1. Data in this report is accurate as of 31 December 2023. *Emerging consumers are defined as those earning less than $10 a day (2011 PPP$) for those investments made before February 2022. Due to inflation, companies invested in since February 2022 define emerging consumers as those earning less than $11.20 a day (2017 PPP$). Full glossary of definitions available here.

Healthcare

Partner Biju Mohandas on how omnichannel healthcare has enabled our portfolio to scale.

Company Spotlight: Redcliffe Labs

LeapFrog conducted industry-leading research with Redcliffe Labs, a Fund IV investment, finding that the company’s diagnostic tests are more cost effective at tackling illnesses, like diabetes and heart disease, than many standard treatments. The data highlights the importance of digitally-enabled and low-cost diagnostics businesses in combatting India’s rising pandemic of non-communicable diseases. 

The study found Redcliffe’s tests were more cost effective than the national treatment coverage for protecting against the consequences of cardiovascular disease, while its test for diabetes were less than 2/3 the cost of the cheapest comparable screening and telemedicine interventions*. 

Climate Investing

LeapFrog’s plan to commit $500m to companies to address climate change in Africa and emerging Asia was announced at the US-UK Climate Mobilisation Forum in July 2023 - where HM King Charles III and US President Joe Biden were joined by Andy Kuper and 20 other global CEOs. The strategy has already been backed by global investors such as Temasek and EIB.

Deep Dive - The Green Leap in Global Growth Markets. Temasek Vice Chair Sustainability, Steve Howard and McKinsey & Co Partner Hauke Engel join LeapFrog Partner Nakul Zaveri and Head of Impact Julie Wallace for a panel discussion on the economics of the green transition.

Company Spotlight: Sun King

Sun King, the world’s largest off-grid solar provider, is a Fund IV investment enabling access to renewable energy for hundreds of millions of consumers. The company is an example of how green technologies can offer low-income consumers cheaper products and services than incumbent carbon-intensive alternatives, a phenomenon we describe as the “green discount”.

Source: Investor Roadmap for Inclusive Green Growth, 2023

Jobs and Livelihoods

LeapFrog companies directly employed more than 241,000 people, either full time or in part time or agent roles. They paid $566 million in salaries that flowed through to local economies. The contribution of our companies to job creation goes far beyond these numbers. In the markets that we invest in, emerging enterprises often called micro, small and medium enterprises (MSMEs), account for as much as 70% of employment. Providing credit or insurance to these enterprises can catalyse enormous impact.

In 2022, we made a pledge at the Clinton Global Initiative to help our companies to finance or protect 25 million emerging enterprises that support 100 million jobs by 2030. In the past year, we have made progress towards that goal, reaching 20 million MSMEs who support 28 million jobs.

Company Spotlight: Electronica Finance

Electronica Finance is an Indian secured MSME lender enabling small enterprise owners to grow their businesses by providing them with access to financing for purchase of livelihood-generating machinery and solar panels, closing the $530B MSME credit gap and aiding in the green transition for Indian industry. The company employs 1,878 staff directly, and through its loans to MSMEs supports a wider 64,400 jobs.

Profile of an active Electronica Finance customer

This automotive parts supplier has accessed 32 loans since 2005 and, with this support, has seen substantial growth in their business.

Climate Action Plan

LeapFrog’s climate practices are evolving to meet the greatest challenge of our time: climate change. Over the past year we have taken several new steps to deliver on our climate commitments. 

LeapFrog’s Global Team

At LeapFrog, we pride ourselves on our commitment to diversity, equity and inclusion. This is reflected in the composition of our teams and our work to build the diversity and inclusion capabilities of the companies that we invest in.