevan Acumen India Country Director

Akash Gupta MEA Under Secreatry, ITP & ES

Akhilesh GUpta Reliance Life Insurance Co Ltd. VP Investment

Akshay Dua responsAbility Principal

Alpana Srivastava Asha Impact Associate

Amanda Feldman Bridges Ventures Director, Impact +

Anand Chandani responsAbility Investments AG

Regional Director-Asia Pacific

Andreas Nilsson Sonanz Social Investments Founder

Anil Sinha GIIN Advisor-South Asia

Anirudh Ramakuru Intellegrow AVP-FINANCE

Anjali Sablok DFID Programme Manager

Anshul Mehndiratta Mckinsey & Company, Inc. Business Analyst

Anuja Master Bose Aspire Circle Philanthropy strategy advisor

Anuradha Nadkarni Svakarma Capital Advisor

Anuradha Ramachandran Omidyar Network Director, Investments

Anurag Aggarwal Intellecap Director

Aparajita Agarwal British Asian Trust India director

Archana Srivatsan Bill and Melinda Gates Foundation Program Officer

Arun Gore GrayGhost Capital President & CEO

Arun Maira Former member of Planning Commission in India

Arun Natrajan Venture Intelligence CEO

Arvind Ahuja Standard Chartered Bank Director

Arvind Kodikal Triodos Investment Management Senior Investment Officer

Arvind Malhan New Silk Route Partner

Arvind Mathur IVCA Chairman, Private Equity Pro Partners

Ashish Garg LGT Ventures

Ashu Gulati Aspire Human Capital Management CFO

Avishek Gupta Caspian Impact Investment Advisors Head of Debt Fund

Bharat Rungta RBL Bank Limited Head, Corporate Finance

31


Binali Suhandani AVPN CEO, India

Bipul Dutta MEA

Bjoern Schuck Frankfurt School Financial Services GmbH Managing Director

Bjoern Struewer Roots of Impact Founder & CEO

Brooks Preston OPIC Head of Investment funds

Carolin Leesha The Fred Hollows Foundation Social Impact Strategist

Charles-Antoine Janssen Kois Invest Managing Partner

Chetan Shah BNP Paribas Senior Director

Clara Barby Bridges Ventures Partner

Claudia Schmerler KFW Head of Division, KFW

Debasish Mitter Michael & Susan Dell Foundation Country Director, India

Diana Hollmann GIZ GmbH Advisor – Financial Systems Development

Diane Isenberg Ceniarth, LLC Director

Ewelina Janus Hult Prize India National Director

Farah Sarfaraz Mckinsey & Company, Inc. Project Lead

Gagandeep Bakshi Intellecap Advisory Services Private Limited Director & Head Investment Banking Services

Gaurav Kapur YES Institute,Yes Bank Vice President, YES Institute, YES Bank

Geeta Goel Michael & Susan Dell Foundation Director, Mission Investing

Gopal Srinivasan IVCA Chair-IVCA and CMD, TVS Capital Funds

Govind Shivkumar LGT Ventures

Graham Macmillan Ford Foundation Senior Program Officer

Greg Neichin Ceniarth, LLC Director

Greg Pershall Omidyar Network Senior Director, Marketing & Communications

Harjiv Singh Guttenberg PR CEO

Himanshu Satija Mckinsey & Company, Inc. PE analyst

Hugues Thierry BNP Paribas Head of Business Development

Jaap Reinking FMO Director for Private Equity

Jasjit Mangat LGT Ventures Global Partner

Jayant Sinha Minister of State for Civil Aviation Minister of State

Jayaroopa Jeyabarathi Unitus Impact Fund Principal

Jinesh Shah Omnivore Partners Founding Partner

John Simpkins USAID General Counsel

Jorrit Dingemans FMO Private Equity Manager

Joseph J Iarocci Gray Matters Capital Senior Advisor and chairperson

Jutta Diemer SNE Invest GmbH Investment Advisor

Jyotsna Krishnan Elevar Equity Managing Director

Kalpana Iyer Svakarma Capital Advisor

Kartik Desai Asha Impact Principal Founder

Kate Kochran Upaya Social Ventures CEO

Katharina Kuehn GIZ India Advisor, Private Sector Development


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P R A B H A V 2 0 1 6

Katy Jones Social Finance Consultant

Kelsey King Omidyar Network Program Manager

Kiran Karnik Director in Central board of directors of Reserve Bank of India

Krishnan Neelakantan Ankur Capital Sr Director

Kunal Makkar DEG - The German Investment and Development Company

Country Director

Kunal Mehta RBL Bank Limited Head, Inclusive Finance Institutions

Lalith Welamedage Lanka Social Ventures Managing Director / CEO

Lauren B. Allen Omidyar Network Senior Manager, Impact Investing

LM Singh IPE Global CEO

Manoj Nambiar Arohan Managing Director

Marilou van Golstein Brouwers Triodos Investment Management Chair of the Management Board of Triodos IM

