Status: Approved investment
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The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.

Who is our customer

Gajam India Pvt Ltd operating under the brand name Dharma Life (“DL”) is an India based social impact enterprise targeting the BoP through an entrepreneurship model and by selling products, a.o., solar lamps and induction cooking stoves to rural households. DL has set up a network of 16,000+ rural entrepreneurs (so called “Dharma Life Entrepreneurs”), of which 75% are women, reaching approx. 40,000+ rural villages in 13 states across India. In 2015 DL started selling products also through MFI partners and this year DL is expanding the entrepreneur network in 6 additional states to reach 45,000+ villages.

What is our funding objective?

The proposed debt funding to Gajam India’s holding Gajam Group will be converted into a guarantee to back a working capital facility for Gajam India that will be used to purchase and sell primarily solar energy and energy efficient cookstoves.

Why do we fund this investment?

FMO’s financing will support the growth of DL and improve living conditions of rural households in 45,000+ villages in India and reduce carbon emissions, while supporting economic empowerment of 16,000 small entrepreneurs. This transaction also complies with FMO’s and Access to Energy Fund's (AEF) strategy with respect to energy security, which is of particular importance for the Bottom of the Pyramid in India. India has always been home to the world’s largest un-electrified population with an estimated 240 million Indians living without or with limited access to electricity.

What is the Environmental and Social categorization rationale?

The Project is Category C due to the inherently low environmental and social risks associated with DL’s activities, i.e. sale of domestic solar energy-using products. The project will be managed with the application of a management system commensurate to risk.

More investments

Date Total FMO financing
11/14/2022 EUR 0.10 MLN
Publication date
Effective date
Total FMO financing
EUR 1.20 MLN
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
(A, B+, B or C)