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Diana Quintero

Project Manager - Producers Direct

Cesar Urrutia

Founder - Space AG S.A.

Mauricio Osorio

CEO - Crezcamos S.A. Compañía de Financiamiento

Sandra Rubio

Founder - Imix

Camilo Ramos

Founder - SiembraCo

Rodrigo García

Founder - Suyana

Estefanía Arango

Innovation Lead - Corporación Interactuar

Pedro Viera

Founder - Hola Tractor

Elizabeth Espinar, CFA

Impact Investing: Supporting organizations with capital and expertise to drive sustainable growth and positive impact

I was recently on a mission to India, spending time on the ground as part of an ongoing due diligence and scoping exercise for potential investments across both Common Fund for Commodities' fund portfolio and direct lending activities. As part of our review of India Progress Fund II—focused on agri-SMEs and financial inclusion across India —I had the opportunity to join a visit to Qul Fruits, a high-density apple farming business in Kashmir and a portfolio company of the predecessor fund (photo #1). Many businesses speak about vertical integration; fewer truly demonstrate it end-to-end. From plantation development through to processing and distribution, it was impressive to see how this model comes together in practice. Grateful to the Incofin Investment Management team for including me in their visit (photo #2)—and further encouraged by the strong pipeline emerging for Fund II. My final day took me to Andhra Pradesh to visit RaddisCotton, a company focusing on the regenerative cotton value chain. Spending time with farmers—especially women—was a powerful illustration of how the impact of regenerative agriculture goes well beyond the environment. Practices that improve soil health and biodiversity support more resilient yields over time, while also enabling more inclusive participation (less reliance on agrochemicals makes farming safer and less toxic to work with). It was wonderful to see women front and center -- engaged, confident, and leading discussions (photo #3). Moments like these are a reminder of what drew me to this space nearly 10 years ago, starting with one of my first visits to a farming community in Myanmar (photo #4)—and what continues to motivate me today. As I mark two years at CFC, I’ve been reflecting on that journey—across both sides of the table, as investee and investor. There is real progress being made, but still so much more to do. Grateful to be part of it. 🙌 #impactinvesting #financialinclusion #regenerativeagriculture #sustainableagriculture #emergingmarkets #inclusivegrowth #agriSMEs #womeninagriculture
I was recently on a mission to India, spending time on the ground as part of an ongoing due diligence and scoping exercise for potential investments across both Common Fund for Commodities' fund portfolio and direct lending activities. As part of our review of India Progress Fund II—focused on agri-SMEs and financial inclusion across India —I had the opportunity to join a visit to Qul Fruits, a high-density apple farming business in Kashmir and a portfolio company of the predecessor fund (photo #1). Many businesses speak about vertical integration; fewer truly demonstrate it end-to-end. From plantation development through to processing and distribution, it was impressive to see how this model comes together in practice. Grateful to the Incofin Investment Management team for including me in their visit (photo #2)—and further encouraged by the strong pipeline emerging for Fund II. My final day took me to Andhra Pradesh to visit RaddisCotton, a company focusing on the regenerative cotton value chain. Spending time with farmers—especially women—was a powerful illustration of how the impact of regenerative agriculture goes well beyond the environment. Practices that improve soil health and biodiversity support more resilient yields over time, while also enabling more inclusive participation (less reliance on agrochemicals makes farming safer and less toxic to work with). It was wonderful to see women front and center -- engaged, confident, and leading discussions (photo #3). Moments like these are a reminder of what drew me to this space nearly 10 years ago, starting with one of my first visits to a farming community in Myanmar (photo #4)—and what continues to motivate me today. As I mark two years at CFC, I’ve been reflecting on that journey—across both sides of the table, as investee and investor. There is real progress being made, but still so much more to do. Grateful to be part of it. 🙌 #impactinvesting #financialinclusion #regenerativeagriculture #sustainableagriculture #emergingmarkets #inclusivegrowth #agriSMEs #womeninagriculture

Sahyadri Farms

India's Leading Integrated Fruits and Vegetables value chain A company Of the Farmer, By the Farmer, and For the Farmer.

Can smallholder farmers turn the tide of the climate crisis? Most of India’s farmers cultivate less than 2 hectares of land. They’re on the frontlines of erratic rains, depleting soils, and rising temperatures. But they’re not giving up. To Turn a Tide is a powerful new documentary that journeys through Rajasthan, Maharashtra, and Punjab, spotlighting the courage and innovation of farmers, technologists, and changemakers building climate resilience — together. Directed by National Award-winner Keya Vaswani, the film is a tribute to those who grow our food, showing what becomes possible when we invest in them — not just with sympathy, but with solutions. Let this be more than a film. Let it be a conversation. A call to action. A shift in perspective. Because climate resilience begins with those rooted to the land. #ToTurnATide #1mProsperousFarmers #ClimateResilience #TheNudgeInstitute #DCMShriramFoundation #KeyaVaswani #KanishkaChatterjee #SmallholderFarmers #AgricultureInnovation #SustainableFarming The/Nudge Institute Vilas Shinde DCM Shriram LTD Keya Vaswani Kanishka Chatterjee (KC) SAHYADRI FARMS POST HARVEST CARE LTD
Can smallholder farmers turn the tide of the climate crisis? Most of India’s farmers cultivate less than 2 hectares of land. They’re on the frontlines of erratic rains, depleting soils, and rising temperatures. But they’re not giving up. To Turn a Tide is a powerful new documentary that journeys through Rajasthan, Maharashtra, and Punjab, spotlighting the courage and innovation of farmers, technologists, and changemakers building climate resilience — together. Directed by National Award-winner Keya Vaswani, the film is a tribute to those who grow our food, showing what becomes possible when we invest in them — not just with sympathy, but with solutions. Let this be more than a film. Let it be a conversation. A call to action. A shift in perspective. Because climate resilience begins with those rooted to the land. #ToTurnATide #1mProsperousFarmers #ClimateResilience #TheNudgeInstitute #DCMShriramFoundation #KeyaVaswani #KanishkaChatterjee #SmallholderFarmers #AgricultureInnovation #SustainableFarming The/Nudge Institute Vilas Shinde DCM Shriram LTD Keya Vaswani Kanishka Chatterjee (KC) SAHYADRI FARMS POST HARVEST CARE LTD

