.₹ 2,000-cr Fund will be the Real Aav­ishkaar

The Economic Times - - Disruption: - Taslima.Khan@ times­group.com

New Delhi: Aav­ishkaar Ven­ture Man­age­ment Ser­vices plans to raise a new fund this year with a to­tal tar­get cor­pus of .₹ 2,000 crore.

This will be the sixth fund of the com­pany, which is among In­dia’s old­est im­pact in­vest­ment fo­cused ven­ture cap­i­tal funds, and in­crease its to­tal as­sets un­der man­age­ment to .₹ 3,500 crore.

“Be­fore the end of this year we will an­nounce the first close of this fund with around $225 mil­lion of in­ter­na­tional money and .₹ 500 crore raised in In­dia,” said Vi­neet Rai, CEO of Aav­ishkaar. Im­pact funds such as Aav­ishkaar are in­creas­ingly see­ing qual­i­tyen­trepreneur­sat­tempt­ingto af­fect so­cial im­pact with sus­tain­able busi­ness mod­els.

“Ear­lier, the en­tre­pre­neur only wanted to im­pact a vil­lage, now he wants to im­pact 6,00,000 vil­lages. What has changed is the am­bi­tion at the en­tre­pre­neur level and also our abil­i­ty­to­sup­port­thatam­bi­tion­with more cap­i­tal,” said Rai, who re­cently joined the ad­vi­sory board of United Na­tions Eco­nomic and So­cial Com­mis­sion for Asia and the Pa­cific. Some of the com­pa­nies that Aav­ishkaar has re­cently backed in­clude on­line mar­ket­place Jay­pore and ecom­merce lo­gis­tics firm Con­nec­tIn­dia. One of Aav­ishkaar’s port­fo­lio com­pa­nies, Equitas, in which it was an early in­vestor, saw its ini­tial pub­lic of­fer­ing over­sub­scribed 17.21 times. Aav­ishkaar-backed EPS, which pro­vides out­sourced ATM ser­vices to large banks in the coun­try, raised fol­low-on fund­ing worth $25 mil­lion from Apis Growth Fund.

Aav­ishkaar had raised $45 mil­lion to mark the first close of its Aav­ishkaar Fron­tier Fund, which has a to­tal tar­get cor­pus of $75 mil­lion. The fund is fo­cused on mak­ing in­vest­ments across In­done­sia, Bangladesh, Sri Lanka and Pak­istan, with a ticket size of $1-5 mil­lion.

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