NIIF Investments | Infrastructure, Private Equity, Climate, Credit

OUR INVESTMENTS

Investing in India’s growth story:

Commercially attractive investments across key sectors with a pan-India footprint

SUSTAINABLE INFRASTRUCTURE

Renewables*: Portfolio of 5+ GW across 5 states

Ports & Logistics: #2 player (based on volume market share) in the ports & logistics business, with a presence in 7 states

Smart Meters: Industry pioneer with 5 million+ operational meters across 7 states and union territories

Roads & Airports: 1000+ lane kilometres of roads, serving an average of 150,000 daily Passenger Car Units (PCUs). We are also strengthening regional air travel penetration and connectivity, through our two airport investments across 2 states

Digital Infrastructure & Data Centres: Our digital infrastructure platform has a presence in 21 states and 5 union territories; and our data centre platform is building India’s largest hyperscale facility in Navi Mumbai

* In February 2025, NIIF signed a Share Purchase Agreement (SPA) with ONGC NTPC Green Private Limited (ONGPL) to exit its investment in Ayana Renewable Power Private Limited.

PRIVATE MARKETS

We have a presence in nearly every state and union territory, with investments spanning renewables, electric mobility, consumer, manufacturing, fintech, deeptech, healthcare and more

GROWTH EQUITY

Infrastructure Financing: NIIF’s debt platforms support projects in 16 states and 2 union territories, with 50%+ of our loan book across 250+ projects dedicated to green project finance

CLIMATE INVESTMENTS

India-Japan Fund: Two investments in electric mobility with manufacturing facilities across 5 states including upcoming plants

Electric Mobility*: 300,000+ EVs (including 2Ws, 3Ws, and e-buses) on road across 15+ states

* Includes investments across India-Japan Fund, Private Markets Fund and Strategic Opportunities Fund

Andhra Pradesh

Renewables, E-mobility, Consumer, Fintech, Infrastructure Finance, Healthcare

Ayana Renewable Power: Solar & wind energy portfolio of ~850W
Presence across multiple sectors through portfolio companies including renewables (Ayana, Radiance), e-mobility (GreenCell Mobility) consumer (Licious, Kushal's Retail), and fintech (Acko Technology & Services, Veritas Finance, CredRight)
Infrastructure Debt Platforms - 18+ projects (Aseem - 12 projects; NIIF IFL - 6 projects)
Manipal Hospitals - 2 hospitals in Vijaywada*

NIIFL exited Manipal Hospitals in April 2023. The company had 29 hospitals during NIIF's investment horizon that are shown in this map and currently has 33 hospitals

On February 12, 2025, NIIF signed a Share Purchase Agreement (SPA) with ONGC NTPC Green Private Limited (ONGPL) to exit its investment in Ayana Renewable Power Private Limited. The transaction, with an enterprise value of INR 195 billion (USD 2.3 billion), sees ONGPL acquire a 100% equity stake in Ayana.

Arunachal Pradesh

Fintech

Gross direct premium underwritten through Acko Technology

Assam

Smart Meters, Renewables, Fintech, Consumer, Infrastructure Finance

Orderbook of 2.12 million smart meters through IntelliSmart
Presence across multiple sectors through portfolio companies including renewables (Radiance), fintech (Acko Technology) and consumer (Kushal's Retail)
Infrastructure Debt Platforms - 1 project (NIIF IFL)

Bihar

Smart Meters Digital Infrastructure, Renewables, Fintech, Manufacturing, Infrastructure Finance

Orderbook of 3.6 million smart meters through IntelliSmart
Digital Infrastructure presence through iBus
Presence across multiple sectors through portfolio companies including renewables (Radiance), fintech (Acko Technology, Veritas Finance) and manufacturing (Parsons Nutritional)
Infrastructure Debt Platforms - 1 project (Assem)

Chhattisgarh

Digital Infrastructure, Renewables, Fintech, Infrastructure Finance

Digital Infrastructure presence through iBus
Presence across multiple sectors through portfolio companies including renewables (Radiance Renewables) and fintech (Acko Technology & Services, Veritas Finance)
Infrastructure Debt Platforms -3 projects (NIIF IFL)

Goa

Airports, Digital Infrastructure, Healthcare

Investment in GMR Goa International Airport
Digital Infrastructure presence through iBus
Manipal Hospitals - 1 hospital

NIIFL exited Manipal Hospitals in April 2023. The company had 29 hospitals during NIIF's investment horizon that are shown in this map and currently has 33 hospitals

Gujarat

Renewables, Ports & Logistics, Smart Meters, Digital Infrastructure, Healthcare, E-Mobility, Consumer, Waste & Wastewater management, Infrastructure Finance