Nilantha Jayanetti

CEO, Sarvodaya Development Finance PLC

Estefanía Arango Zabala

Digital Product Manager | Innovación | Estrategia y Transformación Digital | Crédito Digital | Fidelización | Marketing | B2B | B2C | Payments | Banking

Gracias Incofin Investment Management, BID Lab, #SSNUP ADA - Appui au Développement Autonome por creer en el poder de la innovación digital como motor del desarrollo para nuestros agroempresarios en Colombia. Seguimos impulsando un campo más productivo, inclusivo y sostenible. 🌱 Corporación Interactuar Lina Maria Montoya Madrigal #Innovación #TransformaciónDigital #Agro #InclusiónFinanciera #AgTech
Gracias Incofin Investment Management, BID Lab, #SSNUP ADA - Appui au Développement Autonome por creer en el poder de la innovación digital como motor del desarrollo para nuestros agroempresarios en Colombia. Seguimos impulsando un campo más productivo, inclusivo y sostenible. 🌱 Corporación Interactuar Lina Maria Montoya Madrigal #Innovación #TransformaciónDigital #Agro #InclusiónFinanciera #AgTech

Tornike Egnatashvili

Head of the Financial Department at JSC TBC Leasing

Mifta Naim Huda

Executive Director, CDIP

Jasmine Begum of Haimchar upazila under Chandpur district has a family of 5 members. Her family had been struggling financially, relying on her husband’s income as an agricultural laborer. Despite her strong desire to do something on her own, lack of capital and social barriers repeatedly held her back. In 2020, she contacted the local CDIP Branch for financial assistance. She became a member of the local samity and took a loan of BDT 100,000 and a lease of 20 decimals of land where she started betel leaf cultivation. After repaying the first loan, she took further loans and now cultivates betel leaf on 150 decimals of land. In cultivating the betel leaf Jasmine Begum faced a number of challenges. But now it has brought new economic stability and prosperity to her family. Her children can now attend school regularly, moving toward a brighter future through education. Inspired by her success, 15 local women have started betel leaf cultivation, creating a unique women-led agricultural initiative.
Jasmine Begum of Haimchar upazila under Chandpur district has a family of 5 members. Her family had been struggling financially, relying on her husband’s income as an agricultural laborer. Despite her strong desire to do something on her own, lack of capital and social barriers repeatedly held her back. In 2020, she contacted the local CDIP Branch for financial assistance. She became a member of the local samity and took a loan of BDT 100,000 and a lease of 20 decimals of land where she started betel leaf cultivation. After repaying the first loan, she took further loans and now cultivates betel leaf on 150 decimals of land. In cultivating the betel leaf Jasmine Begum faced a number of challenges. But now it has brought new economic stability and prosperity to her family. Her children can now attend school regularly, moving toward a brighter future through education. Inspired by her success, 15 local women have started betel leaf cultivation, creating a unique women-led agricultural initiative.

Mifta Naim Huda

Executive Director, CDIP

Afuza Begum, a resident of Arjunpara village in Rajshahi district, was living a very difficult life. Afuza’s husband worked as a day laborer. She thought of raising cows and goats alongside agriculture. But she did not have enough money to buy a cow. At that time, she received a loan of 70,000 BDT from CDIP. With this, Afuza bought one bull. She asked her husband to work on their own farm instead of other’s. Each year they leased some small portions of land and cultivated various vegetables. During this time, she learned the use of organic manure instead of chemical fertilizer that gives better yield in vegetable farming. She began applying organic manure, and seeing this the neighboring farmers were initially surprised, but later understood the importance of this manurer. This improves the size, shape and color of the vegetables, and also brings a better price. Now her husband no longer needs to work for others. Afuza says, “I am grateful to CDIP and all its officers for providing timely financial and technical supports.”
Afuza Begum, a resident of Arjunpara village in Rajshahi district, was living a very difficult life. Afuza’s husband worked as a day laborer. She thought of raising cows and goats alongside agriculture. But she did not have enough money to buy a cow. At that time, she received a loan of 70,000 BDT from CDIP. With this, Afuza bought one bull. She asked her husband to work on their own farm instead of other’s. Each year they leased some small portions of land and cultivated various vegetables. During this time, she learned the use of organic manure instead of chemical fertilizer that gives better yield in vegetable farming. She began applying organic manure, and seeing this the neighboring farmers were initially surprised, but later understood the importance of this manurer. This improves the size, shape and color of the vegetables, and also brings a better price. Now her husband no longer needs to work for others. Afuza says, “I am grateful to CDIP and all its officers for providing timely financial and technical supports.”

