All entrepreneurs


Our entrepreneurs have an unparalleled sense of urgency and dedication towards their dream. They aspire to build high momentum businesses with scalable solutions that address barriers of access and inequity. We have invested in 41 such businesses, across 10+ countries, been the first institutional investor in 36 and the founding investor in 17.

We curate environments for entrepreneurial success by being a partner through lonely and challenging moments, by driving innovation in product design and distribution, and by identifying metrics that ensure business performance and customer impact.

No matching companies

We don’t have any companies that match those filters. Try changing the selected options.

Invested 2021

Niro is an embedded consumer lending platform which aims to address the lack of financial access for thin file & new to credit customers in urban and semi urban India. This segment does not have access to traditional financial lending models due to poor credit scores or no prior credit history. 

Niro aims at leveraging the data and distribution of consumer internet companies, to offer a holistic set of financial products (through partnerships with banks and non-bank lenders) to these underserved customers. Through its innovative distribution approach and robust credit underwriting, Niro will provide competitive and frictionless products that improve financial access for its target segment.

There are c. 400 million people aged between 18-33 years in rural and semi-urban areas, but the credit penetration in this segment is only 8 percent. Lack of financial literacy, trust deficit in the organized banking system, employment volatility, and a demographic skew towards lower age and income brackets are the fundamental causes of single digit credit penetrations in these geographies, creating a significant credit gap.

Invested 2021

Cloudphysician is a healthcare services and med-tech platform enabling improved health outcomes by addressing the lack of access to quality critical care in ICUs across the globe, including tier 2/3 cities and beyond. Through its technology-driven tele-ICUs, Cloudphysician tackles the problem of limited ICU infrastructure and unavailability of skilled critical care physicians in remote locations. The Cloudphysician model and proprietary technology, RADARTM, make it possible for small hospitals in these locations to provide their patients better, more cost-effective and efficient critical care solutions. 

Developing countries have chronic scarcity of critical care options per capita. Most ICU beds are concentrated in tier 1 and tier 2 cities, with limited or no critical care capacity in smaller districts and towns. For example, India has only 0.5 hospital beds per 1,000 people and 0.8 doctors per 1,000 people*.


Invested 2020

Favo is disrupting the retail model in Latin America by becoming the first and largest community group buying company in the region. Currently operating in Brazil and Peru, Favo is an 100% online supermarket leveraging on community leaders who are responsible for customer management, customer aggregation and sales management.

For an average household in the region, it is estimated that food and transportation represent between 45% to 55% of the expenses for the low and middle income population.

Invested 2020

Justo is the first 100% online supermarket in Mexico. The company prioritizes fair treatment of its suppliers and the environment, while providing convenience, quality and accessible prices to the mass market in Mexico and Latin America.

For the average household in Mexico, food and transportation represent more than 55% of their income and one out of five people in the country cannot afford to have a balanced diet. In fact, most households in the country do not have enough income to cover their estimated expenses per month.

Canasta Rosa
Invested 2019

Canasta Rosa’s online platform enables individual, micro and small entrepreneurs, typically women working out of their homes in Mexico, expand the market reach of their products.

In Mexico, only 19% of the MSMEs have an online sales platform in a market where 75% of the internet users made an online purchase.

Invested 2019

SarvaGram is a household centric, predictive distribution platform catering to the financial aspirations of rural households. The uniqueness in SarvaGram’s approach comes from the strong link between financial services / other propositions and the household’s income generation / asset creation capabilities.

The total addressable market in the context of rural households is expected to exceed $10 trillion over the next decade

Invested 2019

BEDU, an EdTech company, combines a proprietary tech-enabled platform and online curated content with an asset-light, offline model to provide courses that are linked to professional advancement.

About 20% of Latin America’s youth, or nearly 30 million individuals, are either not employed or not engaged in education or training.

Invested 2019

InCred is a lending platform that uses advanced technology and data-science to enhance access to financial services for underserved Indian households and SMEs.

India’s 50+ million MSMEs face a $240 billion credit gap, that has only widened in the last five years. Similarly, approval rates for consumer credit have dropped by nearly 10 percentage points since 2016, while consumer credit demand grows sharply, indicating a large demand-supply gap.

