ADB Boosts Investment in DCDC to Expand Renal Care Services in India
News Release | 3 February 2021
MANILA, PHILIPPINES (3 February 2021) The Asian Development Bank (ADB) and DCDC Healthcare Services Private Limited (DCDC) signed a $10 million equity investment to increase the company’s capacity to provide renal treatment services in India.
The ADB investment will be placed in equivalent Indian rupees and includes a $5 million equity investment made on behalf of Leading Asia’s Private Infrastructure Fund (LEAP), which is supported by the Japan International Cooperation Agency (JICA).
An investment of $11.5 million (in equivalent Indian rupees) is provided by the Danish development finance institution, Investment Fund for Developing Countries (IFU), on behalf of the Danish Sustainable Development Goals Investment Fund which is backed by the Government of Denmark, leading Danish pension funds, and other private and institutional investors.
From news of product launch to venture expansion, the week was filled with an array of new developments. Nigeria, through an indigenous startup, also recorded increase in funds raised.
On fund raiser, Lagos-based solar technology startup, Daystar, raised a fresh $38-million in a Series B Investment. The raiser comes amidst news of Nigerian TeamApt’s plans to expand footprint to West/North Africa.
Below is a digest for the week, highlighting the major tech build up.
Daystar’s $38 million raiser
During the week, Lagos-based solar technology startup, Daystar, raised a fresh $38-million in a Series B Investment led by the Investment Fund for Developing Countries (IFU) of the Danish Development Finance Institution (DFI).
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January 14 2021 / Modified on January 14 2021 Daystar Power mobilizes $38 million from several development partners. The solar off-grid provider will use these funds to expand its activities in West Africa.
In West Africa, the rate of access to electricity is 52% on average, with power cuts of up to 80 hours per month, according to the World Bank’s
2018 report. Daystar Power, a Nigerian supplier of solar off-grids, has since been helping, along with other companies, to fill this gap. To increase the spread of its solution to households in West Africa, the company recently carried out a financial mobilisation that raised $38 million.
This round of financing was initiated by the Investment Fund for Developing Countries (IFU), a Danish development bank with the support of STOA, a French impact fund, and Morgan Stanley Investment Management. With these funds, Daystar Power intend
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Daystar Power, a leading provider of hybrid solar power solutions to businesses in West Africa, today announced a Series B investment of $38 million. The round was led by the Investment Fund for Developing Countries (IFU), the Danish development finance institution (DFI).
IFU is joined by new investors STOA, a French impact infrastructure fund, Proparco, the French DFI, backed by a guarantee from the European Union under the African Renewable Energy Scale-Up facility (ARE Scale-Up) and Morgan Stanley Investment Management. Taking into account the previous round by Verod Capital and Persistent Energy, Daystar Power has received equity investments totaling $48 million.