Zephyr Peacock provides growth capital and management support to small and medium enterprises in India to generate social impact. According to their 2021 impact report, their portfolio companies have created over 120,000 jobs, supported over 98,000 women borrowers, and generated $225 million in loans to underserved communities across sectors like financial services, food and agriculture, and infrastructure. Zephyr Peacock aims to continue investing in high potential businesses that contribute to job creation and women's development.

1. 2021
Impact Report
Supporting Emerging Enterprises in India

2. 2
Table of Contents
Foreword
Our Story So Far
Strategic Impact Objectives
Sectors & Portfolio
Case Studies
Contact Information
Appendix
3
4
5
6
18
20
21

3. 3
Dear friends,
Zephyr Management was founded in 1994 to support the development and
welfare of people living and working in informal economies. Our aim was to
focus on matters of social impact, specifically in job creation, skills
enhancement and developing local ownership of businesses.
We started our India journey by launching Zephyr Peacock in 2006. We were
interested in being a part of India’s development journey. We are excited
about India due to its diversity, demographics, and incredible potential for
rapid business expansion. Zephyr Peacock enables businesses, which operate
in the largely underfunded small and medium enterprises sector, by providing
growth capital and management support. We help these businesses with
improving governance and business strategy, access to global markets, and
improved impact outcomes.
We are particularly excited about India’s digital transformation. Digital
technologies are enabling small businesses to be more competitive and are
improving access for low income and hard to reach customers. ZP’s portfolio
companies are benefiting from India’s digital transformation and have
developed unique products for low-income communities. One of our investee
companies is using mobile payments to provide loans to low-income
customers in rural areas. Another company is using mobile applications to
provide farmers with access to high quality inputs and customers.
Our portfolio companies have helped thousands move into the formal
economy and attain access to formal finance and dignified livelihoods. In the
year ahead, we will continue to focus on identifying high potential businesses
in the financial services, food and agriculture, and infrastructure ancillaries
sectors. One of our aims is to invest in companies that contribute
meaningfully to job creation and women’s development, and we are happy to
share that our portfolio companies have generated over 120,000 job
opportunities and supported over 98,000 women with loans and supplies.
Our focus remains on aiding communities through job creation, gender-based
action and the development of low-income areas. We believe that financial
returns and social impact go hand in hand, and together enable sustainable
business growth and livelihoods. An important objective for us is to ensure
the company can continue its mission subsequent to our exit.
We aim to invest in multiple new businesses enabling women’s development
and job creation in 2022 and our focus remains on measurable social impact
and attractive financial returns.
Warm regards,
Thomas C. Barry
Chief Executive Officer
Foreword
Mukul Gulati
Managing Partner

4. 4
US$ 1.3 billion
CAPITAL DEPLOYED
27
FUNDS
95
PORTFOLIO INVESTMENTS
GLOBAL PRESENCE
FUNDS ACROSS 6
EMERGING ECONOMIES
Our Story So Far
Founded in 1994 by Thomas Barry, Zephyr Management (Zephyr) was built during the first
phase of rapid globalization across the world. Investors were beginning to see merit in investing
globally and providing capital to small and medium enterprises. Zephyr was interested in
emerging economies as a faster growth rate would result in attractive investment returns and
help improve lives for the people residing in these countries.
Zephyr subsequently expanded across the African continent and into Korea, Mexico, India and
Sri Lanka. Zephyr was one of the first institutional investors in several of these markets. Zephyr's
portfolio companies have created thousands of jobs and helped provide access to critical
services including finance, education and affordable housing.
Thomas Barry and Mukul Gulati founded Zephyr Peacock in India in 2006 to contribute to
investment in local businesses that play a pivotal role in stimulating economies. Zephyr
Management and Zephyr Peacock India remain committed to a founding mission of supporting
emerging economies, by creating jobs, supporting entrepreneurs and enabling livelihoods.