Mifta Naim Huda

Executive Director, CDIP

Shamsur Nahar, a resident in the village of Jagannathpur in Kasba upazila in the district of Brahmanbaria, learned through the Behavior Change Communication (BCC) campaign that CDIP provides low-interest loans for constructing two-pit hygienic toilets. After learning this, she contacted the Branch Manager of Gopinathpur Branch. Subsequently, the Branch Manager visited her home, discussed safe sanitation practices in detail with her family, and informed them about financial support and incentives for constructing the toilet. Having been convinced about the initiative, she agreed to join it. So, she was provided a loan of 50,000 BDT to construct the two-pit hygienic toilet. In addition, she received an incentive of 3,000 BDT for building a hygienic sanitation facility.
Shamsur Nahar, a resident in the village of Jagannathpur in Kasba upazila in the district of Brahmanbaria, learned through the Behavior Change Communication (BCC) campaign that CDIP provides low-interest loans for constructing two-pit hygienic toilets. After learning this, she contacted the Branch Manager of Gopinathpur Branch. Subsequently, the Branch Manager visited her home, discussed safe sanitation practices in detail with her family, and informed them about financial support and incentives for constructing the toilet. Having been convinced about the initiative, she agreed to join it. So, she was provided a loan of 50,000 BDT to construct the two-pit hygienic toilet. In addition, she received an incentive of 3,000 BDT for building a hygienic sanitation facility.

Roshaneh Zafar

Founder, Managing Director, Kashf Foundation

Sanjeev Goyal

Founder and Chairperson, Ace International Limited

This partnership is more than just funding - it’s an accelerator of purpose. We’ve built Ace around one belief - that innovation in food technology can drive both better business outcomes and better nutrition for all. With this investment, we’re ready to take that vision global.
This partnership is more than just funding - it’s an accelerator of purpose. We’ve built Ace around one belief - that innovation in food technology can drive both better business outcomes and better nutrition for all. With this investment, we’re ready to take that vision global.

Sanjeev Goyal

CEO at Ace International Limited | CEO at Mahaan Milk Foods Limited

Grateful to share an important moment in our journey at Ace International Limited. We’ve raised USD 35 million from FMO - Dutch entrepreneurial development bank, responsAbility Investments AG, Incofin Investment Management and Fiedlin Ventures — partners who share our belief that India can lead the next chapter of global nutrition. I’m thankful to each of them for placing their trust in our vision, and to INVAL Capital for guiding us throughout the process. For me, this milestone is not just about investment — it’s about responsibility. It strengthens our commitment to build the greenfield integrated ingredients and nutrition complex in Kuppam, Andhra Pradesh, and to bring technology to India that’s being introduced in Asia for the first time. It also reinforces our long-term mission: to develop solutions that elevate the quality of nutrition available to people everywhere. What matters equally is the impact this project can create on the ground — new opportunities for local communities, stronger engagement with farmers, and a more resilient, future-ready ecosystem around us. To everyone who has walked with us — our teams, partners, and customers — thank you for your belief. It motivates us to move forward with humility, clarity and purpose. You can read more about this milestone and my interaction with the media here: 🔗
Grateful to share an important moment in our journey at Ace International Limited. We’ve raised USD 35 million from FMO - Dutch entrepreneurial development bank, responsAbility Investments AG, Incofin Investment Management and Fiedlin Ventures — partners who share our belief that India can lead the next chapter of global nutrition. I’m thankful to each of them for placing their trust in our vision, and to INVAL Capital for guiding us throughout the process. For me, this milestone is not just about investment — it’s about responsibility. It strengthens our commitment to build the greenfield integrated ingredients and nutrition complex in Kuppam, Andhra Pradesh, and to bring technology to India that’s being introduced in Asia for the first time. It also reinforces our long-term mission: to develop solutions that elevate the quality of nutrition available to people everywhere. What matters equally is the impact this project can create on the ground — new opportunities for local communities, stronger engagement with farmers, and a more resilient, future-ready ecosystem around us. To everyone who has walked with us — our teams, partners, and customers — thank you for your belief. It motivates us to move forward with humility, clarity and purpose. You can read more about this milestone and my interaction with the media here: 🔗

Producers Direct
Last week, we had the pleasure of welcoming Luis R. Hernández Vega, Project Coordinator for Agrotechnology at Incofin Investment Management, to northern Peru for a field visit to the Norandino cooperative—one of our long-standing producer-organisation partners. Together with Diana Carolina Quintero, Producers Direct Co-Lead, and the Norandino technical team, we spent time on the ground listening directly to the coffee farmers who are part of our pilot focused on strengthening Croppie and building our data infrastructure. Working hand-in-hand with the cooperative, this pilot is helping us generate actionable agronomic recommendations—supporting farmers to make informed decisions, improve productivity, and respond to challenges like ojo de gallo (coffee leaf spot). During the visit, Incofin spoke with producers participating in the pilot, heard Norandino’s experience using our collaborative dashboards, and gathered insights on how these tools can better support their field teams and management decisions. We also had the opportunity to record testimonials from farmers and the cooperative—capturing their experiences, learnings, and reflections. We’re excited to share these stories soon, once Incofin releases the material. We can’t wait to see it! This initiative is part of the project “Advancing Digital Innovation for Smallholder Farmers in Latin America”, funded by BID Lab and managed by Incofin Foundation, which selected 14 agritech-focused organisations working to strengthen smallholder farmers’ profitability, resilience, and inclusion. We are grateful for Incofin’s continuous engagement and for the opportunity to keep co-creating digital tools with farmers and cooperatives—not just for them. #SmallholderFarmers #DigitalAgriculture #Agritech #CoffeeFarming #Peru #ProducersDirect #Incofin #IDBLab #FarmerLedInnovation
Last week, we had the pleasure of welcoming Luis R. Hernández Vega, Project Coordinator for Agrotechnology at Incofin Investment Management, to northern Peru for a field visit to the Norandino cooperative—one of our long-standing producer-organisation partners. Together with Diana Carolina Quintero, Producers Direct Co-Lead, and the Norandino technical team, we spent time on the ground listening directly to the coffee farmers who are part of our pilot focused on strengthening Croppie and building our data infrastructure. Working hand-in-hand with the cooperative, this pilot is helping us generate actionable agronomic recommendations—supporting farmers to make informed decisions, improve productivity, and respond to challenges like ojo de gallo (coffee leaf spot). During the visit, Incofin spoke with producers participating in the pilot, heard Norandino’s experience using our collaborative dashboards, and gathered insights on how these tools can better support their field teams and management decisions. We also had the opportunity to record testimonials from farmers and the cooperative—capturing their experiences, learnings, and reflections. We’re excited to share these stories soon, once Incofin releases the material. We can’t wait to see it! This initiative is part of the project “Advancing Digital Innovation for Smallholder Farmers in Latin America”, funded by BID Lab and managed by Incofin Foundation, which selected 14 agritech-focused organisations working to strengthen smallholder farmers’ profitability, resilience, and inclusion. We are grateful for Incofin’s continuous engagement and for the opportunity to keep co-creating digital tools with farmers and cooperatives—not just for them. #SmallholderFarmers #DigitalAgriculture #Agritech #CoffeeFarming #Peru #ProducersDirect #Incofin #IDBLab #FarmerLedInnovation