Ayana Renewable Power - Wind & Solar energy portfolio of 420MW
Ports & logistics (HIPL): multiple assets including 2 Container terminals, 2 Multimodal Logistics Parks
Orderbook of 4.6 million smart meters through IntelliSmart
Digital Infrastructure presence through iBus
Presence across multiple sectors through portfolio companies including healthcare/heathtech ('Sterling Addlife, BDR Pharmaceuticals), renewables (Radiance Renewables, Ayana Renewable Power), e-mobility (GreenCell Mobility), fintech (Kogta Financial, Acko Technology), consumer (Kushal's Retail, Safari Industries) and waste & wastewater management (EverEnviro)
Infrastructure Debt Platforms - 34+ projects (Aseem - 16 projects; NIIF IFL - 18 projects)

Haryana

Ports & Logistics, Smart Meters, Digital Infrastructure, Consumer, Fintech, Manufacturing, Infrastructure Finance

Ports & logistics (HIPL) - multiple assets including 2 multimodal logistics parks
Providing smart meter services in Haryana through IntelliSmart
Digital Infrastructure presence through iBus
Presence across multiple sectors through portfolio companies including consumer (Licious), fintech (Kogta Financial, Acko Technology), and manufacturing (Poly Medicure)
Infrastructure Debt Platforms - 4 projects (Aseem - 2 projects; NIIF IFL - 2 projects)

Himachal Pradesh

Digital Infrastructure, Renewables, E-mobility, Fintech, Manufacturing

Digital Infrastructure presence through iBus
Presence across multiple sectors through portfolio companies including renewables (Radiance Renewables), e-mobility (Lithium Urban Technology), fintech (Kogta Financial, Acko Technology), and manufacturing (Parsons Nutritionals)

Jharkhand

Digital Infrastructure, Renewables, Fintech, Infrastructure Finance

Digital Infrastructure presence through iBus
Presence across multiple sectors through portfolio companies including renewables (Radiance Renewables) and fintech (Acko Technology, Veritas Finance)
Infrastructure Debt Platforms - 1 project (Aseem)

Karnataka

Renewables, Roads, Digital Infrastructure, Waste & Wastewater Management, E-Mobility, Affordable Housing, Consumer, Fintech, Healthcare/Healthtech, Manufacturing, Technology, Infrastracture Finance

Ayana: Solar & wind energy portfolio of ~2.2GW
Athaang Infrastructure -22km Devanahalli toll road
Digital Infrastructure presence through iBus
Presence across multiple sectors through portfolio companies including renewables (Radiance Renewables Ayana Renewable Power), waste and wastewater management (EverEnviro, Kathari Water Management), e-mobility (GreenCell Mobility, Lithium Urban Technology, TI Clean Mobility, Exponent Energy), affordable housing (HDFC Capital), consumer (Licious, Kushal's Retail, VTION), Fintech (Acko Technology, Veritas Finance), Healthtech/Healthcare(Dozee, Natural Biogenix), manufacturing (Parsons Nutritionals, Aequs) and technology (SubCom, Contiinex, EtherealX, QpiAi, DeepMatrix)
Infrastructure Debt Platforms - 61 projects (Aseem - 20 projects; NIIF IFL - 41 projects)
Manipal Hospitals- 17 hospitals
Ather Energy - Corporate Office in Bengaluru
Mahindra Last Mile Mobility - 1 factory and 1 R&D centre in Bengaluru

NIIFL exited Manipal Hospitals in April 2023. The company had 29 hospitals during NIIF's investment horizon that are shown in this map and currently has 33 hospitals

Kerala

Ports & Logistics, Digital Infrastructure, Renewables, Consumer, Fintech

Ports & logistics (HIPL): multiple assets including 1 container terminal
Digital Infrastructure presence through iBus
Presence across multiple sectors through portfolio companies includin renewables (Radiance Renewables), consumer (Licious, Kushal's Retail) and fintech (Acko Technology)

Maharashtra

Ports & Logistics, Data Centres, Digital Infrastructure, Renewables, Waste Management, E-mobility, Fintech, Affordable Housing, Consumer, Healthcare, Healthtech, Manufacturing, Infrastructure Financing

Ports & logistics (HIPL): multiple assets including 2 Container Terminals, 1 Freetrade Warehousing Zone, and 1 Container Freight Station
Digital Edge India - 300MW hyperscale data centre in Navi Mumbai, largest in APAC
Digital Infrastructure presence through iBus
Presence across multiple sectors through portfolio companies including renewables (Radiance Renewables), waste and wastewater management (EverEnviro), e-mobility (GreenCell Mobility, Lithium Urban Technology), fintech (Accretive Cleantech, Kogta Financial, Acko Technology), affordable housing (HDFC Capital), consumer (Licious, Kushal's Retail, Safari Industries, VTION), healtcare/healthtech (Dozee, Emil Pharmaceutical), technology, (Miko, Wiom, Datamotive) and manufacturing (Printmann Offset)
Infrastructure Debt Platforms - 43 projects (Assem - 22 projects; NIIF IFL - 21 projects)
Manipal Hospitals - 2 Hospitals in Pune
Ather Energy - 1 Factory in Aurangabad
Mahindra Last Mile Mobility - Corporate Office in Mumbai