5. Zephyr Peacock provides capital and management support to enterprises
with strong business models and opportunities to create significant social
impact. Our impact objectives provide us with a framework for evaluation
of potential investments. Post-investment, these impact objectives help us in
the development and measurement of our overall impact.
Support ‘formal’ job creation resulting from organic business growth
Financial inclusion for underserved population segments
Gender equality via financial inclusion for women, support for girls’ education
and human resource development
Food security via improved agricultural productivity and enhanced nutrition
Business sustainability via management and governance support
Strategic Impact Objectives
Aligned to IFC’s Operating Principles of Impact Management
Impact measured on Sustainable Development Goals
5

6. 6
Sectors & Portfolio
Financial Services
120,000+ jobs
created
98,000 women
borrowers
US$ 225 million
loans disbursed
Infrastructure Ancillaries
Food & Agriculture
600+ jobs created
40% women
farmers
18 agri input
varieties produced
Infrastructure Ancillaries
1,300+ jobs created
13 states served
Including 8 low-
income states
350 MW solar energy
generated

7. 7
34,0001
jobs created
84,000
women borrowers
served
480,000
girl students
supported
Challenge
A quarter of India’s population is of school going age. Most
of these students are enrolled in government operated
schools.
Students enrolled in government operated schools are
affected by poor infrastructure, absentee teachers and
outdated curriculum.
For low-income families, low-cost private schools (monthly
tuition fees <US$ 50) have emerged as an important
alternative to government operated schools.
Low-cost private schools have limited access to formal
sources of finance. The lack of funding adversely impacts
the quality of education and the school’s infrastructure.
Solution
Shiksha provides loans to low-cost private schools. These
funds are used for the purchase of computer equipment,
science labs and transportation.
Shiksha also provides loans to low-income families. These
loans are used for tuition fees and other education related
expenses such as purchase of books and laptops.
Loans from Shiksha helped families keep children in school
during the COVID-19 related lockdowns.
Schools implemented remote learning infrastructure that
allowed children to continue learning from home with
Shiksha’s assistance.
Shiksha Finance
13
states in India
US$ 21
million
loans disbursed
to low-income
communities
1Jobs created includes Shiksha employees as well as teachers employed in schools supported

8. 8
Challenge
Many students from low-income countries seeking
overseas education opportunities are unable to do so due
to lack of financing sources.
Banks that provide loans for international education charge
high interest rates and require collateral.
After completion of their education, students are often
unprepared for the job search process.
Solution
MPower Financing provides loans to students from
emerging markets who are seeking higher education in
North America.
Students are offered collateral-free, long term, dollar
denominated loans. Credit is based on a proprietary
method of calculating future earning potential, and not on
family wealth.
MPower’s digital application process ensures rapid
turnaround time and quick disbursals.
MPower has developed special programs to support
education opportunities for women. These programs
include scholarships, tailored loans and career counseling.
“I aspire to become an advocate for positive health
policy formation. This scholarship [will] help toward
my tuition, allowing me to focus entirely on my
education.”
Irebamidale Reinace Odufisan,
winner of MPower’s Nursing Scholarship
MPower Financing
118
jobs created
45%
women
borrowers
3,500
students
supported
144
countries of
citizenship
US$ 70
million
loans disbursed
to students
from emerging
markets

9. 9
Challenge
Used trucks are typically purchased by first-time
borrowers with limited credit history and lack of
documented income.
Commercial banks and non bank finance companies do not
lend to such customers.
Local money lenders charge exorbitant interest rates for
small loans.
Solution
Loanzen provides loans to low-income borrowers for the
purchase of used commercial vehicles (CVs).
Loanzen uses a proprietary underwriting process that is
based on non-traditional data sources such as utility bills,
mobile bills and rental payment receipts.
A majority of the customers are first time borrowers.
Women borrowers constitute a significant portion of
Loanzen’s customers.
“My husband and I could not afford good education.
Fortunately, I am able to get my son admitted to one of the
best schools in Bangalore. All this is possible due to the
support I got from Loanzen.”
Thayamma, Loanzen borrower,
Nambinayakanahalli village, Karnataka, India
Loanzen
2,064
jobs created
700
women
borrowers
48%
first-time vehicle
owners
11
towns in India
US$ 7
million
loans disbursed
to low income
communities

