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ImpactAssets 50: A Global Landscape of Impact Investment Fund Managers
The ImpactAssets 50 (IA 50) is the first open-source, publicly published database of experienced private debt and equity impact investment fund managers.
https://www.impactassets.org/impactassets-50

ImpactAssets 50

An Annual Showcase of Impact Investment Fund Managers

IA 50 2021 PROFILE

Omnivore

Total Assets Under Management: $100 – 499M
Asset Class: Private Equity
Primary UN Sustainable Development Goal: 2 – Zero Hunger
Clean Technology, Alternative Energy & Climate Change
Sustainable Agriculture
Microfinance, low-income financial services & micro-insurance

Firm Overview

Category: Private Equity - Early Stage (Emerging)

Omnivore is an impact venture capital firm, based in India, which funds entrepreneurs building the future of agriculture and food systems. Omnivore pioneered agritech investing in India, backing over 20 startups since 2011, and currently manages INR 9.35 billion (approximately $132 million) across two funds. Omnivore defines itself as a “financial first” impact investor, seeking to deliver market-rate venture capital returns, while impacting the lives of Indian smallholder farmers and rural communities. Every day, Omnivore portfolio companies drive agricultural prosperity and transform food systems across India, making farming more profitable, resilient, and sustainable.

Firm Headquarters: Asia & Oceania
Years of Operation: 5 – 9 years
Total Assets Under Management:
$100 – 499M
Total Number of Investors: More than 25
% of Capital from Top 3 Investors: 25% – 49%
Investment Thesis:

Omnivore invests in Indian startups developing breakthrough technologies for agriculture, food, climate resilience, and the rural economy. 

Investment Overview:

Omnivore’s investment thesis focuses on nine core agritech themes: Farmer Platforms, Precision Agriculture, Agri Biotech, Innovative Foods, Rural Fintech, Agri B2B Marketplaces, Farm to Consumer (F2C) Brands, Agribusiness SaaS, and Post-Harvest Technologies Omnivore’s theory of change (TOC) is to drive agricultural prosperity and transform food systems in India through three impact pillars: - Increasing Smallholder Farmer Profitability: raising farm yields, securing better prices for farm outputs, lowering the cost of finance, and reducing farm expenditures - Enhancing Smallholder Farmer Resilience: providing access to innovative finance, risk management solutions, steady/augmented sources of income, and improved market dynamics - Improving Agricultural Sustainability: lessening environmental impact of agriculture by reducing consumption of natural resources and minimizing waste, while building climate resilience Omnivore typically invests in Seed, pre-Series A, or Series A funding rounds, reserving enough capital to participate in follow-on rounds through Series B. 

Company Differentiator:

Omnivore is the only impact investor in South Asia focused entirely on agriculture. We have built a reputation over the past decade as the preferred investor for agricultural startups, given our deep sector expertise and catalytic value addition. Every member of Omnivore's investment team has prior experience in agribusiness, agricultural development, food processing, rural marketing, and/or agricultural technology.  Many of Omnivore’s investments have managed to scale massively, despite the challenges of operating in rural India:  - Stellapps: digitizing India’s USD 142 billion dairy industry; co-investors include the Gates Foundation, WRVI, ABB, Qualcomm Ventures, and Blume Ventures - DeHaat: India’s largest full-stack smallholder farmer platform; co-investors include Sequoia, FMO, and AgFunder. - MITRA: leading manufacturer of precision sprayers in India, helping farmers reduce pesticide usage; acquired by Mahindra (India's largest tractor company) to scale globally  

Investment Example

DeHaat is a technology-based platform offering full-stack agricultural services to farmers, including distribution of high quality agri inputs, customized farm advisory, access to financial services, and market linkages for selling their produce.  DeHaat has been designed as a one-stop solution for the needs of Indian smallholder farmers; currently over 300,000 farmers across Bihar, UP, Jharkhand, and Odisha are on the platform. The platform integrates a digital marketplace with a rural network of over 1,000 last mile service delivery centers, overseen by village-level entrepreneurs, radically increasing farmer profitability and resilience.  Omnivore originally invested in DeHaat's Seed round in February 2019, as the company's first institutional investor. In March 2020, Sequoia Capital and FMO jointly led DeHaat's Series A round, which was Sequoia's first ever agritech investment.

