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International Finance Corporation

Venture Capital · Founded 1956 · Washington DC, United States

#101 LP Ranking #5 of 2,413 LPs

IFC, part of the World Bank Group, focuses on the private sector in developing countries

324 VC firms backed
$72B AUM
01 · Background

Who International Finance Corporation is.

Historical Background
The International Finance Corporation (IFC) was founded in 1956 as a member of the World Bank Group. It was established to act as the private-sector financing arm of the World Bank, created to provide capital for private enterprises in developing countries at a time when there was little international investment in these regions.
Source of Capital
The IFC is owned by 186 member governments who provide paid-in capital. A significant portion of its funding is raised by issuing bonds in international capital markets, with the U.S. dollar market being its largest source. The corporation also utilizes retained earnings as a source of capital.
Major Events
The IFC has implemented a strategic shift known as "IFC 3.0," which reorients its approach from passively financing projects to proactively creating markets and investment opportunities. In the fiscal year 2024, the institution committed a record $56 billion to private companies and financial institutions in emerging markets.
Allocation Strategy
The IFC is the largest global development institution focused exclusively on the private sector in emerging markets, operating in over 100 countries. Its investment approach includes direct equity investments, private equity funds, loans, and debt securities to support private companies and foster job creation. The organization formulates specific country strategies to guide the deployment of its resources to address the most significant development challenges.
02 · Fund commitments

The funds International Finance Corporation backs.

International Finance Corporation is a limited partner in 324 funds. 12 of them place in the Power Law Investor Ranking; those lead, best-ranked first.

Sequoia Capital
United States
#2 Power Law
500 Global
United States
#6 Power Law
Partech
France
#72 Power Law
TPG
United States
#158 Power Law
Highland Capital Partners
Kyrgyzstan
#192 Power Law
Peak XV Partners
India
#207 Power Law
Vertex Holdings
Singapore
#214 Power Law
Wavemaker Partners
United States
#236 Power Law
SOSV
United States
#318 Power Law
CDH Investments
Hong Kong
#320 Power Law
Adams Street Partners
United States
#331 Power Law
Learn Capital
United States
#423 Power Law
03 · Allocation

How International Finance Corporation’s fund book is spread.

The 324 funds International Finance Corporation backs, by where the manager is headquartered and how many funds that manager has raised.

Where those managers are based

By fund headquarters, across the 322 of 324 with a location on record.

  • Rest of world 18959%
  • Europe 7122%
  • North America 6219%

United States 62 · India 40 · United Kingdom 26 · Singapore 24

How established those managers are

Managers grouped by how many funds they have raised — across the 163 of 324 with a fund history on record.

Emerging funds · 103
Established funds · 60
42 1
36 2
25 3
19 4
19 5-6
10 7-9
5 10-14
7 15+
Funds raised by the manager
04 · Exits

International Finance Corporation’s biggest exits.

Portfolio companies that IPO’d or were acquired at $1B+, with the valuation recorded at exit and — for those still public — their value today. Exit events come from each company’s funding-round history; entry stage from International Finance Corporation’s transaction record.

Iberdrola
IPO · 2007
Now $213BEnergy
HDFC Bank
IPO · 1999
Now $161BFintech
BBVA
IPO · 2003
Now $147BFintech
Bajaj Finserv
IPO · 2002
Now $92BFintech
Itau
IPO · 2009
Now $87BFintech
$42B IPO · 2021
Now $70BFintech
Grasim Industries
IPO · 2000
Now $57BFashion
Coca-Cola Icecek
IPO · 2006
Now $56BEnergy
Shriram Finance
IPO · 1999
Now $55BTransportation
Cholamandalam
IPO · 1994
Now $42BFintech
ACWA Power
$14B IPO · 2021
Now $42BEnergy
$11B IPO · 2024
Entered Series B+Now $29BMedia
05 · Direct investments

The companies International Finance Corporation backs directly.

International Finance Corporation holds 250 companies directly, separate from the funds it commits to as a limited partner. Broken down by headquarters country, sector, entry stage and current growth stage. "Stage entered" is the first priced round the investor joined, derived from the investor’s transaction history.

By countryCount
  1. India100
  2. USA46
  3. Brazil40
  4. Türkiye24
  5. Indonesia20
  6. Egypt17
  7. Singapore17
  8. UK17
  9. Mexico15
  10. Nigeria15
  11. Kenya14
  12. China12
By sectorCount
  1. Fintech179
  2. Energy87
  3. Health47
  4. Food38
  5. Transportation37
  6. Enterprise Software32
  7. Real Estate28
  8. Telecom27
  9. Education18
  10. Media12
  11. Fashion9
  12. Marketing9
By stage enteredCount
  1. Series B+192
  2. Series A61
  3. Seed20
By growth stageCount
  1. Late Growth213
  2. Breakout Stage166
  3. Mature132
  4. Early Growth67
06 · Portfolio market map

Inside International Finance Corporation’s portfolio.