Pedro Daniel Viera

Hola tractor

Una gran jornada vivimos junto a nuestros amigos y clientes productores de yuca de la comunidad campesina Los Tajibos, en Santa Cruz, Bolivia. La necesidad en acceso a mecanización es vital para las comunidades y don Julio su presidente nos compartió de primera mano los retos que tienen como sector. Luis R. Hernández Vega apreciamos tu visita en representación de Incofin Investment Management para conocer nuestro trabajo y la realidad de las comunidades de nuestros usuarios pequeños agricultores. En Hola Tractor estamos comprometidos con el desarrollo integral de los productores y el empoderamiento de las mujeres rurales a través del acceso a mecanización climática mente inteligente.
Una gran jornada vivimos junto a nuestros amigos y clientes productores de yuca de la comunidad campesina Los Tajibos, en Santa Cruz, Bolivia. La necesidad en acceso a mecanización es vital para las comunidades y don Julio su presidente nos compartió de primera mano los retos que tienen como sector. Luis R. Hernández Vega apreciamos tu visita en representación de Incofin Investment Management para conocer nuestro trabajo y la realidad de las comunidades de nuestros usuarios pequeños agricultores. En Hola Tractor estamos comprometidos con el desarrollo integral de los productores y el empoderamiento de las mujeres rurales a través del acceso a mecanización climática mente inteligente.

Rosario Bazán

CEO & Founder, Danper

Rosario Bazan

CEO & Founder, Danper

Ann Muhara

Director, The Village Nut

I’m Ann Muhara, Director of The Village Nut in Kenya. In 2023, we witnessed an avalanche of collapsed prices, vanishing contracts, and the fear of sending people home. Incofin stepped in when we needed them most. Incofin didn’t just offer capital - they offered belief. Their support kept our farmers' payments on time, protected over 180 seasonal jobs, and gave our village the dignity of continuity. Women got a possibility to well-paid jobs close to their home and their kids have a reliable day care. Our kids are engaged in free-time activities supported by The Village Nut. We can send our kids to good schools and secure their future. We can train our farmers in sustainable agriculture, supply chain and quality management. Incofin’s support changed more than our balance sheet; it kept our promise. It kept our mother’s dream and legacy alive.
I’m Ann Muhara, Director of The Village Nut in Kenya. In 2023, we witnessed an avalanche of collapsed prices, vanishing contracts, and the fear of sending people home. Incofin stepped in when we needed them most. Incofin didn’t just offer capital - they offered belief. Their support kept our farmers' payments on time, protected over 180 seasonal jobs, and gave our village the dignity of continuity. Women got a possibility to well-paid jobs close to their home and their kids have a reliable day care. Our kids are engaged in free-time activities supported by The Village Nut. We can send our kids to good schools and secure their future. We can train our farmers in sustainable agriculture, supply chain and quality management. Incofin’s support changed more than our balance sheet; it kept our promise. It kept our mother’s dream and legacy alive.

Edwin Nginya

Founder, Narumoro

Our vision is to remain a trusted partner to dairy farmers in our community by consistently providing them with reliable market access for their milk - regardless of seasonality - and delivering safe, high-quality milk to underserved rural populations. We are committed to growing our processing capacity to absorb the increasing output from our farmers, ensuring that those associated with Narumoro continue to receive milk payouts that fairly reflect their contributions to the market. We believe that Incofin’s understanding of the 'missing middle' offers us a strategic partnership that will advance financial inclusion for rural farmers, reduce our business’s vulnerability to external shocks, and unlock sustainable economic growth for our community. Narumoro Dairy Farm stands out for its ability to connect remote farmers to mainstream markets, driving economic development in underserved areas and ensuring a stable milk supply for large retail chains.

Our vision is to remain a trusted partner to dairy farmers in our community by consistently providing them with reliable market access for their milk - regardless of seasonality - and delivering safe, high-quality milk to underserved rural populations. We are committed to growing our processing capacity to absorb the increasing output from our farmers, ensuring that those associated with Narumoro continue to receive milk payouts that fairly reflect their contributions to the market. We believe that Incofin’s understanding of the 'missing middle' offers us a strategic partnership that will advance financial inclusion for rural farmers, reduce our business’s vulnerability to external shocks, and unlock sustainable economic growth for our community. Narumoro Dairy Farm stands out for its ability to connect remote farmers to mainstream markets, driving economic development in underserved areas and ensuring a stable milk supply for large retail chains.