NIIFL exited Manipal Hospitals in April 2023. The company had 29 hospitals during NIIF's investment horizon that are shown in this map and currently has 33 hospitals

Ather Energy's manufacturing facility in Aurangabad is an upcoming factory

Madhya Pradesh

Digital Infrastructure, Renewables, Waste Management, E-Mobility, Fintech, Consumer, Infrastructure Finance

Digital Infrastructure presence through iBus
Presence across multiple sectors through portfolio companies including renewables (Radiance Renewables), waste management (EverEnviro), electric mobility (GreenCell Mobility, Lithium Urban Technology ), fintech (Kogta Financial, Acko Technology, Veritas Finance) and consumer (Kushal's Retail)
Infrastructure Debt Platforms - 7 projects (Aseem - 2 projects; NIIF IFL - 5 projects)

Manipur

Fintech

Providing digital insurance through Acko Technology

Meghalaya

Fintech

Providing digital insurance through Acko Technology

Mizoram

Fintech

Providing digital insurance through Acko Technology

Nagaland

Fintech

Providing digital insurance through Acko Technology

Odisha

Digital Infrastructure, Renewables, Fintech, Technology

Digital Infrastructure presence through iBus
Presence across multiple sectors through portfolio companies including renewables (Radiance Renewables), fintech (Acko Technology, Veritas Finance) and technology (Datoms)

Punjab

Digital Infrastructure, Renewables, Fintech, Technology

Digital Infrastructure presence through iBus
Presence across multiple sectors through portfolio companies including renewables (Radiance Renewables), waste management (EverEnviro), consumer (Licious) and fintech (Kogta Financial, Acko Technology)
Infrastructure Debt Platforms - 8 projects (Aseem - 1 project; NIIF IFL - 7 projects)
Manipal Hospitals - 1 hospital in Patiala

1 NIIFL exited Manipal Hospitals in April 2023. The company had 29 hospitals during NIIF's investment horizon that are shown in this map & currently has 33 hospitals

Rajasthan

Renewables, Smart Meters, Digital Infrastructure, Waste Management, E-Mobility, Consumer, Fintech, Healthcare, Healthtech, Manufacturing, Infrastructure Finance

Ayana Renewable Power - Solar energy portfolio of ~1.35GW
Providing smart meter services in Rajasthan through IntelliSmart
Digital Infrastructure presence through iBus
Presence across multiple sectors through portfolio companies including renewables (Radiance Renewables, Ayana Renewable Power) waste management (EverEnviro), e-mobility (GreenCell Mobility, Lithium Urban Technology), consumer (Licious, Safari Industries), fintech (Kogta Financial, Acko Technology), Healthcare/healthtech (Apex Hospitals, Globela Pharma), and manufacturing (Parsons Nutritionals, Poly Medicure)
Infrastructure Debt Platforms - 27 projects (Aseem - 9 projects; NIIF IFL - 18 projects)
Manipal Hospitals - 1 hospital in Jaipur

NIIFL exited Manipal Hospitals in April 2023. The company had 29 hospitals during NIIF's investment horizon that are shown in this map and currently has 33 hospitals

Sikkim

Digital Infrastructure

Digital Infrastructure presence through iBus

Tamil Nadu

Renewables, Ports & Logistics, E-Mobility, Consumer, Fintech, Infrastructure Finance, Healthcare, Manufacturing

Ayana Renewable Power - 100 MW Tirunelveli solar power project
Ports & logistics (HIPL) - multiple assets including 1 Container terminal, 2 Container Freight Stations
Presence across multiple sectors through portfolio companies including renewables (Radiance Renewables, Ayana Renewable Power), e-mobility (GreenCell Mobility, Lithium Urban Technologym, TI Clean Mobility), consumer (Licious, Kushal's Retail) and fintech ( Acko Technology, Veritas Finance, CredRight)
Infrastructure Debt Platforms - 12 projects (Aseem - 2 projects; NIIF IFL - 10 projects)
Manipal Hospitals - 1 hospital in Salem
Ather Energy - 1 Factory in Hosur

NIIFL exited Manipal Hospitals in April 2023. The company had 29 hospitals during NIIF's investment horizon that are shown in this map and currently has 33 hospitals

Tripura

Fintech

Providing digital insurance through Acko Technology

Telangana

Ports & Logistics, Roads, Digital Infrastructure, Renewables, Waste Management, E-mobility, Consumer, Healthcare, Manufacturing, Consumer, Infrastructure Finance

Ports & logistics (HIPL) - multiple assets including 1 multimodal logistics park
Athaang Infrastructure - 240 lane kms of toll roads (Dichpally)
Digital Infrastructure presence through iBus
Presence across multiple sectors through portfolio companies including renewables (Radiance Renewables); waste management (EverEnviro), e-mobility (GreenCell Mobility, Lithium Urban Technology), consumer (Licious, Kushal's Retail), healthcare/manufacturing (BDR Pharmaceuticals) and consumer (Acko Technology & Services, Veritas Finance, CredRight)
Infrastructure Debt Platforms - 10 projects (Aseem - 1 project; NIIF IFL - 9 projects)
Mahindra Last Mile Mobility - 1 factory in Zaheerabad

