Indian firm Aavishkaar Venture Management has reportedly completed the first close of its new fund, Aavishkaar India II, having raised the equivalent of USD 62 million. Aavishkaar and its funds aim to expand rural opportunities in India through investments in enterprises catering to the poorest segments of the population.
Aavishkaar aims for a second close by the end of 2011 at around USD 75 million and seeks a total target of USD 120 million by June 2012 [1]. The fund will focus mainly on rural and semi-urban projects that will attempt to scale-up delivery of basic services like healthcare, education, sanitation and renewable energy.
Aavishkaar India II was launched in January of this year and attracted interest from foreign investors relatively rapid to Aavishkaar Micro Venture Capital, the current fund’s predecessor, which was launched in 2001 and took eight years to achieve a final close of USD 14 million.
The Aavishkaar India II fund will continue the investment strategy established by Aavishkaar Micro Venture Capital but with the capacity to invest larger sums across various stages of an organization’s development. Early-stage firms partnering with the new fund can expect an initial investment of up to USD 500,000, while established firms may get up to USD 12 million. As of 2011, Aavishkaar is in its tenth year of operation and, including Aavishkaar India II, manages a total of four funds with assets totaling approximately USD 100 million. [2]
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Sources and Additional Resources:
[1] VCCircle, Oct 14 2011. http://www.vccircle.com/500/news/aavishkaar-ii-makes-first-close-at-62m-…
[2] Aavishkaar, Oct 25 2011. http://www.aavishkaar.in/media-highlights/
MicroCapital.org story, Mar 9, 2011. “MICROCAPITAL BRIEF: Aavishkaar Goodwell, Company Providing Equity Finance for Microfinance Institutions (MFIs), Seeks to Raise USD 100 Million for Second Fund”, https://www.microcapital.org/microcapital-brief-aavishkar-goodwell-compan…
About Aavishkaar Venture Management (AVM): AVM is a Mumbai-based venture capital firm that seeks to enhance economic opportunities in rural India. AVM’s total assets under management has grown from under USD 20 million in 2002 to approximately USD 100 million in 2011. Aavishkaar has made a total of 22 investments in a variety of sectors as of September 2011.
(https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Aavishkaar+Goodwell+India+Microfinance+Development+Company+Ltd)
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