By Ishita Russell
As part of this round, FMO provided $4m in equity while $10m in long-term debt has come from OPIC.
The loan from ADB is expected to help develop basic infrastructure across key sectors including trade, transport, health, and agriculture.
Existing investor Lok Capital also participated in this round of funding.
The program has been launched in association with the Essel Group and will be powered by TiE Mumbai, a non-profit global community.
IndusInd sees a big opportunity in impact financing as it feels it is an underserved area, given that most mainstream banks are unable to underwrite such loans due to high risk perception.
One to Watch aims to invest in 15 companies with the new fund, with ticket sizes of $300,000-1 million. Supporters of the fund include Peter Tropper, the former chief investment officer in IFC’s private equity group, and the Dutch Good Growth Fund (DGGF) that supports development-related investments in low and middle-income countries.
The debt and equity round also saw the participation of Eight Roads Ventures and Bamboo Capital Partners
Rockstart Impact’s accelerator programme in Myanmar is open to applicants until January 19 and will start on March 5.
The funding by IFC takes CleanMax’s total institutional fundraising to $100 million.
Miners are accelerating efforts to examine renewable power generation and storage in an act of self-help.