Mark Kahn Omnivore Partners Founding Partner

Martin Vogelsang Good Roots & EVPA, Frankfurt Managing Director

Matsumoto Katsuo JICA Senior Advisor to Director General

Meenakshi Nath DFID Deputy Head

Megha Jain Insitor Management

Michael Foecking SNE Invest GmbH Founder & Managing Director

Mona Kachhwaha Caspian Impact Investment Advisors Investment Director

Moutishi Sengupta McArthur Foundation Director, India

Mukesh Arya MEA

Mukul Gulati ZP India Advisory Pvt Ltd Managing Partner

Naina Subberwal Batra AVPN CEO, Singapore

Namitha Janardhan IFMR Investment Managers Private Limited Investment Analyst

Neeraj Kaushal Columbia University

Neha Mudaliar Unitus Capital Vice President

Nehal Sanghavi USAID / India Senior Advisor for Innovation and Partnership

Nina Freudenberg Sonanz Social Investments Investment Manager

Nishith Desai Nishith Desai Associates Founder

Nitin Gera RBL Bank Limited Investment Banking

P N Vasudevan Equitas Managing Director

Paula Goldman Omidyar Network Vice President, Global Lead for Impact Investing

Pavan Kaushal IDFC Bank Chief Risk Officer

Peter Hilliges KFW India Country Director, KfW

Peter Nicholas Social Finance Director

Philippe Serres Proparco Regional Manager – South Asia

Pooja Khitoliya BNP Paribas Analyst

Prakhar Agarwal Village Capital India Investments Officer

Prashant Prakhar Nishith Desai Associates Associate


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Preeti Sinha YES Institute,Yes Bank Senior President and Global Convenor

Priyanka Ahuja Startup Tunnel Director Communications

Ragini Choudhary DFID Private Sector Advisor

Rahil Rangwala Michael & Susan Dell Foundation Director, Family Economic Services at Michael & Susan Dell Foundation

Rahul Khanna Trifecta Capital Managing Partner

Rahul Rishi Nishith Desai Associates Associate

Rajat Arora LGT Ventures India Investment Manager

Rajat Tandon IVCA President, IVCA

Rajiv Lall IDFC Bank Founder MD & CEO

Rakesh Jhunjhunwala Rare Enterprises Founder & Manager

Rakesh Rewari GIIN Member Board of Directors,GIIN

Rasaalika Singhania IFMR Capital Senior Associate - Capital Markets

Ravi Saraogi IFMR Investment Managers Private Limited Investment Strategist

Ritu Verma Ankur Capital Co-Founder, Managing Partner

Robert Douglas Dunn Dia Vikas Capital Pvt. Ltd. Chairman & Chief Executive Officer

Rohini Nilekani Arghyam Chairperson

Rohit bhatia Aspire Human Capital Management Managing Director

Roopa Kudva Omidyar Network Partner- Omidyar Network & MD-

Royston Braganza Grameen Capital CEO

Ruchir Shah Intellegrow SENIOR MANAGER

S.K Bansal MEA

S.V Prasad Caspian Impact Investment Advisors Managing Director

Sachin Rajan Russell Reymolds Associate Partner, Managing Director

Sahil Kini Aspada Investment Advisors Principal

Aspada Investments

Saipriya Sarangan Mckinsey & Company, Inc. Education and Skills Expert

Sambit Basu IDFC Bank Director, Economics Research Group

Sameer Gandotra Aaavaas Director

Samit Ghosh Ujjivan Founder & CEO

Sanchayan Chakraborty Aavishkaar Venture Management Services Pvt Ltd

Partner

Sandeep Farias Elevar Equity Founder & MD,

Saneesh Singh Dia Vikas Capital Pvt. Ltd. Chief Executive Officer

Sapna Shah Global Impact Investing Network Director

Sara Taylor CDC Group Head DFID Impact Fund

Sarika Mendu Lok Capital Analyst

Satyajit Suri Factor[e] Ventures Vice President - Investments, India

Saurabh Narain National Community Investment Fund President and CEO

Shailesh Kumar IPE Global Dy. Project Director/ Senior Expert (Impact Investment)

