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17 October, 2025
NIIF’s India-Japan Fund invests INR 500 cr (US$ 57 mn) in EKA Mobility to accelerate India’s transition to sustainable commercial transportation
12 June, 2025
Cube Highways Trust Completes Acquisition of 2 Highway Assets in J&K from NIIF, at a Transaction Value of ₹4,185 Crores
30 October, 2025
Monthly Economic Research Report — October 2025
01 October, 2025
Monthly Economic Research Report – September 2025
Get In Touch
17 October, 2025
NIIF’s India-Japan Fund invests INR 500 cr (US$ 57 mn) in EKA Mobility to accelerate India’s transition to sustainable commercial transportation
12 June, 2025
Cube Highways Trust Completes Acquisition of 2 Highway Assets in J&K from NIIF, at a Transaction Value of ₹4,185 Crores
30 October, 2025
Monthly Economic Research Report — October 2025
01 October, 2025
Monthly Economic Research Report – September 2025
Home
Our Story
About Us
Governing Council Our Team
Board of Directors Our Journey
Our Strategies
Overview
Sustainable Infrastructure Private Markets Strategic Initiatives & Policy Advisory
Growth Equity Climate Investments Strategic Initiatives & Policy Advisory
Our Portfolio
Our Investments
How We Invest
Investing Responsibly
Sustainability
CSR & Community
Resources
News Insights
Careers Statutory Information
Get In Touch
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)
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.
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
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.
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
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.
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
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.
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
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.

Last updated March 2025

INVESTMENTS
Ayana
COMMITMENT
19%
SHAREHOLDING
51%
Renewable energy
IMG
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.
IMG
Fastest to scale to ~ 5 GW capacity; among top 10 players
IMG
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.

DP World
& HIPL
COMMITMENT
25%
SHAREHOLDING
~25%
PORTS & LOGISTICS
IMG
2nd largest integrated logistics player
IMG
23% container market share
IMG
12%+ market share in EXIM
IMG
6 container & 11 inland terminals
IMG
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
IMG
Operating 1.1k lane Km
IMG
5 operating assets
IMG
All assets rated AA or higher
IMG
Investment showcases NIIF’s ability to acquire, restructure & manage complex projects
MOPA & Bhogapuram
International Airport
COMMITMENT
9%
SHAREHOLDING
49%
AIrports
IMG
This represents first greenfield airport partnership by a PE fund
IMG
Acquired 49% stake in Manohar International Airport & Bhogapuram Airport
Intellismart
COMMITMENT
9%
SHAREHOLDING
51%
SMART METERS
IMG
Played a key role in developing the smart metering sector & building a market leader in this space
IMG
5M+ smart meters under management
IMG
Won bids aggregating ~20 million smart meters
Digital Edge
COMMITMENT
12%
SHAREHOLDING
45%
DATA CENTRES
IMG
Platform focused on developing large hyperscale data centres across multiple metro cities in India
IMG
Building 300MW hyperscale data centre in Navi Mumbai, the largest single-site facility in India
iBus
COMMITMENT
10%
SHAREHOLDING
Significant Majority
DIGITAL INFRASTRUCTURE
IMG
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
4
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
3
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.
Infrastructure
Debt-Financing
Platform
INVESTMENT IN ASEEM
169M+ USD
INVESTMENT IN NIIF IFL
105M+ USD
COMBINED LOANBOOK
4B+ USD
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.

Manipal
Hospitals
INVESTMENT
250M+ USD
VISION
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.
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
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.
Renewable energy
IMG
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.
IMG
Fastest to scale to ~ 5 GW capacity; among top 10 players
IMG
Developing large RTC projects

Ayana Renewable Power
STAKE
Control
PORTS & LOGISTICS
IMG
2nd largest integrated logistics player
IMG
23% container market share
IMG
12%+ market share in EXIM
IMG
6 container & 11 inland terminals
IMG
Only platform providing a unique combination of infra & services at scale on a pan-India basis
HIPL & HPPL
STAKE
Significant minority
ROADS
IMG
Operating 1.1k lane Km
IMG
5 operating assets
IMG
All assets rated AA or higher
IMG
Investment showcases NIIF’s ability to acquire, restructure & manage complex projects
Athaang
Infrastructure
STAKE
Wholly owned
AIrports
IMG
This represents first greenfield airport partnership by a PE fund
IMG
Acquired 49% stake in Manohar International Airport & Bhogapuram Airport
MOPA & BIA
STAKE
Significant minority
SMART METERS
IMG
Played a key role in developing the smart metering sector & building a market leader in this space
IMG
5M+ smart meters under management
IMG
Won bids aggregating ~20 million smart meters
IntelliSmart
Infrastructure
STAKE
Control
DATA CENTRES
IMG
Platform focused on developing large hyperscale data centres across multiple metro cities in India
IMG
Building 300MW hyperscale data centre in Navi Mumbai, the largest single-site facility in India
Digital Edge
India
STAKE
Co-control
DIGITAL INFRASTRUCTURE
IMG
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
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.
COMMITMENT
207Cr+ INR
25M+ USD
FUND
2
EverSource Capital
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.
ANCHOR COMMITMENT
1080Cr+ INR
170M+ USD
FUND
GGEF
InvAscent
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.
COMMITMENT
425Cr+ INR
50M+ USD
FUND
4
Lighthouse AMC
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.
ANCHOR COMMITMENT
400Cr+ INR
40M+ USD
FUND
4
Multiples PE
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.
ANCHOR COMMITMENT
878Cr+ INR
125M+ USD
FUND
3
Somerset Healthcare
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.
COMMITMENT
125Cr+ INR
18M+ USD
FUND
2
Buyout/Control
Arpwood Partners
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.
ANCHOR COMMITMENT
80M+ USD
FUND
1
Venture Capital
YourNest Capital Advisors
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.
ANCHOR COMMITMENT
15M+ USD
FUND
3
Credit
HDFC Capital Advisors
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.
COMMITMENT
100M+ USD
FUND
2
New Age Manufacturing
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.
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.
Mahindra Last Mile Mobility
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
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
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 investments teams

  • Sustainable Infrastructure
  • Private Markets
  • Growth Equity
  • Climate Investments (IJF)
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