MD
MUJUNI DICKSON

CEO, MUJUNI VENTURES LTD

Mujuni Dickson CEO Mujuni ventures ltd. We received a working capital facility of $300K through N3F With this support we will increase our raw milk supply capacity by 30% as well as increase business with smallholder farmers by 18% Great team, super supportive and very fast turnaround time.
Mujuni Dickson CEO Mujuni ventures ltd. We received a working capital facility of $300K through N3F With this support we will increase our raw milk supply capacity by 30% as well as increase business with smallholder farmers by 18% Great team, super supportive and very fast turnaround time.

Oyuntsetseg

PR Manager, Branding & PR Department, Khan Bank of Mongolia

Anar, B, Founder of 'Aran Dental' clinic located in the capital city Ulaanbaatar, Mongolia When I first opened Aran Dental in 2018, we began with only 3 staff members, limited equipment, and no working capital. We operated from 9:00 AM to midnight, earning the reputation of being the “clinic that never closes,” simply because we needed every patient to survive those early months. Through perseverance, our patient base grew rapidly through referrals — the most powerful marketing in the dental industry. However, our growth reached a ceiling: without an X-ray machine, we could not expand services or improve diagnostic quality. The cost of modern equipment was high, and traditional loans were complex and difficult to access. My turning point came when I joined Khan Bank’s SME Academy training for women entrepreneurs. The training reshaped my understanding of business — from HR and operations to financial planning and digital transformation. I realized that to grow, I needed to build a structured, scalable business, not just be a hardworking dentist. Through the SME Academy, I learned about the digitalization loan for women entrepreneurs and applied. The process was simple, transparent, and offered a 10% cashback which made the investment significantly more affordable. With this financing, I finally acquired a high-capacity digital panoramic X-ray system — a critical upgrade after 7 years in business.
Anar, B, Founder of 'Aran Dental' clinic located in the capital city Ulaanbaatar, Mongolia When I first opened Aran Dental in 2018, we began with only 3 staff members, limited equipment, and no working capital. We operated from 9:00 AM to midnight, earning the reputation of being the “clinic that never closes,” simply because we needed every patient to survive those early months. Through perseverance, our patient base grew rapidly through referrals — the most powerful marketing in the dental industry. However, our growth reached a ceiling: without an X-ray machine, we could not expand services or improve diagnostic quality. The cost of modern equipment was high, and traditional loans were complex and difficult to access. My turning point came when I joined Khan Bank’s SME Academy training for women entrepreneurs. The training reshaped my understanding of business — from HR and operations to financial planning and digital transformation. I realized that to grow, I needed to build a structured, scalable business, not just be a hardworking dentist. Through the SME Academy, I learned about the digitalization loan for women entrepreneurs and applied. The process was simple, transparent, and offered a 10% cashback which made the investment significantly more affordable. With this financing, I finally acquired a high-capacity digital panoramic X-ray system — a critical upgrade after 7 years in business.

Oyuntsetseg

PR Manager, Branding & PR Department, Khan Bank, Mongolia

Badrakhmaa, B, co-founder of "Gazar Aguu" LLC located in Darkhan-Uul Province, Mongolia Until recently, Gazar Aguu LLC operated a small, mostly manual egg farm with 15,000 chickens, supplying fresh eggs to households in Darkhan-Uul province located about 250 km from the capital city Ulaanbaatar, Mongolia. Today, we have transformed into a fast-growing agribusiness, supplying 40% of the province’s egg demand every day. This growth was made possible by business loans we received from Khan Bank in Mongolia in 2023 and 2024. Thanks to this support, we doubled the scale of our operations and now manage 40,000 chickens across two fully automated, modern poultry facilities. The investment not only increased production capacity but significantly improved operational efficiency, profitability, and product quality. During COVID-19, when our business faced its toughest challenge, Khan Bank’s Darkhan-Uul Branch stood by us—not only with financial support, but with guidance and trust, at a time when resilience mattered most. I also enrolled in workshops organized by Khan Bank’s SME Academy and benefited from consultations with business advisors, which helped strengthen our management and long-term strategy. Continuous learning is a core value of mine, and it has played a key role in our success. Our expansion is not just about business growth—it reflects our commitment to food security and sustainability. To diversify and integrate circular practices, we are now operating a fully automated four-season hydroponic greenhouse and are producing eco-friendly plant pots made from chicken manure as part of a zero-waste model. Through our two companies, we provide stable jobs to over 20 employees and deliver fresh eggs and vegetables to our local community. “For us, this journey is bigger than business—we are contributing to Mongolia’s food independence by supplying safe, healthy, locally produced food.” As a female entrepreneur leading the production of import-substituting, healthy food products, I believe our partnership with Khan Bank is a strong example of how targeted finance can accelerate sustainable growth, empower local businesses, and deliver lasting community impact.
Badrakhmaa, B, co-founder of "Gazar Aguu" LLC located in Darkhan-Uul Province, Mongolia Until recently, Gazar Aguu LLC operated a small, mostly manual egg farm with 15,000 chickens, supplying fresh eggs to households in Darkhan-Uul province located about 250 km from the capital city Ulaanbaatar, Mongolia. Today, we have transformed into a fast-growing agribusiness, supplying 40% of the province’s egg demand every day. This growth was made possible by business loans we received from Khan Bank in Mongolia in 2023 and 2024. Thanks to this support, we doubled the scale of our operations and now manage 40,000 chickens across two fully automated, modern poultry facilities. The investment not only increased production capacity but significantly improved operational efficiency, profitability, and product quality. During COVID-19, when our business faced its toughest challenge, Khan Bank’s Darkhan-Uul Branch stood by us—not only with financial support, but with guidance and trust, at a time when resilience mattered most. I also enrolled in workshops organized by Khan Bank’s SME Academy and benefited from consultations with business advisors, which helped strengthen our management and long-term strategy. Continuous learning is a core value of mine, and it has played a key role in our success. Our expansion is not just about business growth—it reflects our commitment to food security and sustainability. To diversify and integrate circular practices, we are now operating a fully automated four-season hydroponic greenhouse and are producing eco-friendly plant pots made from chicken manure as part of a zero-waste model. Through our two companies, we provide stable jobs to over 20 employees and deliver fresh eggs and vegetables to our local community. “For us, this journey is bigger than business—we are contributing to Mongolia’s food independence by supplying safe, healthy, locally produced food.” As a female entrepreneur leading the production of import-substituting, healthy food products, I believe our partnership with Khan Bank is a strong example of how targeted finance can accelerate sustainable growth, empower local businesses, and deliver lasting community impact.