10. 10
Challenge
More than half of rural Indian families live in temporary
structures (“kutcha” houses) that provide limited
protection from rains, storms, smoke and dust.
These families lack the financial resources to build higher
quality permanent structures.
Banks and non-bank lenders are unwilling to lend to these
low-income customers.
Solution
Swarna Pragati provides flexible loans to low-income rural
families. These loans are used for the construction of
permanent homes (“pucca” houses).
Swarna Pragati provides loans that are customized for low-
income customers. In comparison to traditional loans,
these smaller sized loans reduce the debt service burden
for rural customers.
The Company primarily lends to women customers who
have demonstrated responsible credit behavior, in
comparison to male customers.
Housing loans have enabled thousands of low-income
families shelter and a decent standard of living, safe from
natural disasters and animal/insect nuisance.
“In our old house, we had scorpions everywhere. I had to
teach my children to look for them and I was terrified my
baby would get bitten. Now in our new house, we have no
such problems.”
Swarna Pragati Customer in Maharashtra, India
Swarna Pragati Housing
180
jobs created
96%
women
borrowers
12,000
homes financed
6
states in India
US$ 43
million
loans disbursed
to low income
communities

11. 11
Challenge
India, with one of the youngest populations in the world, is
suffering from a crisis in primary and secondary education.
A majority of students drop out before they reach high
school.
Students attending public schools struggle with poor
infrastructure, disengaged teachers and outdated
curriculum.
School fees are also unaffordable for low-income families,
and parents prefer to put their children to work.
Solution
Low-cost private schools have emerged as an important
alternative for students from low-income families.
Varthana provides financing solutions to these low-cost
private schools.
Varthana provides loans that are used by schools for
infrastructure development and improvement in education
delivery.
These funds allow schools to invest in teacher training and
in infrastructure such as computers and whiteboards.
1Company divested as of March 2018 2Jobs created defined by teachers employed in schools supported
“Varthana also supported us to procure tools and technology
we needed for the school by speaking to people about
providing subsidized rates. Varthana’s support is truly
commendable.”
Principal, Green Valley Public School,
Varthana borrower, Krishnagiri, Tamil Nadu, India
Varthana1
84,0002
jobs created
1.5
million
girls enrolled in
schools financed
13
states in India
3,500
loans disbursed
2.5
million
students
enrolled in
schools
financed

12. 12
Challenge
A large portion of India’s farmers depend on a single crop
such as rice or wheat. This dependence has a negative
impact on farmer incomes.
Expansion into additional crops requires additional
knowhow and financial investment.
Farmers have limited access to high quality agricultural
inputs and limited negotiating leverage with distribution
channels.
Solution
Aqgromalin sources agricultural input products that are
used by farmers.
Farmers use these inputs to produce agriculture outputs
such as mushrooms and poultry.
Aqgromalin purchases these agricultural products from the
farmers.
The Company serves as an end-to-end solutions provider
to the farmer from procurement of inputs to purchase of
finished products.
These end-to-end solutions help improve farmer
productivity and increase incomes.
“With a basic initial investment of US$ 530 (INR 40,0000),
through the cultivation of mushrooms my family is able to earn
an additional US$ 105 (INR 8,000) per month. Thanks to
Aqgromalin we are able to earn a good income by selling
healthy food as well.”
Soma, Mushroom Cultivation Farmer,
Medipally village, Hyderabad, India
Aqgromalin
38
jobs created
45%
women
farmers
500
distribution
partners
13
states in India
25
types of agri
inputs