Uttar Pradesh

Ports & Logistics, Smart Meters, Roads, Digital Infrastructure, Waste Management, E-Mobility, Consumer, Fintech, Technology, Manufacturing

Ports & Logistics (HIPL) - multiple assets including 2 multimodal logistics parks
Orderbook of 9.5 million smart meters through IntelliSmart
Athaang Infrastructure - 438 lane kms of toll roads
Digital Infrastructure presence through iBus
Presence across multiple sectors through portfolio companies including waste management (EverEnviro), e-mobility (GreenCell Mobility), consumer (Licious, Kushal's Retail), fintech (Kogta Financial, Acko Technology), technology (Wiom) and manufacturing (Parsons Nutritionals)
Infrastructure Debt Platforms - 9 projects (Aseem - 5 projects; NIIF IFL - 4 projects)

Uttarakhand

Digital Infrastructure, Renewables, E-Mobility, Fintech, Healthcare, Manufacturing

Digital Infrastructure presence through iBus
Presence across multiple sectors through portfolio companies including renewables (Radiance Renewables), e-mobility (GreenCell Mobility), healthcare/manufacturing (Zenex Animal Health, Poly Medicure), fintech (Acko Technology)
Mahindra Last Mile Mobility - 1 factory in Haridwar

West Bengal

Digital Infrastructure, Renewables, Wastewater Management, E-Mobility, Affordable Housing, Consumer, Fintech, Healthtech, Healthcare, Infrastructure Finance

Digital Infrastructure presence through iBus
Presence across multiple sectors through portfolio companies including renewables (Radiance Renewables), wastewater management (Kathari Water Management), e-mobility (Lithium Urban Technology), affordable housing (HDFC Capital), consumer (Licious, VTION), fintech (Acko Technology, Veritas Finance), healthtech (Dozee)
Infrastructure Debt Platforms - 3 projects (Aseem - 2 projects; NIIF IFL - 1 project)
Manipal Hospitals - 1 hospital in Kolkata

NIIFL exited Manipal Hospitals in April 2023. The company had 29 hospitals during NIIF's investment horizon that are shown in this map and currently has 33 hospitals

Andaman & Nicobar (UT)

Digital Infrastructure

Digital Infrastructure presence through iBus

Chandigarh (UT)

Digital Infrastructure, Renewables, E-Mobility, Consumer, Fintech

Digital Infrastructure presence through iBus
Presence across multiple sectors through portfolio companies including renewables (Radiance Renewables), e-mobility (GreenCell Mobility), consumer (Licious, Kushal's Retail) and fintech (Kogta Financial, Acko Technology)

Dadra & Nagar Haveli and
Daman & Diu (UT)

Fintech

Providing digital insurance through Acko Technology

Dadra & Nagar Haveli and
Daman & Diu (UT)

Fintech

Providing digital insurance through Acko Technology

Chandigarh (UT)

Digital Infrastructure, Renewables, E-Mobility, Consumer, Fintech

Digital Infrastructure presence through iBus
Presence across multiple sectors through portfolio companies including renewables (Radiance Renewables), e-mobility (GreenCell Mobility), consumer (Licious, Kushal's Retail) and fintech (Kogta Financial, Acko Technology)

Delhi [National Capital Territory (NCT)]

Digital Infrastructure, Smart Meters, Renewables, Waste Management, E-Mobility, Affordable Housing, Healthcare, Consumer, Fintech, Technology, Manufacturing, Infrastructure Financing

Digital Infrastructure presence through iBus
Providing smart meter services in Delhi through IntelliSmart
Presence across multiple sectors through portfolio companies including renewables (Radiance Renewables), waste management (EverEnviro), e-mobility (GreenCell Mobility, Lithium Urban Technology, TI Clean Mobility), affordable housing (HDFC Capital), consumer (Licious, VTION), fintech (Kogta Financial, Acko Technology), technology (Wiom, Contiinex, Aliste), and manufacturing (Poly Medicure)
Infrastructure Debt Platforms - 1 project (Aseem)
Manipal Hospitals - 1 hospital in Delhi, 1 hospital in Gaziabad, 1 hospital in Gurugram

NIIFL exited Manipal Hospitals in April 2023. The company had 29 hospitals during NIIF's investment horizon that are shown in this map and currently has 33 hospitals

Jammu & Kashmir (UT)

Roads, Digital Infrastructure, Infrastructure Finance

Athaang Infrastructure - 320 lane kms of toll roads across two projects (NQEPL, Jammu-Udhampur)
Digital Infrastructure presence through iBus
Infrastructure Debt Platforms - 1 project (Aseem)

Ladakh (UT)

Fintech

Providing digital insurance through Acko Technology

Lakshadweep (UT)

Fintech

Providing digital insurance through Acko Technology

Puducherry (UT)