The Better India
Invested 2019

The Better India (TBI) is a media platform that provides a curated audience for SMEs and other organisations to sell their products. Specifically focused on sustainability and social impact, TBI has launched its sustainable cleaning products private label, The Better Home.

Invested 2018

Origa is India’s first leasetech platform helping SMEs enhance business capacity. By offering equipment leasing and lifecycle solutions, Origa is helping small businesses manage their equipment, in addition to freeing up their balance sheets by converting capex into opex.

Leasing accounts for less than 1% of MSME financing in India.

Invested 2018

Bankingly enables financial inclusion by providing digital tools and services to financial institutions that cater to underserved and low income communities.

Only ~20% of major Latin American banks offer a smartphone app for banking services.

Vida Tec
Invested 2018

Vida Tec seeks to close Latin America’s literacy gap by offering students and the general population a suite of digital products for the discovery, management, and distribution of affordable, high quality and locally relevant Spanish language digital content.

According to 2015 PISA results, 46% of 15-year-olds in Latin America do not meet minimum standards of literacy and text comprehension.

Invested 2017

LEAD’s mission is to empower India by making excellent education, accessible and affordable to children in underserved communities.

Based on a study in 2016, only 45% of grade eight students were able to read simple sentences in English and 43% were able to do a simple arithmetic division, a decline of more than 20 percentage points over six years.


LEAD – on a mission to revolutionize schools in India by democratizing excellent education

Invested 2017

Nuvemshop allows micro, small and medium enterprises (MSMEs) in Latin America to access new sale channels by enabling the setup, management, and promotion of their online business easily and from any device, thus increasing their productivity and sales.

MSMEs in Argentina and Brazil account for >99% of enterprises and >64% of employment, and are concentrated in the commerce and services sectors.


Nuvemshop – accelerating the digital transformation of MSMEs in Latin America

Bike Bazaar
Invested 2017

Bike Bazaar (erstwhile WheelsEMI) provides a range of affordable solutions that drive mobility for working families, through financing, lifecycle management, and a transparent marketplace for two wheelers.

Mobility is a strong driver of employability in low-income communities and India is one of the world’s largest markets for pre-owned two-wheelers, estimated at over 12 million units per year.

Invested 2016

Credijusto is a financial technology company focused on lending to the underserved and rapidly growing small and medium enterprise market in Mexico.

SMEs account for over 98% of the business units in Mexico, over 50% of the country’s GDP and roughly 3/4th of employment.

Invested 2016

SecureNow offers general insurance products to SMEs with a technology enabled proposition that is core to its distribution and customer service.

General insurance penetration in India is around 1% of GDP against a global average of around 2.8%.

Invested 2015

Indifi helps MSMEs thrive and grow by providing a technology based platform to bridge the critical financing gaps faced by this segment.

65% of MSME borrowers in India do not have access to institutional credit.

Invested 2015

CreditMantri is a data-driven, digital financial services marketplace for borrowers with varying credit profiles, primarily focused on those with negative or no credit history.

Currently in India, 60% of bank loan applications get rejected due to negative or no credit history for the applicant.

Invested 2015

Samunnati empowers smallholder farmers and agricultural enterprises by providing access to markets through financial intermediation, market linkages and advisory services.

The estimated credit potential in India for a few top value chains in Samunnati’s portfolio is over $30 billion.


Samunnati – aspiring to define the next generation of Indian agriculture

Invested 2014

Finae provides education loans to low income and lower-middle income students in Mexico pursuing advanced career-oriented studies.

Only 7% of young adults aged 19-24 from low and lower-middle income households in Mexico go to college compared to 87% of their peers from high income households.

Invested 2013

Varthana provides infrastructure and project loans to help affordable private school entrepreneurs grow and improve their schools.

About 40% of all enrolled students in India study in affordable private schools, some with fees as low as $5 a month.

Invested 2011

Glocal provides state of the art healthcare to the rural population in India through an integrated model of comprehensive primary & secondary care hospitals, digital dispensaries and technology.