Shanu HP Hinduja Hinduja Bank Vice Chaiperson


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Sharad Kumar MEA

Shashaank Awasthi GrayGhost Capital Advisor

Shiho Sakaguchi Future Venture Capital Co.,Ltd. Researcher

Shilpa Sudhakar Caspian Impact Investment Advisors Executive Director

Shivani Saraf BNP Paribas Vice President - Brand & Communications

Shruti Nair Aavishkaar Venture Management Services Pvt Ltd

Social Sector And Communications Specialist

Siddharth Nautiyal Omidyar Network Investment Partner

Smita Sircar Gray Matters Capital Social Innovation & Research Lead, India

Soumendra Ghosh IFMR Capital Director Capital Markets

Sourabh Anand IDFC Bank Vice President, IDFC Foundation

Sreejith N Upaya Social Ventures Director

Srijan Dutta MEA

Srikrishna

Ramamoorthy Unitus Seed Fund Partner

Stephen Lee TIAA Cref Senior Associate, Impact Investing

Suhasini Singh responsAbility Investments AG

Head- Agriculture Debt Investments, Asia Pacific

Susanne Dorasil German Embassy Head- Economic Cooperation and Development Division

Swaminathan AIyar Economic Times Consulting Editor

Timothée Carniel Proparco Investment Officer

Timothy Ross Strike CDC Group plc Investment Associate, Intermediated Equity

Toshan Tamhane Mckinsey & Company, Inc. Senior Partner

TT Venkat Asha Impact Associate

Urmi Sengupta MacArthur Foundation Head, Impact Investing

Varun Malhotra Quona Capital Associate

Vedika Bhandarkar Water.Org / WaterCapital Managing Director

Vikram Gandhi Asha Impact Founder

Vineet Rai Aavishkaar Venture Management Services Pvt Ltd

Managing Partner & CEO

Vineet Sukumar IFMR Investment Managers Private Limited CEO of IFMR Investment Managers, CFO of IFMR Capital

Vinita Katara RussellReynolds Associate

Vishal Mehta Lok Advisory Co-Founder

Vivek Pandit Mckinsey & Company, Inc. Senior Partner

Will Poole Unitus Seed Fund/Capria Ventures Managing Partner

Yoshiki Hashimoto Aavishkaar Venture Management Services Pvt Ltd

Investment Committee Member


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annexure 2 SeSSIon WISe attenDanCe

Date name of the Event no. of People attended

16-11-2016 Pre Conference 110

16-11-2016 Plenary 1 96

16-11-2016 BreakOut 1A 40

16-11-2016 BreakOut 1B 27

16-11-2016 BreakOut 1C 25

16-11-2016 BreakOut 1D 24

16-11-2016 BreakOut 2A 45

16-11-2016 BreakOut 2B 26

16-11-2016 BreakOut 2C 27

16-11-2016 BreakOut 2D 25

16-11-2016 Plenary 2 126

17-11-2016 Plenary 3 142

17-11-2016 BreakOut 3A 28

17-11-2016 BreakOut 3B 15

17-11-2016 BreakOut 3C 18

17-11-2016 BreakOut 3D 16

17-11-2016 Plenary 4 137

17-11-2016 Plenary 5 137

17-11-2016 Plenary 6 124

17-11-2016 Plenary 7 96

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0%

20%

100%

160%

80%

140%

60%

120%

40%

Plenary 1

16-11-2016

Plenary 2

16-11-2016

Plenary 3

17-11-2016

Plenary 4

17-11-2016

Plenary 5

17-11-2016

Plenary 6

17-11-2016

Plenary 7

17-11-2016

plenary Sessions

breakout Sessions

0

5

25

40

50

20

35

45

15

30

10

BreakOut 1A

16-11-2016

BreakOut 1B

16-11-2016

BreakOut 1C

16-11-2016

BreakOut 1D

16-11-2016

BreakOut 2A

16-11-2016

BreakOut 2B

16-11-2016

BreakOut 2C

16-11-2016

BreakOut 2D

16-11-2016

BreakOut 3A

17-11-2016

BreakOut 3B

17-11-2016

BreakOut 3C

17-11-2016

BreakOut 3D

17-11-2016

member committees which include and Executive Council, Advocacy Sub-Committee, Research Sub-Committee, and, Membership Sub-committee and Finance Sub Committee. IIC collaborates with other industry bodies such as GIIN, IVCA, MFIN, TiE, etc. Its secretariat is based in Delhi NCR and IIC is headed by a full time Director, Ranjna Khanna who can be reached at [email protected]

Ranjna Khanna, Director-IIC

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