13. 13
Challenge
The agriculture sector employs close to half of India’s
working age population, but only contributes to 17% of the
country’s GDP.
India’s agricultural work force earns a significantly lower
income than workers in other sectors.
Farmers do not have access to high quality seeds,
distribution channels and logistics solutions such as storage
and transportation.
Solution
Utkal Tubers produces high yield potato seeds that help
increase farmer incomes.
Utkal’s research and development activities assist in
producing disease resistant, high yielding potato seeds.
Farmers benefit from guaranteed buyback provisions
offered by the Company.
Low-income regions benefit from access to low-cost
nutritious food.
Farmer incomes are increased through the deployment of
farming best practices including training and field
examinations.
“This year I cultivated ‘Jyoti’ variety of potatoes using Utkal’s seeds. I
am very happy with the performance of the seeds & harvested 33
MT/Hectare, which is higher yield than other companies.”
Praveer Hazra, Potato Farmer, Kulteghori village,
West Bengal, India
*Development seeds are first generation seeds which are
used to produce more seeds. These seeds are manufactured
in a lab.
Potato seeds are manufactured from development seeds,
and usually the last generation of seeds which are sold to
the farmer.
Utkal Tubers
120
jobs created
30%
improvement
in farmer
income
8
states in India
6 million
development
seeds produced
17,000 MT
potato seeds
produced

14. Challenge
Over 40% of food produced for human consumption goes
to waste.
Urban residents have limited access to low-cost, healthy
food.
Large quantities of food is wasted at restaurants as food is
often prepared in advance and thrown away if not used.
Solution
Maverix produces healthy, ready to eat meals that are
easily available via delivery through third-party distributors.
Food is prepared and delivered via cloud kitchens
(individually operated kitchens without dine-in setup).
Cloud kitchens operate at a lower cost relative to full-
service restaurants and the food is easily accessible to low
and middle-income customers.
Centralized kitchen models and demand forecasting tools
enable wastage reduction by 40%, as compared to industry
standards.
Most of the Company’s employees are from low-income
backgrounds and rural areas.
Food is prepared fresh, enabling low-cost and healthy
eating options.
14
Maverix
417
jobs created
500
meals served
per day
US $3
average value
of one meal
3
states in India
300,000
meals served

15. 15
Challenge
A large portion of India’s population relies on small
retailers for daily supplies such as food and personal
hygiene products.
These small retailers have limited access to high quality
consumer goods.
Retailers are unable to predict delivery times resulting in
losses from unsold inventory or out-of-stock situations.
Solution
Ripplr is a distributor and logistics service provider of
retail consumer products.
The Company digitizes the ‘manufacturer to retailer’ value
chain by using data and technology to optimize delivery
and distribution.
Ripplr deploys predictive analytics to manage demand and
inventory for both retailers and consumer brand
manufacturers.
Using data shared by Ripplr, retailers can understand stock
purchase needs, track real-time delivery and simplify
procurement.
Helping retailers through COVID-19
During COVID-19, small retailers faced losses due to
lockdowns and unreliable distributors.
Retailers who partnered with Ripplr were able to track
delivery, distribution dates and stock demand through the
Company’s data optimization model. This helped them
continue to provide essential supplies customers during
the COVID-19 pandemic.
Ripplr
240
jobs created
11,400
small retailers
served
42
small
distributors
products sold
7
states in India
930
million
worth of
procurement
to small
retailers

16. 16
Challenge
Global trade requirements such as customs documentation
and other trading regulations impose additional cost
complexities on small and mid-size exporters.
Global freight forwarders provide limited transparency to
customers, resulting in higher costs and extended timelines.
Delayed deliveries due to lengthy payment cycles and
difficulty tracking shipments lead to low customer retention.
Solution
20Cube is a digital logistics company that provides air and
sea freight forwarding, warehousing services and third-party
logistics.
20Cube supports exports from low and middle-income
regions including East Africa, Bangladesh and India.
Customers benefit from transparent and low-cost logistics
solutions. These solutions are enabled by the Company’s
proprietary technology and centralized operations.
Employees are recruited from low-income regions and
provided training by the Company. Employees are provided
English language and business process training.
“I am the first person from my family to work for a multinational
company. I have improved my English language and computer skills
working at 20Cube and now am much more well respected in my
hometown thanks to 20Cube.”
Pal Pandi, Team Leader at 20Cube Chennai Office
20Cube
470
jobs created
7
low-income
states in India
11
low to medium
income
countries served
14
cities in India
55,000
sq.ft
warehousing
space in low-
income states
of India

