Impact Investor Asha Ventures Raises $10 Mn From British International Investment

Impact focused fund Asha Ventures has raised $10 million in funding from British International Investment (BII) from the UK government for its fund I. The fund is targeting a total of $91 million.

In December 2023, Asha Ventures had its first close, raising around $46 million from investors like SIDBI, Self Reliant India (SRI) and the family offices of Ajay Parekh (Pidilite Industries) and Nimesh Kampani (JM Financial Group).

The Venture Capital said they plan to complete the final round of fundraising by September this year.

The fund aims to support fast-growing startups in India that create a positive impact, especially in areas like financial inclusion, job creation and climate resilience.

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So far, from its fund I, Asha Ventures has invested in three startups: Ascend Capital (EV financing), TrueMeds (telehealth) and AutoMony (commercial vehicle financing).

Since it started, Asha Ventures has also backed companies like Vastu Finance (housing finance) and Adda 247 (edtech), among others.

“These are large institutions. The documentation and diligence process takes time, and sometimes these processes are beyond the control of all parties, so we have to appreciate that. As far as fundraising is concerned, we are on track and will be announcing the final close in a couple of months,” Managing partner Amit Mehta said.

“These are large institutions. The documentation and diligence process takes time, and sometimes these processes are beyond the control of all parties, so we have to appreciate that. As far as fundraising is concerned, we are on track and will be announcing the final close in a couple of months,” he added.

“Partnering with BII, we aim to advance development, climate, and gender goals. The widespread digitisation and smartphone penetration offer a unique opportunity to support profitable, impactful businesses,” said Pramod Bhasin, founding partner of Asha Ventures.

“Through Asha, we can in addition channel catalytic capital into creative solutions and impactful businesses that contribute to a more inclusive and sustainable world,” said Srini Nagarajan, managing director and head of Asia at BII.

About Asha Ventures

Established in 2014 by former Morgan Stanley India head and president Vikram Gandhi and former Genpact president and chief executive Pramod Bhasin, the Mumbai-based Asha Ventures is an inclusion and sustainability-focused fund that invests in early to growth-stage companies.

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