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World Bank arm IFC to invest $20-mn in Innovaccer

The Arc Web

The Arc Web · 1y ago

World Bank arm IFC to invest $20-mn in Innovaccer

The International Finance Corporation (IFC) is in talks to invest $20 million in Innovaccer, a healthcare data software company. Innovaccer is also seeking up to $200 million in new funding, involving primary and secondary share sales. Innovaccer, valued at $3.2 billion in December 2021, operates mainly in the US, India, and the Middle East. The company aggregates medical data to improve access and cost savings for hospitals and insurers, claiming to have unified 50 million patient records and generated $1.5 billion in cost savings. Innovaccer's annualized revenue run rate is $130 million as of early 2024.

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IFC eyes $35-mn stake in telecom infra firm iBus

The Arc Web

The Arc Web · 1y ago

IFC eyes $35-mn stake in telecom infra firm iBus

The International Finance Corporation (IFC), the investment arm of the World Bank, is planning to invest $35 million in iBus Networks and Infrastructure. iBus provides internet connectivity services to corporate parks, hotels, and malls. This potential investment follows the majority stake acquisition of almost 60% by the National Investment and Infrastructure Fund earlier this year. iBus counts backers such as Morgan Stanley Infrastructure Fund, Ranjan Pai's family office, and Vallabh Bhanshali's family office. The company has seen growth in its revenue, but also reported a loss in FY23.

IFC set to invest in Moroccan warehousing and logistics firm

VCCircle

VCCircle · 1y ago

IFC set to invest in Moroccan warehousing and logistics firm

The International Financial Corporation (IFC), the private investment arm of the World Bank, has announced plans to acquire a minority stake in a Moroccan warehousing and logistics company. The investment will be used to support the company's organic growth and potential acquisitions. The IFC will acquire a 17% stake in Building... [Truncated]

IFC-backed Eye-Q attracts another strategic suitor as early backers seek exit

VCCircle

VCCircle · 9m ago

IFC-backed Eye-Q attracts another strategic suitor as early backers seek exit

Eye-Q, an eyecare clinic operator in Gurugram, backed by the International Finance Corporation (IFC), has attracted another potential buyer interested in acquiring a controlling stake in the company. The company has generated previous interest and is supported by the World Bank Group's investment arm.

NIIF-controlled iBus gets new backer on board as another PE investor checks out

VCCircle

VCCircle · 10m ago

NIIF-controlled iBus gets new backer on board as another PE investor checks out

Digital infrastructure provider iBus Network and Infrastructure Pvt Ltd has secured International Finance Corporation (IFC), the private-sector investment arm of the World Bank Group, as a new investor. The IFC has invested Rs 280 crore ($34 million) to acquire a minority stake in iBus, offering an exit opportunity for current investors. This funding will help iBus expand its operations and strengthen its position in the digital infrastructure market.

IPO-bound NBFC Northern Arc raises $80 mn from IFC

VCCircle

VCCircle · 1y ago

IPO-bound NBFC Northern Arc raises $80 mn from IFC

Chennai-based non-banking lender Northern Arc has raised $80 million, with $40 million in equity and $40 million in debt, from the International Finance Corporation (IFC), the investment arm of the World Bank Group. The funds will be used for expansion and improving customer reach. Northern Arc, which focuses on financial inclusion, plans to raise an additional $75 million from another foreign institution. The company offers microfinance, MSME finance, affordable housing finance, vehicle finance, consumer finance, and agriculture supply chain finance. Its assets under management stood at INR 10,081 crore ($1.34 billion) as of September 2023.

DFDF-backed social media app Vuz taps new investor in fresh funding round

VCCircle

VCCircle · 7m ago

DFDF-backed social media app Vuz taps new investor in fresh funding round

The Dubai Future District Fund (DFDF)-backed social media app Vuz is raising funds to support its expansion plans. The Dubai-based startup is expected to receive investment from the International Financial Corporation (IFC), the private investment arm of the World Bank. Vuz is an immersive social media platform that aims to provide a new way of connecting and engaging with others.

Asia Partners raises $474 mn for second PE fund

VCCircle

VCCircle · 1y ago

Asia Partners raises $474 mn for second PE fund

Singapore-based private equity firm, Asia Partners, has raised $474 million for its second fund, with new investor, International Finance Corp (IFC) from the World Bank joining the round. The fund focuses on investments in the Southeast Asian tech sector. Returning investors include the International Development Finance Corp, Financial Investments Corp, Deutsche Investitions- und Entwicklungsgesellschaft, and Generation Capital. This second fund brings Asia Partners' total assets under management to $1 billion.

International Finance Corporation's investments hit a record at $56 bn

VCCircle

VCCircle · 10m ago

International Finance Corporation's investments hit a record at $56 bn

The International Finance Corporation (IFC), the World Bank's private investment arm, has reached a new record of $56 billion in investments for its financial year ending in June. This 28% increase is attributed to internal reforms and decentralised decision-making processes. The IFC aims to continue this growth and target $62 billion for the financial year ending in 2025. The focus will be on investing in infrastructure, particularly in roads and transportation, and collaborating with sub-sovereign entities like municipalities. The IFC also plans to increase equity investments and potentially take companies public on domestic stock markets.

IFC, AIIB seek to exit six-year-old Indian highways bet

VCCircle

VCCircle · 4m ago

IFC, AIIB seek to exit six-year-old Indian highways bet

AIIB and IFC, associated with the World Bank, plan to exit their investment in an Indian infrastructure investment trust focused on roads. This decision comes six years after they initially invested in the project. The Asian Infrastructure Investment Bank (AIIB), based in Beijing, and the International Finance Corporation (IFC) aim to divest from the trust, seeking different opportunities or returns on their investments. Details on potential buyers or the financial implications have not been disclosed.

IFC to lead up to $1 bn financing for top Indian shadow bank

VCCircle

VCCircle · 9m ago

IFC to lead up to $1 bn financing for top Indian shadow bank

The International Finance Corporation (IFC) plans to lead a debt investment of up to $1 billion in one of India's largest shadow banks. The investment aims to support increased lending for small women entrepreneurs and individuals seeking to purchase electric vehicles. IFC, the private-sector investment division of the World Bank Group, aims to promote sustainable economic growth and development in emerging markets.

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