17. 17
Challenge
Traditional cement-based construction is time and energy
intensive leading to long project timelines and cost
overruns.
The cement industry produces about 5% of total global
man-made CO2 emissions.
Solution
PEBS Pennar manufactures pre-engineered buildings that
replace cement with steel.
Use of steel helps decrease water consumption by over
20% and power consumption by 25%, reducing over
250,000 tons of carbon emissions.
Steel buildings created by PEBS improve time and cost
efficiency as materials and designs are chosen and
manufactured in advance.
PEBS manufactures steel-based structures that support
low-income groups. These structures include:
Rural
housing
Primary healthcare
centres
Agricultural storage
for farmers
Primary
schools
*Company divested as of January 2018
“Green buildings incorporate features such as photovoltaic technology
on the roof, insultation, fiberglass solutions, reflective coatings, raw
material optimization, water harvesting and other features which
allow us to provide our customers [environment friendly
options].”
Aditya Rao, Director, PEBS Pennar
Pebs Pennar*
590
jobs created
12,500
schools and
primary
healthcare
centres built
350 MW
solar energy
generated by
homes built
13
states in India
1.3
million
tonnes of
storage capacity
for agricultural
products

18. Shiksha Finance has enabled
access to affordable education
for over 400,000 girls across
2,500 low-cost private schools
in India
Fara* is the mother of six daughters and a son. Fara lives
with her family in a tiny one-bedroom house in a slum in
northern Bangalore, a city in South India. The couple run a
catering service and earn an irregular income.
Fara and her husband struggle to make ends meet and in
arranging the upfront lumpsum payment required for their
childrens’ tuition fees. The three oldest daughter did not
finish school because their family could not afford their
education.
“I wish that my other daughters could have continued
their education”, says Fara regretfully.
In 2019, Fara learned about Shiksha Finance from other
women in her neighborhood.
Shiksha’s team assessed Fara’s financial condition and
confirmed her eligibility to avail study loans for the education
of two of her younger children studying in Grades 5 and 8.
The Shiksha team also helped Fara form a joint liability group
(JLG) with four other women, and informed Fara about the
loan terms, repayment schedules, and mode of repayment.
With monthly earnings from her catering business, Fara has
repaid the loan through monthly instalments. Fara feels
empowered as she has a voice in managing household
finances. She has now become the leader of the JLG. She
works with Shiksha’s personnel to enable financial literacy
training for the other women in the community.
Fara is relieved that her younger daughters will get education
and their future job prospects are improved.
She hopes that as earning members of the family, her
daughters will be financially independent.
“With Shiksha's help, we were able to educate our daughters and ensure that they grow up to be
independent women.” Fara says.
Shiksha Finance provides loans to parents of students from low-income families for their children’s
tuition fees. The company also provides loans to low-cost private schools to improve infrastructure.
Case Study: Shiksha Finance
Shiksha Finance is a provider of
loans to parents of students
from low income families for
their children’s tuition fees
18
*Name changed to protect identity

