Asha Ventures achieves initial fund close, amassing $50 million corpus
- ByStartupStory | December 14, 2023
Mumbai-based Asha Ventures has secured $50 million, marking the initial closing of its Asha Ventures Fund I. This venture capital firm aims to gather a total of $100 million, directing investments toward companies targeting the middle class in sectors spanning financial services, agriculture, healthcare, education, and climate solutions. The primary focus lies on early growth-stage investments. The fund has garnered commitments from esteemed domestic institutions such as the Small Industries Development Bank of India (SIDBI), the Self-Reliant India Fund, a private sector bank, and family offices, according to their statement.
Vikram Gandhi, Pramod Bhasin, Amit Mehta, and Aditi Gupta lead Asha Ventures, known for notable investments in edtech firms Avanti and Adda247, along with the healthcare startup Truemeds. Expressing their vision, the firm aims to support four to five companies annually, intending to foster a “sustainable and inclusive India.”
Pramod Bhasin, Founding Partner at Asha Ventures, emphasized, “We believe this is the perfect time for technology-led inclusive funding models to be built in India and to fund businesses that are solving for key needs around financial inclusion, healthcare, and employability.”
S Ramann, Chairman and Managing Director of SIDBI, emphasized the critical role of startups in catering to India’s emerging middle class of 500 million people. He stated, “Startups are a key driver of this innovation. Asha Ventures has been a pioneer in catalysing domestic capital to back such startups in the inclusion and sustainability space.”
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