
Impact Investing Built on integrity
Incofin is an independent, employee-owned firm, born in Belgium and powered by diverse teams deeply rooted in the regions where it invests. Since 1992, Incofin has grown with integrity, guided by practical thinking, honest relationships, and a spirit of enterprise. Its India arm, Incofin India Investment Management Private Limited, manages Incofin India Progress Fund I (IPF I), a private equity fund that invests in India's rural transformation.
Sanjay Kumar
SEBI Contact Person; India Investment Team
Sanjay Kumar is the SEBI-designated contact person for Incofin India Progress Fund. He is part of Incofin's India investment team based in Chennai.
Swaminathan Dandapani
Chairman, Incofin India Investment Management Private Limited
Swaminathan Dandapani was appointed Chairman of Incofin India Investment Management Private Limited in 2019. He is a seasoned professional with over 40 years of experience in senior management, including as CEO and Managing Director of Infosys BPO and subsequently Executive Chairman of Manipal Health Enterprises. He serves on boards of companies in healthcare, talent, and technology transformation.
Aditya Bhandari
India Investment Team Lead
Aditya Bhandari leads the India equity investment team at Incofin India Investment Management. He is responsible for sourcing, executing, and managing investments for the India Progress Fund across financial inclusion and agri-food sectors.
Siva Vadivelazhagan
India Investment Team
Siva Vadivelazhagan is a member of Incofin India Investment Management's investment team, contributing to deal sourcing and portfolio management for the India Progress Fund.
Rahul Rai
Managing Partner, India
Member of the Institute of Chartered Accountants of India; undergraduate degree in economics with honours
Rahul Rai has been a Partner at Incofin India since 2019. He has more than 20 years of experience in private equity, structured finance, and risk management. He is co-responsible for investment activities in financial inclusion and the agri-food value chain sectors in India, with a focus on growth equity investments. Rahul also serves on multiple portfolio company boards as a nominee director. Before joining Incofin, Rahul spent 13 years with the Dutch Rabobank, where he was part of the founding team of Rabo Equity Advisors Private Limited and became a Partner in 2012. Earlier in his career, he worked at ICICI Prudential Life Insurance in strategic risk management and at Mohindra and Associates in assurance and advisory. Rahul has completed executive programs at Harvard Business School and the Indian School of Business.
Investments in securities markets are subject to market risks. Read all the related documents carefully before investing. Past performance is not indicative of future returns.
Amol Warange
Partner, India
Jinesh Saraf
Financial Controller, India
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