About Lok

Lok Capital is a pioneering India-focused investment firm established in 2004. We have generated above market returns via investments into innovative tech-enabled enterprises addressing social and environmental challenges at scale.

Lok Capital has a proven track record across funds of three vintages (2006, 2011, 2016) and is currently investing from its fourth fund into financial inclusion, fin-tech, food & agri-tech, climate-tech & sustainability, and health-tech solutions.

Investment approach
  1. Sanskrit word that means “People” and is by definition inclusive of all people.
For us, the term encompasses every person across our ecosystem – our team, the founders we work with, their teams, capital managers who trust us with their capital, and ultimately, the end users and recipients of the business models that we support. Lok’s philosophy is rooted in the belief that by investing in people and their potential, we can create a better future for all.
  2. The universe, everything that can be sighted, every being.

Investment approach

We invest in early to growth stage investments into fast growing, high impact and tech-enabled business models in financial services, healthcare, food & agriculture and climate & sustainability solutions in India. We like fundamentally driven business models that make commercial sense and do not shy away from investing in physical/ phygital businesses. In a context where financial gains and societal impact are perceived to be mutually exclusive, Lok strives to build companies that go beyond this binary.

How much do we invest?

Ticket sizes range from USD 3-18 million, with relatively smaller tickets for fin-tech, agri-tech, health-tech and climate/sustainability and larger tickets for financial services.

When do we come in?

Typically, Series A to C. In most of our investments we play the role of the first PE-style growth investor on the cap table. We typically invest once product market fit has been established, there is proven revenue traction with some scale (say, proven unit economics in at least one geography/category), and a clear path to profitability - indicating the company’s ability to absorb growth capital. We generally underwrite for execution risk as against technology/ product risk.

  • On a selective basis, Lok also looks at seed/pre-Series A stage investments into innovative models in financial services and climate with ticket sizes of USD 1 million.

What do we look for?

  • High quality entrepreneurs who bring experience in execution, want to build enduring businesses in a sustainable manner, with a value system rooted in transparency and collaboration.
  • Business models that have an embedded impact generating outcome.
  • Good governance systems (compliance, reporting, transparency) with a keen focus on risk management.
  • Systems with a strong technological backbone – operations and delivery.

How do we engage?

  • The field is where our heart is. With significant field visits and conversations with stakeholders on the ground, we take a relationship-driven rather than transactional approach. This helps us better understand contextual nuances and, value creation opportunities to support the founders, as well as identify risks and concerns in time.
  • Impact, ESG and climate risk management frameworks are deeply embedded into the investment management process.
  • Lok has an NPS of 82 amongst past portfolio companies, with 80% of founders reporting that Lok has improved the value and 90% reporting that Lok has improved impact.

Who are our investors?

Lok enjoys long standing relationships with a range of institutional investors including development financial institutions, private asset managers, insurance companies and reputed family offices. In addition to partnering with us in successive funds, our LPs have co-invested extensively in our portfolio companies helping provide visibility on capital to portfolio capital well into their late/ pre-IPO stages. Lok invites any institution that wishes to increase exposure to India, seeks best in class returns and is motivated by impact objectives.

Our Story

Evolution of Lok Capital from beginning to now

2004 • May

Inception of Lok Capital


Lok Fund I

Financial Services


Lok Fund II

Financial Services, Agri, Health, Education


Lok Fund III

Financial Services, Agri, Health,


Lok Fund IV

Target $150mn
Financial Services, Agri, Health, Climate

Technical assistance and fellowships

Beyond our investment towards growth, we support our portfolio's capacity building initiatives by designing projects, identifying the right tools & partners, and absorbing a portion of the costs.

Technical Assistance

Supporting initiatives in tech, marketing, strategy, operations, sustainability and R&D projects.


Engaging talent from diverse backgrounds to contribute towards specific focus projects jointly identified by Lok and portfolio companies.