• British International Investment (BII) more than doubled its new commitments in India in 2024, reaching £364.6 million (Rs 4,206 crore), up from £148.6 million in 2023, increasing its portfolio value in India to $2.45 billion. This growth in India outpaced BII's overall global investment growth.
• The surge in commitments was primarily driven by a significant increase in debt investments, both globally and in India, with debt accounting for 48% of total new investments in India in 2024, compared to 14% the previous year. BII sees promising opportunities for debt investments in India, particularly through direct lending to non-banking finance companies (NBFCs) to reach small-medium enterprises (SMEs).
• BII's investments in funds in India decreased in share from 48% in 2023 to 8% in 2024, with investments in Lok Capital IV, Ankur Capital's third fund, Asha Ventures GIFT Trust, and Arkam Ventures' Unitary Fund II. Key equity investments included backing Aye Finance and investing in MSME-focused lender Kinara Capital.
• BII has invested about $715 million in climate-focused companies in India as of 2024, as part of its target to invest up to $1 billion between 2022 and 2026, with India accounting for 32% of BII's global climate finance commitments in 2024. BII's LP investments show an equal split between sector/theme-specific funds and generalist funds to ensure it sticks to its development impact mandate.

Priyal Mahtta

British International Investment (BII), the UK government’s development finance institution (DFI), more than doubled its new commitments in India last year, led by a jump in debt investments, an analysis by VCCircle showed. The rise reflects a broader shift in its global investment approach. 

BII, formerly known as CDC Group Plc, ......

How BII doubled India commitments in 2024 led by debt investments

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British International Investment (BII), the UK government&rsquo;s development finance institution (DFI), more than doubled its new commitments in India...

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