Digital Infrastructure, Renewables, E-mobility, Fintech

Digital Infrastructure presence through iBus
Presence across multiple sectors through portfolio companies including renewables (Radiance Renewables), e-mobility (GreenCell Mobility ) and fintech (Acko Technology & Services, Veritas Finance)

Maharashtra

OTHERS - Renewables, Smart Meters, Digital Infrastructure, Waste Management, E-Mobility, Consumer, Fintech, Healthcare, Healthtech, Manufacturing, Infrastructure Finance

Ayana Renewable Power - Solar energy portfolio of ~1GW
Providing smart meter services in Rajasthan through IntelliSmart
Digital Infrastructure presence through iBus
Presence across multiple sectors through portfolio companies including renewables (Radiance Renewables, Ayana Renewable Power), waste management (EverEnviro), e-mobility (GreenCell Mobility, Lithium Urban Technology), consumer (Licious, Safari Industries), fintech (Kogta Financial, Acko Technology), Healthcare healthtech (Apex Hospitals, Globela Pharma), and manufacturing (Parsons Nutritionals, Poly Medicure)
Infrastructure Debt Platforms - 27 projects (Aseem - 9 projects; NIIF IFL - 18 projects)
Manipal Hospitals - 1 hospital in Jaipur 1

1 NIIFL exited Manipal Hospitals in April 2023. The company had 29 hospitals during NIIF's investment horizon that are shown in this map & currently has 33 hospitals

Last updated March 2025

Ayana

COMMITMENT

19%

SHAREHOLDING

51%

Renewable energy

Built a leading renewable energy business from the ground up, culminating in an exit agreement at an enterprise value of USD 2.3 billion—among the largest deals in this sector in India.

Fastest to scale to ~ 5 GW capacity; among top 10 players

Developing large RTC projects

In February 2025, NIIF signed a Share Purchase Agreement (SPA) with ONGC NTPC Green Private Limited (ONGPL) to exit its investment in Ayana Renewable Power Private Limited. The transaction, with an enterprise value of INR 195 billion (USD 2.3 billion), sees ONGPL acquire a 100% equity stake in Ayana.

EXITED

DP World
& HIPL

COMMITMENT

25%

SHAREHOLDING

~25%

PORTS & LOGISTICS

2nd largest integrated logistics player

23% container market share

12%+ market share in EXIM

6 container & 11 inland terminals

Only platform providing a unique combination of infra & services at scale on a pan-India basis

HIPL also has a pan-India presence through coldchain and express logistics facilities

Athaang
Infrastructure

COMMITMENT

17%

SHAREHOLDING

100%

ROADS

Operating 1.1k lane Km

5 operating assets

All assets rated AA or higher

Investment showcases NIIF’s ability to acquire, restructure & manage complex projects

MOPA & Bhogapuram
International Airport

COMMITMENT

SHAREHOLDING

49%

AIrports

This represents first greenfield airport partnership by a PE fund

Acquired 49% stake in Manohar International Airport & Bhogapuram Airport

Intellismart

COMMITMENT

SHAREHOLDING

51%

SMART METERS

Played a key role in developing the smart metering sector & building a market leader in this space

5M+ smart meters under management

Won bids aggregating ~20 million smart meters

Digital Edge

COMMITMENT

12%

SHAREHOLDING

45%

DATA CENTRES

Platform focused on developing large hyperscale data centres across multiple metro cities in India

Building 300MW hyperscale data centre in Navi Mumbai, the largest single-site facility in India

iBus

COMMITMENT

10%

SHAREHOLDING

Significant Majority

DIGITAL INFRASTRUCTURE

Presence in 1500+ sites covering 1 billion sq. feet of tenanted area across 40+cities in India

AMICUS Capital

eversource capital

INVASCENT

LIGHTHOUSE AMC

Multiples PE

Somerset Healthcare

Amicus
Capital

COMMITMENT

25M+ USD

OVERVIEW

Amicus Capital is an early growth fund set-up by experienced private market professionals, Sunil Theckath Vasudevan and Mahesh Parasuraman. It seeks to invest in capital efficient and fast-growing businesses and partners with entrepreneurs to create segment/category leaders. The fund is focused on investing in various sectors where the investment team has deep experience and networks, such as financial services, healthcare, technology & business services, and specialty manufacturing.

EverSource
Capital

ANCHOR COMMITMENT

170M+ USD

FUND

GGEF

OVERVIEW

NIIF anchored the creation of India’s first sustainability and climate focused fund – Green Growth Equity Fund, along with Foreign Commonwealth and Development Office, UK in 2018, which has raised about US$740 million and has become the largest climate focused strategy in India. Eversource Capital provides capital and operational expertise to climate mitigation platforms across sectors like utility-scale renewable energy, commercial and industrial distributed solar, e-mobility, municipal waste management, and waste-water treatment, driving India’s transition towards a low-carbon economy.

