LeapFrog Investments, a social investment fund, made a $15 million investment in a unit of Shriram Group, a Chennai-based financial services company, that is targeting the lower-end mass market in India with insurance.

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"'It's very difficult for societies to develop without the ability to transfer risk,' says Jim Roth, co-founder of LeapFrog. Insurance, he believes, is key for that. But Mr. Roth is also clear that such a business needs to make a profit. 'If we don't make a profit, this is not going to be sustainable,' he said. 'We don't make a big margin on each client, but we look at a large number, a large base.'"

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