19. Loanzen provides loans for
purchase of used commercial
vehicles (CVs).
Today, Thayamma owns 20
trucks and services e-
commerce companies such as
Myntra and Flipkart, India’s
leading online shopping
portals.
Thayamma, a homemaker, was born in Nambinayakanahalli, a village in Karnataka, India. Her
parents could not afford her education, and soon they got her married. Her husband, a high school
drop-out, worked as a manual laborer.
Within a year of marriage, Thayamma’s husband lost his job. Multiple conversations with
acquaintances on potential livelihood opportunities led Thayamma to the world of small pickup truck
rental services. A friend suggested that he could help her secure a contract with a local painting
supplier to transport goods to and from their manufacturing facility. If the couple could own a
vehicle, her husband could drive.
Banks had rejected her plea for financing despite her success
in operating her first vehicle and she was wary of the local
money lenders. At this time, Thayamma learnt about
Loanzen, a provider of financing solutions to commercial
vehicle operators and fleet owners. The company was able to
provide Thayamma’s loan to expand the fleet.
“Finally, things seemed to fall into place. I purchased four
more LCV’s (light commercial vehicles), one after the other,
with the timely help of Loanzen,” says Thayamma.
As a school dropout herself, Thayamma wants to make sure
her son gets quality education and earns a good living.
She says, “My husband and I could not afford good education.
Fortunately, I am able to get my son admitted to one of the
best schools in Bangalore. All this is possible due to the
support I got from Loanzen.”
Thayamma took a leap of faith and decided to buy a truck
to start her own transportation business. She faced
challenges in arranging for a lumpsum to purchase a
vehicle. With little to no savings, no credit history or
documented income, banks would not finance her, and she
had to borrow from a money lender at an exorbitant
interest rate. She even had to pawn her family jewelry to
purchase her first truck. Thayamma’s husband became her
first employee and he drove the truck.
Demand for Thayamma’s transportation services, known
for timeliness and reliability, improved multifold in the
following months. Thayamma saw an opportunity to
expand her fleet, and service the increasing demand.
Loanzen has empowered many such small businesses in the transportation sector. The
company has financed around 1,900 trucks, creating jobs for over 3,000 people.
This talented entrepreneur manages the routes and scheduling of all her trucks by memory. She
wishes for more women to consider transportation business to a better life. Thayamma urges people
not to label it as a male profession.
Case Study: Loanzen
19

20. 20
INDIA
Zephyr Peacock India
3rd floor, IndiQube TownHub
Indira Nagar 1st Stage, H Colony,
Indiranagar, Bengaluru,
Karnataka 560038 India
Prasad Ramaswamy
Tel: +91 080 4681 8300 / rp@zmlp.com
USA
Zephyr Management/ Zephyr Peacock
12 East 49th Street, 41st Floor
NewYork, NY 10017 USA
Tina Keriazes
Tel: +1 212 508-9400 / tk@zmlp.com
Contact Information

21. Appendix
21

22. 22
ZPIGF undertakes a detailed ESG due diligence, based on IFC’s Performance Standards and
Operating Principles for Impact Management prior to investment
Excluded Business Sectors:
• Weapons and munitions
• Alcoholic beverages (excluding beer and wine)
• Tobacco
• Gambling, casinos and equivalent enterprises
Potential
Investee
Companies
• Radioactive materials (excluding medical equipment)
• Unbonded asbestos fibres
• Drift net fishing
• Other illegal products per Indian laws
*Source: Sustainability Accounting Standards Board
Identify key sustainability issues for each new
investment*
Develop and implement
sustainability programs per IFC
Performance Standards
Develop ESG Recommendations and Plan as per
Due Diligence Findings
Implement action plan to deliver
the identified strategic impact
objectives
Impact Systems at Zephyr Peacock

23. Zephyr has sponsored and/or managed 27 investment funds in both
public and private securities markets representing approximately $1.3
billion in combined commitments. Zephyr has provided capital and
management support to 95 emerging enterprises across the world.
23
Zephyr’s Global Portfolio
Africa Media Group
GEOGRAPHY Financial Services Food & Agriculture Infrastructure Ancillaries
Cornick Group
USKO
Computer Configurations
Gray Security
FUEL (PTY)
LTD
AFINTA MOTOR
Chancellor Corporation
CNIA
Assurance
S.A
Buildworks
Group
UniversoE.com Inc
Technologies de Primer Nivel
India
Africa
Sri Lanka
Mexico
South Korea
Infrastructure Ancillaries
23