Jitendra Tanwar

MD & CEO, Namdev Finvest Private Limited

Marianne Jønsberg

Senior Manager Business Support/TA, Norfund

Annemarie Mastenbroek

Technical Assistance & Capacity Building Manager, Aqua for All

Analía Restrepo

Director of Projects and Sustainability

Sahaana Sankar & C V Sankar

Co-founders & Directors

Incofin India Progress Fund is an equity partner in Varashakti Housing Finance since July 2023 funding 4 mn USD. Incofin’s entry into Varashakti’s cap table has added value to our company on many aspects. We are a company that is already determined to achieve the triple bottom line through affordable housing and Incofin has added thrust on the importance of gender and sustainable climate friendly financing to people at the bottom of the pyramid in India. While there is immense potential for growth in this sector, access to finance remained a challenge. Since Incofin’s investment, Varashakti’s loan portfolio has nearly tripled, we have leveraged foreign debt at competitive pricing and our presence has grown to 45 branches in South of India. We have institutionalised social impact metrics through the organisation and track them regularly. Incofin India’s team (Shubham Kothari who is our main point of contact) attention to detail, strategic guidance, benchmarking and peer analysis helps Varashakti remain as one of the most promising players in this demanding industry. We are confident that this partnership will only grow in the years to come!
Incofin India Progress Fund is an equity partner in Varashakti Housing Finance since July 2023 funding 4 mn USD. Incofin’s entry into Varashakti’s cap table has added value to our company on many aspects. We are a company that is already determined to achieve the triple bottom line through affordable housing and Incofin has added thrust on the importance of gender and sustainable climate friendly financing to people at the bottom of the pyramid in India. While there is immense potential for growth in this sector, access to finance remained a challenge. Since Incofin’s investment, Varashakti’s loan portfolio has nearly tripled, we have leveraged foreign debt at competitive pricing and our presence has grown to 45 branches in South of India. We have institutionalised social impact metrics through the organisation and track them regularly. Incofin India’s team (Shubham Kothari who is our main point of contact) attention to detail, strategic guidance, benchmarking and peer analysis helps Varashakti remain as one of the most promising players in this demanding industry. We are confident that this partnership will only grow in the years to come!

Ms. Anita

Customer, SAVE Microfinance Private Limited

Prashant Kumar Choubey

Customer Service point Operator, SAVE Solutions Pvt. Ltd.

Koushal Kumar

Assistant Manager, SAVE Solutions Pvt. Ltd.

My name is Koushal Kumar, I’m from New Delhi, India, and I’m currently working with SAVE Solutions Pvt. Ltd. During my journey here, I’ve witnessed the company’s deep-rooted commitment to financial inclusion, innovation, and uplifting underserved communities. What truly sets SAVE apart is its people-first philosophy - whether it’s customers, employees, or partners. The leadership is visionary, the work culture is collaborative, and the mission is truly purpose-driven. Being part of SAVE isn’t just a job-it’s a step toward meaningful change. I’m proud to contribute to an organization that is not only growing sustainably but also shaping a more inclusive and equitable India.
My name is Koushal Kumar, I’m from New Delhi, India, and I’m currently working with SAVE Solutions Pvt. Ltd. During my journey here, I’ve witnessed the company’s deep-rooted commitment to financial inclusion, innovation, and uplifting underserved communities. What truly sets SAVE apart is its people-first philosophy - whether it’s customers, employees, or partners. The leadership is visionary, the work culture is collaborative, and the mission is truly purpose-driven. Being part of SAVE isn’t just a job-it’s a step toward meaningful change. I’m proud to contribute to an organization that is not only growing sustainably but also shaping a more inclusive and equitable India.

Sahaana Sankar

Customer Testimonials ( Varashakti Housing Pvt Ltd )

Sahaana Sankar

Customer Testimonials (Varashakti Housing Finance Pvt Ltd )

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Monika Sharma

Namdev Finvest Private Limited

Umrav Lal Bunkar, from a humble background in Sikar, moved to Jaipur in 2010 to work in a private school. However, the 2020 COVID-19 pandemic led to the closure of his school and coaching center, leaving him jobless and struggling to support his wife and two children. During his job search, Umrav discovered the growing electric vehicle (EV) market and Namdev’s EV loan. Within 2-4 hours, he secured a loan and purchased an EV, enabling him to make an income on his own. This new venture significantly increased his income, providing financial stability for his family. Umrav’s story highlights how Namdev’s quick and accessible EV loans can transform lives, offering new opportunities and financial independence even in challenging times.

