[Funding alert] Asha Ventures Announces First Close of INR 750 Cr Fund

Impact investor Asha Ventures has secured Rs 400 crore, or roughly $48 million, in preparation for its debut fund, which will have a Rs 750 crore (or roughly $90 million) total capital.

In the education, financial services, healthcare, agriculture, and climate sectors, the fund intends to make Series A transactions with cheque sizes ranging from $2 million to $10 million in firms pursuing environmental and inclusion concepts, managing partner Amit Mehta told ET.

Read also – [Funding alert] Fashion Startup Absolute Brands and Retail Secures $2.5 Mn Seed Funding Led by Capstone Ventures

“We believe this is the perfect time for technology-led inclusive funding models to be built in India, to fund businesses that are solving for key needs around financial inclusion, healthcare and employability,” said Pramod Bhasin, founding partner of Asha Ventures.

According to Mehta, Asha Ventures intends to invest money in four to five businesses annually for a period of four years, with the fund’s duration being 8.5 years. Within the upcoming year, he said, the fund’s final closing of the remaining Rs 350 crore will be finished.

Read also – Gogoro Launches Battery Swapping Ecosystem in India and Unveils India-made CrossOver Smartscooter

“At Asha Ventures, we have demonstrated, since 2015, that doing good while doing well is a scalable investment thesis… We are very excited about the opportunity that lies ahead, and the role we can play in shaping a more equitable and sustainable future for the country,” Vikram Gandhi,founding partner of Asha Ventures said.

Small Industries Development Bank of India (SIDBI), Self Reliant India (SRI), and the family offices of JM Financial Group’s Nimesh Kampani and Pidilite Industries’ Ajay Parekh are among the fund’s partners with limited liability, as reported by The Economic Times.

Read also – Uniqus Consultech Partners with Board International to Deliver Technology-Based Finance Transformation Solutions

About Asha Ventures

Asha Impact is an impact investing firm dedicated to creating long-lasting social change in India by supporting creative and scalable for-profit social enterprises with the knowledge, resources, and networks of industry leaders.