I was recently on a mission to India, spending time on the ground as part of an ongoing due diligence and scoping exercise for potential investments across both Common Fund for Commodities' fund portfolio and direct lending activities. As part of our review of India Progress Fund II—focused on agri-SMEs and financial inclusion across India —I had the opportunity to join a visit to Qul Fruits, a high-density apple farming business in Kashmir and a portfolio company of the predecessor fund (photo #1). Many businesses speak about vertical integration; fewer truly demonstrate it end-to-end. From plantation development through to processing and distribution, it was impressive to see how this model comes together in practice. Grateful to the Incofin Investment Management team for including me in their visit (photo #2)—and further encouraged by the strong pipeline emerging for Fund II. My final day took me to Andhra Pradesh to visit RaddisCotton, a company focusing on the regenerative cotton value chain. Spending time with farmers—especially women—was a powerful illustration of how the impact of regenerative agriculture goes well beyond the environment. Practices that improve soil health and biodiversity support more resilient yields over time, while also enabling more inclusive participation (less reliance on agrochemicals makes farming safer and less toxic to work with). It was wonderful to see women front and center -- engaged, confident, and leading discussions (photo #3). Moments like these are a reminder of what drew me to this space nearly 10 years ago, starting with one of my first visits to a farming community in Myanmar (photo #4)—and what continues to motivate me today. As I mark two years at CFC, I’ve been reflecting on that journey—across both sides of the table, as investee and investor. There is real progress being made, but still so much more to do. Grateful to be part of it. 🙌 #impactinvesting #financialinclusion #regenerativeagriculture #sustainableagriculture #emergingmarkets #inclusivegrowth #agriSMEs #womeninagriculture

Can smallholder farmers turn the tide of the climate crisis? Most of India’s farmers cultivate less than 2 hectares of land. They’re on the frontlines of erratic rains, depleting soils, and rising temperatures. But they’re not giving up. To Turn a Tide is a powerful new documentary that journeys through Rajasthan, Maharashtra, and Punjab, spotlighting the courage and innovation of farmers, technologists, and changemakers building climate resilience — together. Directed by National Award-winner Keya Vaswani, the film is a tribute to those who grow our food, showing what becomes possible when we invest in them — not just with sympathy, but with solutions. Let this be more than a film. Let it be a conversation. A call to action. A shift in perspective. Because climate resilience begins with those rooted to the land. #ToTurnATide #1mProsperousFarmers #ClimateResilience #TheNudgeInstitute #DCMShriramFoundation #KeyaVaswani #KanishkaChatterjee #SmallholderFarmers #AgricultureInnovation #SustainableFarming The/Nudge Institute Vilas Shinde DCM Shriram LTD Keya Vaswani Kanishka Chatterjee (KC) SAHYADRI FARMS POST HARVEST CARE LTD

Gracias Incofin Investment Management, BID Lab, #SSNUP ADA - Appui au Développement Autonome por creer en el poder de la innovación digital como motor del desarrollo para nuestros agroempresarios en Colombia. Seguimos impulsando un campo más productivo, inclusivo y sostenible. 🌱 Corporación Interactuar Lina Maria Montoya Madrigal #Innovación #TransformaciónDigital #Agro #InclusiónFinanciera #AgTech

Jasmine Begum of Haimchar upazila under Chandpur district has a family of 5 members. Her family had been struggling financially, relying on her husband’s income as an agricultural laborer. Despite her strong desire to do something on her own, lack of capital and social barriers repeatedly held her back. In 2020, she contacted the local CDIP Branch for financial assistance. She became a member of the local samity and took a loan of BDT 100,000 and a lease of 20 decimals of land where she started betel leaf cultivation. After repaying the first loan, she took further loans and now cultivates betel leaf on 150 decimals of land. In cultivating the betel leaf Jasmine Begum faced a number of challenges. But now it has brought new economic stability and prosperity to her family. Her children can now attend school regularly, moving toward a brighter future through education. Inspired by her success, 15 local women have started betel leaf cultivation, creating a unique women-led agricultural initiative.

Afuza Begum, a resident of Arjunpara village in Rajshahi district, was living a very difficult life. Afuza’s husband worked as a day laborer. She thought of raising cows and goats alongside agriculture. But she did not have enough money to buy a cow. At that time, she received a loan of 70,000 BDT from CDIP. With this, Afuza bought one bull. She asked her husband to work on their own farm instead of other’s. Each year they leased some small portions of land and cultivated various vegetables. During this time, she learned the use of organic manure instead of chemical fertilizer that gives better yield in vegetable farming. She began applying organic manure, and seeing this the neighboring farmers were initially surprised, but later understood the importance of this manurer. This improves the size, shape and color of the vegetables, and also brings a better price. Now her husband no longer needs to work for others. Afuza says, “I am grateful to CDIP and all its officers for providing timely financial and technical supports.”

Shamsur Nahar, a resident in the village of Jagannathpur in Kasba upazila in the district of Brahmanbaria, learned through the Behavior Change Communication (BCC) campaign that CDIP provides low-interest loans for constructing two-pit hygienic toilets. After learning this, she contacted the Branch Manager of Gopinathpur Branch. Subsequently, the Branch Manager visited her home, discussed safe sanitation practices in detail with her family, and informed them about financial support and incentives for constructing the toilet. Having been convinced about the initiative, she agreed to join it. So, she was provided a loan of 50,000 BDT to construct the two-pit hygienic toilet. In addition, she received an incentive of 3,000 BDT for building a hygienic sanitation facility.

This partnership is more than just funding - it’s an accelerator of purpose. We’ve built Ace around one belief - that innovation in food technology can drive both better business outcomes and better nutrition for all. With this investment, we’re ready to take that vision global.

Grateful to share an important moment in our journey at Ace International Limited. We’ve raised USD 35 million from FMO - Dutch entrepreneurial development bank, responsAbility Investments AG, Incofin Investment Management and Fiedlin Ventures — partners who share our belief that India can lead the next chapter of global nutrition. I’m thankful to each of them for placing their trust in our vision, and to INVAL Capital for guiding us throughout the process. For me, this milestone is not just about investment — it’s about responsibility. It strengthens our commitment to build the greenfield integrated ingredients and nutrition complex in Kuppam, Andhra Pradesh, and to bring technology to India that’s being introduced in Asia for the first time. It also reinforces our long-term mission: to develop solutions that elevate the quality of nutrition available to people everywhere. What matters equally is the impact this project can create on the ground — new opportunities for local communities, stronger engagement with farmers, and a more resilient, future-ready ecosystem around us. To everyone who has walked with us — our teams, partners, and customers — thank you for your belief. It motivates us to move forward with humility, clarity and purpose. You can read more about this milestone and my interaction with the media here: 🔗