InvAscent

COMMITMENT

425Cr+ INR

(~50M USD)

FUND

OVERVIEW

InvAscent is a leading mid-market healthcare-focused fund manager with a strong franchise and reputation as healthcare experts in the market. The firm was founded in 2007 and has built an experienced team with deep healthcare domain knowledge. InvAscent has a strong track record with exit experience across their three prior funds and is backed by leading global investors. The fund seeks to invest in mid-market healthcare companies with a particular focus on pharmaceuticals and healthcare delivery. NIIF’s investment in InvAscent aims to support mid-market healthcare companies with scarce risk capital for enabling business growth, driving the development of healthcare infrastructure in India and supporting domestic pharmaceutical companies exporting globally to boost India’s export strength and the government’s Make-in-India mission.

Lighthouse
AMC

ANCHOR COMMITMENT

50M+ USD

OVERVIEW

Lighthouse is an established private equity manager, providing strategic support and growth capital to mid-market companies in India. The Lighthouse team has generated strong returns for investors, with their clear investment thesis of supporting entrepreneurs in sectors such as consumer, healthcare, specialty manufacturing and digital transformation. With investments across 25+ companies since 2006, Lighthouse has demonstrated success in raising, investing and realising capital.

Multiples
Private Equity

ANCHOR COMMITMENT

125M+ USD

FUND

OVERVIEW

Multiples is a leading private equity manager, providing growth capital to mid-market companies in India. With a strong track record of raising, deploying and realising returns for investors, the Multiples team has demonstrated their ability to partner with entrepreneurs and help them realise their vision of scaling companies. The fund has invested across multiple sectors including financial services, digital technologies, pharmaceuticals etc. with a focus on creating strong developmental impact and employment through its portfolio.

Somerset
Healthcare

COMMITMENT

18M+ USD

OVERVIEW

Somerset Indus Healthcare India Fund Il provides growth capital to small and medium enterprises in healthcare delivery, diagnostics, medical equipment, and pharmaceuticals, enabling affordable, quality healthcare access across India's tier 2 and tier 3 cities. With the strong operational experience of its investment team and a compelling track record, the fund seeks to generate top-decile returns by investing into the healthcare sector.

Arpwood
Partners

ANCHOR COMMITMENT

80M+ USD

OVERVIEW

Arpwood Fund I provides buyout and control capital to fundamentally strong businesses in financial services, healthcare, pharmaceuticals, industrial products, and other productive sectors, leveraging management expertise and strategic clarity to unlock growth and operational improvements. The Arpwood team comes with a strong pedigree, having previously worked at global buyout funds such as The Carlyle Group, TPG Capital and Goldman Sachs.

YourNest
Capital Advisors

ANCHOR COMMITMENT

15M+ USD

OVERVIEW

YourNest Fund III provides early-stage capital to IP-led, enterprise-oriented, deep-tech startups, supporting them in building robust governance frameworks and scaling sustainably, thereby laying the groundwork for future growth and strong investor returns. The YourNest senior team comes with complementary skill sets spanning business building, technology and leadership development – areas which are critical for successful investing in startups. With a track record of making, managing and realising investments from previous funds, the YourNest team has demonstrated its ability to achieve strong distributions to investors.

HDFC Capital
Advisors

COMMITMENT

100M+ USD

OVERVIEW

HDFC Capital Advisors Fund II (HCARE-2) provides structured debt solutions to real estate developers delivering affordable and mid-income housing, leveraging HDFC’s extensive network to catalyse the creation of quality homes and promote home ownership for India’s growing urban population. An exclusive investment program in partnership with HDFC and ADIA, this fund is driving the development of 75,000+ affordable and mid-income housing units across 6 cities in India. Through our 21 investments in HCARE-2, we are able to provide ~342k people with access to affordable housing.

Ather
Energy

INVESTMENT

45M+ USD

OVERVIEW

NIIF’s investment in Ather Energy represented its first direct investment in the manufacturing sector and in electric mobility, both areas of national importance given India’s green mission and decarbonisation goals. Ather Energy is one of the key players in the electric two-wheeler industry in India with highly indigenised products and a high degree of domestic sourcing of components and adaptability to Indian conditions. Ather Energy’s founders and management team have developed deep expertise in the industry, a robust IP portfolio, industry leading technology stack and strong manufacturing and distribution capabilities. Ather has installed around 2000 fast chargers across India and has 200+ experience centres in India.

EXITED

Infrastructure
Debt-Financing
Platform

INVESTMENT IN ASEEM

169M+ USD

INVESTMENT IN NIIF IFL

105M+ USD

COMBINED LOANBOOK

4B+ USD

OVERVIEW

With a combined loan book of USD 4+ billion, the NIIF Infrastructure Debt Financing Business is one of the fastest-growing NBFC platforms in India, with strong growth and nil Gross NPAs. Over 50% of the loan book is invested in renewables and other green assets, reflecting the platform’s significant focus on green energy. Their strong management teams and robust ESG governance help drive sustainable growth and strong performance.

