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Highlights:

1. goFlux, the leader in digitizing and financing agri-freight in Brazil, has secured USD 6 million in a new funding round that we led. goFlux will use the proceeds to expand its salesforce, increase FinTech capabilities, add platform functionality including the use of GenAI for easier ad-hoc access, and invest in new AI models for freight price predictions.
2. Our portfolio company wagely is Asia’s leading financial wellness app for employees, which provides users with instant access to their salaries. They recently launched a pre-paid card for users in Bangladesh in partnership with Visa and Mutual Trust Bank PLC. This service will create financial empowerment for nearly 30 million underbanked and unbanked salaried workers in Bangladesh.
3. I recently led a session in Guatemala at the Volcano Summit. The session focused on how companies can use the power of GenAI to improve profitability, grow their TAM, and how investors should look at investing in a frothy market.

We closed our India Opportunity Fund after the successful sale of our portfolio company Awign

In addition to our work across the Global South, we have a fund family focused exclusively on India. We recently announced the successful completion of fundraising for our India Opportunity Fund at USD 19M. This comes on the heels of a full-cash exit from our portfolio company Awign, held by three of our funds. We sold our stake to a Japanese Human Resources conglomerate, Mynavi Corporation, and are pleased to be returning USD 22M to our LPs. 

Founded in 2016, Awign helps over 175 enterprises run their businesses at scale through end-to-end management and outcome-based execution of core business functions. The company has seen 20x growth in revenue since Capria first led its Seed round investment in 2018. With its asset-light and easy-to-configure tech platform, Awign has brought economic opportunity to 1.5 million gig workers. 

This exit is a perfect example of our investment thesis – to find great quality entrepreneurs early in their tech-enabled startup journey building solutions for the rising middle class. One area we identified before most investors was the massive demand in the growing economy for qualified workers with flexible engagement models, moving them from informal to semi-formal and formal employment. We were among the first to be speaking about “JobTech” in India and have the largest startup portfolio in this sector. That experience has helped us make good adjacent investments in other regions of the Global South.

We’ve also been deeply focused on using GenAI to “make already good businesses better” and help our portfolio companies realize that value as they scale their business and their impact, as Awign has done exceptionally well. They and another portfolio company use GenAI to screen tens of thousands of applications per month with excellent results.

You can read more about the final close of our Opportunity Fund and our full-cash exit from Awign here.

Eating our GenAI “Dog Food”: DD Copilot

Honoring the tech industry tradition of using your own products in your own business, our in-house team built a tool called DD Copilot that helps our investment team with our investment due diligence process by more quickly and accurately analyzing the piles of information that founders give us. We did a live demo of this tool during the session in Guatemala, using voice inputs in a mixture of Spanish and English, and it worked perfectly. Also, we have applied this to our Global South Fund II due diligence materials, and will soon make it available to our prospective LPs for them to see the value-add of a cutting-edge application of GenAI as they evaluate our fund. Would you like to try it out? I would be happy to give you early access to the DD Copilot!

Insights from Capria’s Partners

• To make sense of everything in the GenAI space, we’re pleased to bring you a new knowledge series, Wednesday Wisdom with Will – to decode the latest developments in the world of GenAI. Join us on this journey as we delve deep into the fascinating world of GenAI and uncover the possibilities that lie ahead. Here is the first episode of the series.
• In his recent article published in Inc42, our Managing Partner Surya Mantha delves into the current crisis facing Indian EdTech organizations. Despite these setbacks, Surya discusses how this is not the end of the golden age of EdTech, especially in a country with such a vast market for school education.