Umrav Lal Bunkar, from a humble background in Sikar, moved to Jaipur in 2010 to work in a private school. However, the 2020 COVID-19 pandemic led to the closure of his school and coaching center, leaving him jobless and struggling to support his wife and two children. During his job search, Umrav discovered the growing electric vehicle (EV) market and Namdev’s EV loan. Within 2-4 hours, he secured a loan and purchased an EV, enabling him to make an income on his own. This new venture significantly increased his income, providing financial stability for his family. Umrav’s story highlights how Namdev’s quick and accessible EV loans can transform lives, offering new opportunities and financial independence even in challenging times.

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Monika Sharma

Namdev Finvest Private Limited

Maya Bunkar, a mother of two from Jaisinghpura Khor, struggled to support her family with her sewing work and her husband's income. As their children grew, expenses increased, making it difficult to make ends meet. To improve their financial situation, Maya decided to invest in an electric rickshaw. She took a loan from Namdev and was pleased with the quick and easy process. With the loan, she purchased an EV rickshaw. Maya rented out the rickshaw, earning ₹400 daily. This extra income allowed her to pay the loan's EMI and still have enough to support her family. Maya Bunkar's story shows how Namdev's loans can help individuals create new income sources and achieve financial stability. We are proud to support Maya's efforts to build a better future for her family.

Maya Bunkar, a mother of two from Jaisinghpura Khor, struggled to support her family with her sewing work and her husband's income. As their children grew, expenses increased, making it difficult to make ends meet. To improve their financial situation, Maya decided to invest in an electric rickshaw. She took a loan from Namdev and was pleased with the quick and easy process. With the loan, she purchased an EV rickshaw. Maya rented out the rickshaw, earning ₹400 daily. This extra income allowed her to pay the loan's EMI and still have enough to support her family. Maya Bunkar's story shows how Namdev's loans can help individuals create new income sources and achieve financial stability. We are proud to support Maya's efforts to build a better future for her family.

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Monika Sharma

Namdev Finvest Private Limited

Om Prakash Yogi, from Ajeetgarh, faced a tough situation when the bread factory he worked at in Jaipur shut down, leaving him unemployed. Returning to his village, Ajeetgarh, he pondered his next steps. With a family to support and limited skills, he decided to set up a small tea stall, utilizing his ability to make tea. However, the earnings from the tea stall were not enough to make ends meet. A friend suggested Om Prakash consider a msme loan from Namdev. Within 15 days and without any hassle, he secured the loan. With this financial support, Om Prakash established a proper tea shop in a prime locality of Ajeetgarh, strategically located near several factories. This move transformed his life. His new tea shop attracted many factory workers, ensuring a steady stream of customers. Om Prakash's income increased significantly, enabling him to earn at least ₹30,000 every month. With his improved financial situation, he was also able to renovate his house and further expand his business.

Om Prakash Yogi, from Ajeetgarh, faced a tough situation when the bread factory he worked at in Jaipur shut down, leaving him unemployed. Returning to his village, Ajeetgarh, he pondered his next steps. With a family to support and limited skills, he decided to set up a small tea stall, utilizing his ability to make tea. However, the earnings from the tea stall were not enough to make ends meet. A friend suggested Om Prakash consider a msme loan from Namdev. Within 15 days and without any hassle, he secured the loan. With this financial support, Om Prakash established a proper tea shop in a prime locality of Ajeetgarh, strategically located near several factories. This move transformed his life. His new tea shop attracted many factory workers, ensuring a steady stream of customers. Om Prakash's income increased significantly, enabling him to earn at least ₹30,000 every month. With his improved financial situation, he was also able to renovate his house and further expand his business.

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Monika Sharma

Namdev Finvest Private Limited

Sanwar Mal Jatt, a dedicated farmer, faced a severe water shortage that made it impossible to continue farming on his land. Seeking a new way to support his family, he ventured into the fodder business, buying and selling fodder wholesale to other cities. Initially, Sanwar worked with just two employees, struggling to meet the growing demand for his products. Recognizing the potential for growth, Sanwar applied for an MSME loan from Namdev. The loan process was smooth and efficient, allowing him to secure the funds needed to invest in his business. With the loan, Sanwar purchased a loader and additional vehicles to streamline his fodder delivery operations. This pivotal investment transformed his business. Sanwar's enhanced delivery capabilities enabled him to expand his market reach and improve efficiency. As a result, he not only grew his business but also created employment opportunities for 15 people. By supporting their livelihoods, Sanwar has become a pillar of his community. Sanwar Mal Jatt's story highlights the profound impact of Namdev's MSME loans. Through accessible and supportive financing, we help entrepreneurs overcome challenges, expand their businesses, and contribute to their communities. At Namdev, we are proud to be a part of Sanwar's journey, empowering him to achieve success and support others along the way.

Sanwar Mal Jatt, a dedicated farmer, faced a severe water shortage that made it impossible to continue farming on his land. Seeking a new way to support his family, he ventured into the fodder business, buying and selling fodder wholesale to other cities. Initially, Sanwar worked with just two employees, struggling to meet the growing demand for his products. Recognizing the potential for growth, Sanwar applied for an MSME loan from Namdev. The loan process was smooth and efficient, allowing him to secure the funds needed to invest in his business. With the loan, Sanwar purchased a loader and additional vehicles to streamline his fodder delivery operations. This pivotal investment transformed his business. Sanwar's enhanced delivery capabilities enabled him to expand his market reach and improve efficiency. As a result, he not only grew his business but also created employment opportunities for 15 people. By supporting their livelihoods, Sanwar has become a pillar of his community. Sanwar Mal Jatt's story highlights the profound impact of Namdev's MSME loans. Through accessible and supportive financing, we help entrepreneurs overcome challenges, expand their businesses, and contribute to their communities. At Namdev, we are proud to be a part of Sanwar's journey, empowering him to achieve success and support others along the way.

