Aavishkaar Group’s investing arm Aavishkaar Capital raised Rs 1,000 crore
- ByStartupStory | April 7, 2022
Aavishkaar Capital, the Aavishkaar Group’s impact investment arm, has raised Rs 1,000 crore ($130 million) for its eighth impact fund’s initial close. By the end of the current calendar year, the ultimate transaction is likely to exceed $200 million (about Rs 1,500 crore). The group now has Rs 4,000 crore in assets under management across its eight funds.
The new fund is also 2x certified, which means that nearly 30% of the money must be invested in companies with female founders, senior leadership roles, or goods geared toward women in order to achieve gender diversity goals. The fund will also make a conscious effort to invest in businesses that address concerns such as climate change.
Domestic investors like as the Small and Industries Development Bank of India (Sidbi), Self-Reliant India, or SRI Fund, Max Life, Axis Bank, family offices, and Ultra High Net-worth Individuals contributed almost half of the new fund, according to Tarun Mehta, the partner at Aavishkaar Capital. British International Investment (previously known as CDC Group Plc) and Swiss Investment Fund for Emerging Markets are the fund’s anchors (SIFEM AG).
The fund will invest in 13-15 businesses, mostly micro, small, and medium-sized businesses, that use technology as a significant enabler in the core sectors of sustainable agriculture, financial inclusion, and vital services, with an emphasis on climate technology. The checks will be worth between $10 million and $25 million. Vineet Rai, Sushma Kaushik, Anurag Agrawal, and Mehta, partners at Aavishkaar Capital, will lead the Alternative India Fund-VI.
Fund V of Aavishkaar was an Rs 800 crore pool that invested in over 15 firms. Since 2008, the organization has made 62 investments and negotiated partial or complete exits from 38 portfolio companies.
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