Leadership and Team

Cumulative Leadership Experience in Investing:
30 years or more
Cumulative Impact Experience of Top Three Firm Leaders:
20 – 29 years
Mark Kahn – Partner More Info

Mark co-founded Omnivore with Jinesh Shah in 2010. Previously, Mark was the Executive Vice President (Strategy & Business Development) at Godrej Agrovet, one of India’s foremost diversified agribusiness companies. At Godrej Agrovet, Mark was responsible for corporate strategy, M&A, R&D, and new business incubation. Earlier in his career, Mark worked for Syngenta and PFM. He earned a BA (Honors) from the University of Pennsylvania and an MBA from Harvard Business School, where he graduated as a Baker Scholar. Mark is a member of the Confederation of Indian Industry (CII) National Council on Agriculture, a member of the Governing Council of the Maharashtra State Innovation Society, and a member of EMPEA’s Venture Capital Council.

Jinesh Shah – Partner More Info

Jinesh co-founded Omnivore with Mark Kahn in 2010. Previously, he was Vice President and CFO at Nexus Venture Partners, one of India’s leading venture capital funds. Earlier in his career, Jinesh worked in corporate finance roles for Datamatics (leading Treasury/M&A), Patni Computers (initiating the IPO process), and HCL Technologies (founding the BPO business). He is a member of the IMC Chamber of Commerce and Industry’s Agriculture & Food Processing Committee. Jinesh is a Chartered Accountant with a B.Com from R A Poddar College and an MMS (Finance) from JBIMS.

Reihem Roy – Partner More Info

Reihem joined Omnivore in 2013 and runs our Chennai office. In addition to his investment responsibilities, he serves as Omnivore’s E & S and Business Integrity Officer. Previously, Reihem was an Associate at Villgro, a social impact fund and incubator. At Villgro, he co-founded the incubator’s healthcare practice while building a portfolio of social enterprise investments across agriculture, healthcare, and energy. Reihem began his career as an Analyst at the United Nations International Fund for Agricultural Development (IFAD), where he was assigned to the fund’s West and Central Africa portfolio. He earned a BA in Economics from the University of Madras and an MSc in Environmental Economics from the University of East Anglia.

Percentage of Investment Professionals who identify as women:
Less than 25%
Percentage of Investment Professionals who identify as a person of color:*
50% or more
Percentage of Senior Management Team who identify as women:
Less than 25%
Percentage of Senior Management Team who identify as a person of color:*
50% or more
*People of color include: Black, Latinx, Asian, Native American/Alaskan Native, Pacific Islander, Middle Easterm and multi-racial Americans

Financial Performance

Target Financial Returns Relative to Benchmark:
Market Rates
Actual Performance Relative to Target Financial Returns in the Past Three Years:
In line with initial target returns
Financial Reporting Frequency to Investors or Donors
Quarterly

Impact Performance

Percentage of Total Assets Under
Management that are Impact Investments:
100%
Primary Impact Outcomes:
Addressing climate change and environmental issues
Alleviating poverty
Conserving land, ecosystems and natural resources
Creating jobs
Increasing access to financial services
Secondary Impact Outcomes:
Increasing access to water and sanitation
Addressing Gender Inequality
Value-added Services Offered:
Access to markets
Business and legal training
Other: Technical Assistance

Investments systematically target companies where social and/or environmental impact is integral to the product/service being created:

Omnivore’s Theory of Change (TOC) is based on three key pillars - increasing smallholder profitability, enhancing smallholder resilience, and improving agricultural sustainability. As part of investment process, Omnivore evaluates each deal against these three parameters, and proceeds only if significant impact potential is clear. 

Investments systematically include social and environmental sustainability practices in the due diligence process:

Yes, Omnivore follows IFC ESG standards, and the transaction documents for any investment mandates the adoption of an ESG policy and ESG action plan implementation.

Impact Tracking and Monitoring

Impact is Tracked:
Yes
Social and/or Environmental Impact is Reported to Investors and Donors:
Yes – to investors and donors
Third Party Validations:
Participant on steering committees or leadership roles within impact industry associations
Publisher or contributor to industry white paper or other research in impact investing

Learn More

Key Contact Name: Mark Kahn
Phone: +91 99205 65523
Mailing Address:

SF-A-03, 2nd Floor, Mumbai, 400070, India

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