Ajeet Kumar Singh

Co-Founder, SAVE Solutions Pvt. Ltd

Khuram Mir

Founder & CEO - Qul

I am Khuram Mir, from Kashmir, India and I am the Founder & CEO, of Qul. As an entrepreneur, my mission has always been to transform the horticulture sector in the Himalayan region by empowering farmers, introducing sustainable practices, and creating a more resilient horti-value chain. At Qul, we have built an ever-evolving holistic ecosystem that enables orchard owners to shift from traditional practices to modern, high-density, and technology-driven horticulture. Our journey has not at all been easy, as working in a region like Kashmir brings unique challenges, from fragile infrastructure to limited access to progressive capital. Incofin’s investment in Qul came at a moment when we were scaling our operations and needed a strategic partner who shared our vision of inclusive growth, sustainability, and farmer-centric social and environmental impact. We received this support through Incofin’s India Progress Fund as an equity investment, which was not just financial, but it also brought with it global perspectives, governance support, and a commitment to strengthening our business foundations. With Incofin’s partnership, we have accelerated the pace of horticultural transformation across the Himalayas, expanded our grower network, and deepened our farmer services platform. Their support enabled us to enhance our digital infrastructure, scale our operations to beyond 400 Ha this year, and expand our reach to 2500+ smallholder farmers, thereby improving productivity, incomes, and climate resilience on the ground. Before Incofin’s support, our biggest challenge was accessing capital that understood the intersection of impact, horticulture, and fragile geographies. Incofin filled that gap by bringing not only funding but also rigorous governance, strategic thinking, and global networks. Incofin’s entry as an impact investor gave us credibility, stability, and the confidence to pursue our ambitious plans despite the challenges. What I appreciate most about working with Incofin is their hands-on approach, their alignment with our values, and their understanding that real impact takes time. They have helped us sharpen our governance practices, think long-term, and remain grounded in our mission. I believe Incofin’s role goes beyond capital, and they are true partners in our journey of building a globally competitive yet deeply local enterprise.
I am Khuram Mir, from Kashmir, India and I am the Founder & CEO, of Qul. As an entrepreneur, my mission has always been to transform the horticulture sector in the Himalayan region by empowering farmers, introducing sustainable practices, and creating a more resilient horti-value chain. At Qul, we have built an ever-evolving holistic ecosystem that enables orchard owners to shift from traditional practices to modern, high-density, and technology-driven horticulture. Our journey has not at all been easy, as working in a region like Kashmir brings unique challenges, from fragile infrastructure to limited access to progressive capital. Incofin’s investment in Qul came at a moment when we were scaling our operations and needed a strategic partner who shared our vision of inclusive growth, sustainability, and farmer-centric social and environmental impact. We received this support through Incofin’s India Progress Fund as an equity investment, which was not just financial, but it also brought with it global perspectives, governance support, and a commitment to strengthening our business foundations. With Incofin’s partnership, we have accelerated the pace of horticultural transformation across the Himalayas, expanded our grower network, and deepened our farmer services platform. Their support enabled us to enhance our digital infrastructure, scale our operations to beyond 400 Ha this year, and expand our reach to 2500+ smallholder farmers, thereby improving productivity, incomes, and climate resilience on the ground. Before Incofin’s support, our biggest challenge was accessing capital that understood the intersection of impact, horticulture, and fragile geographies. Incofin filled that gap by bringing not only funding but also rigorous governance, strategic thinking, and global networks. Incofin’s entry as an impact investor gave us credibility, stability, and the confidence to pursue our ambitious plans despite the challenges. What I appreciate most about working with Incofin is their hands-on approach, their alignment with our values, and their understanding that real impact takes time. They have helped us sharpen our governance practices, think long-term, and remain grounded in our mission. I believe Incofin’s role goes beyond capital, and they are true partners in our journey of building a globally competitive yet deeply local enterprise.

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Vartan

Rose grower

My name is Vartan, and I run a greenhouse business in Armenia where I grow roses. Recently, I expanded my greenhouses with the help of a loan. The support came at the right time—my business was doing well, and I needed the space and tools to keep up with demand. One of the biggest improvements I’ve made is using hydroponic technology. It’s helped me grow roses with better color and durability, which means they look better and last longer during transport. That makes a real difference for my customers. I’m proud of how far the business has come. With this expansion, I can keep improving what I grow and build something even stronger for the future. I’ve been a loyal client of Farm Credit Armenia for many years, so when the opportunity to grow came, I trusted them once again. (This loan was made possible through Farm Credit Armenia, supported by a USD 2 million investment from Incofin’s work with Invest in Visions in 2024.)

My name is Vartan, and I run a greenhouse business in Armenia where I grow roses. Recently, I expanded my greenhouses with the help of a loan. The support came at the right time—my business was doing well, and I needed the space and tools to keep up with demand. One of the biggest improvements I’ve made is using hydroponic technology. It’s helped me grow roses with better color and durability, which means they look better and last longer during transport. That makes a real difference for my customers. I’m proud of how far the business has come. With this expansion, I can keep improving what I grow and build something even stronger for the future. I’ve been a loyal client of Farm Credit Armenia for many years, so when the opportunity to grow came, I trusted them once again. (This loan was made possible through Farm Credit Armenia, supported by a USD 2 million investment from Incofin’s work with Invest in Visions in 2024.)

José Bustamante

Agricultural Technician - Hugo Restrepo y CIA S.A.