EXITED
Manipal
Hospitals

INVESTMENT

250M+ USD

VISION

Broader outreach of quality healthcare services across the country continues to be a critical requirement in India. Manipal Hospitals is one of the leading hospital chains in the country, focused on tertiary and quaternary care. NIIF’s investment in Manipal Hospitals enabled the company to consolidate with Columbia Asia Hospitals, another leading chain of hospitals in the country. Post consolidation, Manipal Hospitals had over 7,200 beds across 26 hospitals in 14 key Tier I/II markets in India.

EXITED

Mahindra Last
Mile Mobility

INVESTMENT

48M+ USD

OVERVIEW

Mahindra Last Mile Mobility Limited (MLMM) houses Mahindra & Mahindra Group’s last-mile mobility business, which includes three wheelers (Alfa, Treo, Zor) and four-wheeler SCV (Jeeto) brands. MLMM is developing sustainable mobility solutions that help accelerate decarbonisation of the transportation sector in the last-mile mobility segment. IJF’s investment in Mahindra’s last-mile mobility business reflects the Fund’s commitment to invest in low-carbon emission strategy opportunities.

Ather
Energy

INVESTMENT

70M+ USD

OVERVIEW

Ather Energy is one of India’s leading electric two-wheeler companies, with over 200 Experience Centres and around 2000 fast-chargers across the country. It offers highly indigenised products, having built strong product development capabilities, and a diversified IP portfolio, supported by a strong management team. IJF’s investment in Ather Energy reinforces NIIF’s commitment to the electric two-wheeler sector and reflects our confidence in the company’s potential to drive the future of sustainable transportation. NIIF has also invested in Ather Energy through its Strategic Opportunities Fund.

EKA Mobility

INVESTMENT

500Cr+ INR

(~57M USD)

OVERVIEW

The company’s portfolio of zero-emission vehicles spans electric buses (7m, 9m, and 12m variants), intercity coaches, 3-wheeler passenger and cargo vehicles, heavy-duty trucks (55T and 7T) and small commercial vehicles in the 1.5T, 2.5T, and 3.5T categories.

In October 2025, NIIF’s India-Japan Fund invested INR 500 cr (US$ 57 mn) in EKA Mobility to help accelerate India’s transition to sustainable commercial transportation. IJF's investment in EKA Mobility reflects the fund's commitment to invest in opportunities that contribute to environmental preservation in India as well as to promote collaboration between Indian and Japanese companies.

Renewable energy

Built a leading renewable energy business from the ground up, culminating in an exit agreement at an enterprise value of USD 2.3 billion—among the largest deals in this sector in India.

Fastest to scale to ~ 5 GW capacity; among top 10 players

Developing large RTC projects

EXITED
Ayana Renewable Power

STAKE

Control

PORTS & LOGISTICS

2nd largest integrated logistics player

23% container market share

12%+ market share in EXIM

6 container & 11 inland terminals

Only platform providing a unique combination of infra & services at scale on a pan-India basis

HIPL & HPPL

STAKE

Significant minority

ROADS

Operating 1.1k lane Km

5 operating assets

All assets rated AA or higher

Investment showcases NIIF’s ability to acquire, restructure & manage complex projects

Athaang
Infrastructure

STAKE

Wholly owned

AIrports

This represents first greenfield airport partnership by a PE fund

Acquired 49% stake in Manohar International Airport & Bhogapuram Airport

MOPA & BIA

STAKE

Significant minority

SMART METERS

Played a key role in developing the smart metering sector & building a market leader in this space

5M+ smart meters under management

Won bids aggregating ~20 million smart meters

IntelliSmart
Infrastructure

STAKE

Control

DATA CENTRES

Platform focused on developing large hyperscale data centres across multiple metro cities in India

Building 300MW hyperscale data centre in Navi Mumbai, the largest single-site facility in India

Digital Edge
India

STAKE

Co-control

DIGITAL INFRASTRUCTURE

Presence in 1500+ sites covering 1 billion sq. feet of tenanted area across 40+cities in India

iBus Networks

STAKE

Control

MID-MARKET GROWTH

Amicus Capital

COMMITMENT

207Cr+ INR

25M+ USD

FUND

EverSource Capital

ANCHOR COMMITMENT

1080Cr+ INR

170M+ USD

FUND

GGEF

InvAscent

COMMITMENT

425Cr+ INR

50M+ USD

FUND

Lighthouse AMC

ANCHOR COMMITMENT

400Cr+ INR

40M+ USD

FUND

Multiples PE

ANCHOR COMMITMENT

878Cr+ INR

125M+ USD

FUND

Somerset Healthcare

COMMITMENT

125Cr+ INR

18M+ USD

FUND

Buyout/Control

Arpwood Partners

ANCHOR COMMITMENT

80M+ USD

FUND

Venture Capital

YourNest Capital Advisors

ANCHOR COMMITMENT

15M+ USD

FUND

Credit

HDFC Capital Advisors

COMMITMENT

100M+ USD

FUND

New Age Manufacturing

OVERVIEW

EXITED

Financial Services

OVERVIEW

NIIF is building a scalable integrated financial services platform to provide debt finance to the infrastructure sector at scale via two complementary entities—NIIF Infrastructure Finance Limited (NIIF IFL) and Aseem Infrastructure Finance Limited (AIFL)—both non-banking finance companies. Together, they constitute the NIIF Infrastructure Debt Financing Business.