The 60 highest-funded portfolio companies, of 250 tracked.

Byju's
Education
$100M
Nubank
Fintech · Decacorn
$70B
Bolt
Food · Unicorn
$6.8B
GoTo Group
Fintech · Unicorn
$2.6B
Lenskart
Fashion · Decacorn
$13B
Bigbasket
Food · Unicorn
$3.2B
Creditas
Fintech · Unicorn
$3.3B
Helios Towers Africa
Telecom · Unicorn
$4.5B
Zhangmen
Education
WeLab
Fintech · Unicorn
$2.0B
Aihuishou
Energy
$874M
Neon
Fintech · Unicorn
$1.6B
PayMaya
Fintech · Unicorn
$1.4B
Microvast
Energy
$500M
Apeel Sciences
Food · Unicorn
$2.0B
Navi Finserv
Fintech
$108M
Liquid Intelligent Technologies
Telecom
$780M
Planet Labs
Space · Unicorn
$8.3B
C2FO
Fintech · Unicorn
$1.0B
Global Fashion Group
Fashion
$12M
BlaBlaCar
Travel · Unicorn
$2.0B
Sun King
Energy · Unicorn
$1.3B
MNT-Halan
Fintech · Unicorn
$1.4B
UpGrad
Education · Unicorn
$2.3B
Fourth Partner Energy
Energy
$280M
Loggi
Transportation · Unicorn
$2.0B
Janalakshmi
Fintech
$644M
Avanse Financial Services
Fintech
$9.2M
Moove
Fintech · Unicorn
$2.1B
Moglix
Home Living · Unicorn
$2.6B
Builder
Enterprise Software
Coursera
Education
$791M
Remitly
Fintech · Unicorn
$4.5B
Souq
Fashion · Unicorn
$1.0B
Boston Metal
Real Estate
$610M
Andela
Education · Unicorn
$1.5B
CleanMax
Real Estate · Unicorn
$3.7B
Konfio
Fintech · Unicorn
$1.3B
M-KOPA
Fintech
$640M
Blackbuck
Transportation · Unicorn
$1.3B
Network International
Fintech · Unicorn
$2.5B
Habi
Real Estate · Unicorn
$1.0B
SIGFOX
Telecom
$25M
Monedo
Fintech
EFishery
Food · Unicorn
$1.4B
Waycool
Food
$585M
Shriram Finance
Transportation · Decacorn
$55B
Elemental Holding
Energy
Mintifi
Fintech
$750M
Klar
Fintech
$800M
Moniepoint
Fintech · Unicorn
$1.0B
Branch International
Fintech
$700M
Northern Arc
Fintech · Unicorn
$1.9B
Shadowfax Technologies
Transportation · Unicorn
$1.8B
Bizongo
Fintech
$980M
MedGenome Labs
Health
$275M
TruKKer
Transportation
$400M
TBC Uzbekistan
Fintech · Unicorn
$1.4B
Arya.ag
Real Estate
$322M
Grupo Netshoes
Fashion
$180M
07 · Portfolio founders

Where International Finance Corporation’s portfolio founders come from.

169 founders across the 100 highest-funded portfolio companies — by current location, university attended, and the companies they worked at before founding. Sourced from the founder records the API links to each portfolio company.

LocationCount
  1. India48
  2. United States27
  3. Brazil15
  4. United Kingdom9
  5. Indonesia7
  6. Colombia6
  7. China5
  8. Philippines4
  9. United Arab Emirates4
  10. Estonia3
UniversityCount
  1. Harvard Business School9
  2. Indian Institute of Technology, Delhi8
  3. INSEAD Business School7
  4. Stanford University Graduate School of Business6
  5. Indian Institute of Technology Bombay5
  6. The University of the Andes5
  7. Indian School of Business4
  8. London School of Economics and Political Science4
  9. Stanford University4
  10. Carnegie Mellon University3
Previous companyCount
  1. McKinsey & Company7
  2. Boston Consulting Group6
  3. EY-Parthenon4
  4. Unilever4
  5. Alphabet | Google3
  6. Deutsche Bank3
  7. Goldman Sachs3
  8. Microsoft3
  9. Morgan Stanley3
  10. PagosOnLine3