In India, 75% of the population lives in rural areas that lack access to basic healthcare services.

Invested 2010

Shubham provides home loans and home improvement loans to low income individuals and families in urban and semi-urban India.

The low income housing market in India is worth over $160 billion.

Invested 2011

GloboKasNet (GKN) is the largest multi-bank payment network in Peru offering transaction, processing, settlement and bill payment services to low income urban and rural clients of banks, microfinance institutions (MFIs) and commercial wholesalers. GloboKasNet’s vision is to turn into reality the economic and social inclusion of any person, anywhere, without regard to distance or population density.

The Peruvian financial system processes over 57 million transactions per month.

Invested 2010

Vistaar specializes in providing credit to micro, small and medium enterprises in India’s rural and semi-urban areas.

The overall demand for debt finance for MSME’s in India is estimated to be approximately $1 trillion.

Invested 2006

Ujjivan Financial Services started operations as an NBFC (Non Banking Financial Company) with the mission of catering to the economically active poor who are not adequately served by financial institutions.

It now operates as a Small Finance Bank, which operates in urban and semi-urban areas and provides a range of financial services to individuals and businesses in low income communities.

It is estimated that the remaining global microfinance market opportunity is $320 billion.

Past Investments


Afluenta is a technology-enabled marketplace that connects lenders and borrowers increasing access and affordability of financial services in Latin America.


Kamatan was building an inclusive agriculture value chain with a focus on empowering producers and solving the core challenges of small-holder farmers: to gain improved access to markets, technology and capital.​ In April 2021, Samunnati (also an Elevar portfolio company) acquired Kamatan through a share swap, joining forces to reach millions of farmers and unlock a massive opportunity in agri commerce and finance.

Madura Microfinance

Madura is a highly efficient customer-focused microfinance institution. The company provides unsecured microfinance loans to women self-help groups and micro-entrepreneurs in rural and semi-urban areas. In 2020, Madura merged with CreditAccess Grameen Ltd., and Elevar exited its stake in the company.

Union Andina

Union Andina enables Latin American migrants in the United States and Europe to purchase a home in their country of origin. The company offers migrant workers access to qualified real estate developers’ inventory list as well as mortgage financing solutions.


Aarusha provides safe, well – priced, high value temporary housing solutions to low income migrants in urban India.

MokshaYug Access

MokshaYug Access is a rural supply chain management company that builds market linkages between rural communities and larger commercial markets with a focus on dairy.

Grama Vidiyal Microfinance

Grama Vidiyal Microfinance is a provider of small loans to women in Tamil Nadu without access to formal credit. In 2015, the company was sold through a strategic sale to IDFC Bank and Elevar exited its full stake.

Caja Rural Los Andes

Los Andes is a deposit-taking, regulated finance company that caters to the needs of the rural community in Peru. It is a leading community bank with strong customer focus and a unique credit model. In 2016, Elevar exited with Creation Investments Capital Management LLC acquiring a majority stake in the company.

SKS Microfinance

SKS Microfinance is one of India’s largest microfinance institutions – lending to over 5 million women – and is globally recognized as a leader in the industry. SKS Microfinance went public in 2010. We led the series A investment in SKS. After a series of partial sales pre, during and post the IPO over a couple of years, Elevar exited its final stake in the company in 2013.

Finsol Brazil

Finsol Brazil is a microfinance institution reaching the vast number of micro-entrepreneurs living in the outskirts of cities around Northeast Brazil who have relatively little credit within their reach. In 2008, when Financiera Independencia acquired the parent company Finsol Mexico, Elevar exited its stake.

Swadhaar FinServe

Swadhaar focuses on providing services to the economically active poor in the city of Mumbai and other urban areas. In 2015, the company was sold through a strategic sale to Ratankar Bank Ltd. and Elevar exited its full stake.


Credex serves low income borrowers through individual productive loans in the poor urban and semi-urban areas and village banking in the rural areas of Mexico.

Comat Technologies

Comat provided access to essential information and e-governance services through 800 rural business centers distributed across Karnataka, India.