With a combined loan book of USD 4+ billion, the NIIF Infrastructure Debt Financing Business is one of the fastest-growing NBFC platforms in India, with strong growth and nil Gross NPAs. Over 50% of the loan book is invested in renewables and other green assets, reflecting the platform’s significant focus on green energy. Their strong management teams and robust ESG governance help drive sustainable growth and strong performance.

Healthcare

OVERVIEW

NIIF’s investment in Manipal Hospitals represented one of the largest PE investments in the country by a domestic fund. NIIF exited Manipal Hospitals in the top private equity exit of 2023. The Fund generated profits of INR 1,046 crores (USD125 million as per the exchange rate at the time of the transaction), making it one of the largest minority exits in India in terms of absolute profits over the last two years.

Broader outreach of quality healthcare services across the country continues to be a critical requirement in India. Manipal Hospitals is one of the leading hospital chains in the country, focused on tertiary and quaternary care. NIIF’s investment in Manipal Hospitals enabled the company to consolidate with Columbia Asia Hospitals, another leading chain of hospitals in the country. Post consolidation, Manipal Hospitals had over 7,200 beds across 26 hospitals in 14 key Tier I/II markets in India.

EXITED

Mahindra Last Mile Mobility

Overview

Ather Energy

Overview

EKA Mobility

Overview

EKA Mobility, a subsidiary of Pinnacle Industries, has one of the widest ranges of electric commercial vehicles developed with in-house R&D and technological capabilities, supported by indigenous software and engineering capabilities.

The company’s portfolio of zero-emission vehicles spans electric buses (7m, 9m, and 12m variants), intercity coaches, 3-wheeler passenger and cargo vehicles, heavy-duty trucks (55T and 7T) and small commercial vehicles in the 1.5T, 2.5T, and 3.5T categories.

In October 2025, NIIF’s India-Japan Fund invested INR 500 cr (US$ 57 mn) in EKA Mobility to help accelerate India’s transition to sustainable commercial transportation. IJF's investment in EKA Mobility reflects the fund's commitment to invest in opportunities that contribute to environmental preservation in India as well as to promote collaboration between Indian and Japanese companies.

Our Story

Our Strategies

Our Portfolio

How We Invest

Resources

Our Story

Our Strategies

Our Portfolio

How We Invest

Resources

Andhra Pradesh

Arunachal Pradesh

Assam

Bihar

Chhattisgarh

Goa

Gujarat

Haryana

Himachal Pradesh

Jharkhand

Karnataka

Kerala

Maharashtra

Madhya Pradesh

Manipur

Meghalaya

Mizoram

Nagaland

Odisha

Punjab

Rajasthan

Sikkim

Tamil Nadu

Tripura

Telangana

Uttar Pradesh

Uttarakhand

West Bengal

Andaman & Nicobar (UT)

Chandigarh (UT)

Dadra & Nagar Haveli and Daman & Diu (UT)

Dadra & Nagar Haveli and Daman & Diu (UT)

Chandigarh (UT)

Delhi [National Capital Territory (NCT)]

Jammu & Kashmir (UT)

Ladakh (UT)

Lakshadweep (UT)

Puducherry (UT)

Maharashtra

INVESTMENTS

Ayana

DP World & HIPL

Athaang Infrastructure

MOPA & Bhogapuram International Airport

Intellismart

Digital Edge

iBus

Amicus Capital

OVERVIEW

EverSource Capital

OVERVIEW

InvAscent

OVERVIEW

Lighthouse AMC

OVERVIEW

Multiples Private Equity

OVERVIEW

Somerset Healthcare

OVERVIEW

Arpwood Partners

OVERVIEW

YourNest Capital Advisors

OVERVIEW

HDFC Capital Advisors

OVERVIEW

Ather Energy

OVERVIEW

Infrastructure Debt-Financing Platform

OVERVIEW

EXITED ManipalHospitals

Dadra & Nagar Haveli and
Daman & Diu (UT)

Dadra & Nagar Haveli and
Daman & Diu (UT)

DP World
& HIPL

Athaang
Infrastructure

MOPA & Bhogapuram
International Airport

Amicus
Capital

EverSource
Capital

Lighthouse
AMC

Multiples
Private Equity

Somerset
Healthcare

Arpwood
Partners

YourNest
Capital Advisors

HDFC Capital
Advisors

Ather
Energy

Infrastructure
Debt-Financing
Platform

EXITED
Manipal
Hospitals

Mahindra Last
Mile Mobility

Ather
Energy

EXITED
Ayana Renewable Power

Athaang
Infrastructure

IntelliSmart
Infrastructure

Digital Edge
India