Aavishkaar makes final close at $14 Million
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Aavishkaar makes final close at $14 Million
Bangalore: Aavishkaar India Micro Venture Capital Fund, which had a final target of raising $15 million, has made a final close at $14 million as reported in VCCircle. In its final round, Aavishkaar roped in Rockefeller Foundation and David Weekley Family Foundation as investors. "It took us a long time, but we are happy to make a close," said Vineet Rai, Founder and CEO of Aavishkaar, Rockefeller Foundation contributed 4.93 crore and David Weekley Family Foundation contributed Rs 2.44 crore to the fund. The fund has got additional capital commitment of Rs 7.37 crore for its second fund which had its initial closing on January 2009. Aavishkaar had earlier received government go-ahead for fresh capital of Rs 23 crore from new investors with an additional capital commitment from an existing investor, taking its total funds under management to $11.3 million. These new investors included Oasis Fund, FMO, Dreilinden GmbH and George Avenue CV who together picked 39 percent stake in the Mumbai-based VC firm for around Rs 18.3 crore. Also, Dutch foundation CORDAID invested Rs 4.25 crore taking its total capital commitments in Aavishkaar to Rs 10.4 crore. Aavishkaar, which started its venture operations in 2002, is led by the Singapore-based parent Aavishkaar International which aggregates individual investments for the Indian fund. It supports rural and semi-urban entrepreneurs through funding, management support and professional expertise. It targets investments with a size ranging between Rs 10 lakh to Rs 1 crore and is estimated to have invested more than Rs 5.55 crore in about a dozen companies engaged in the areas of renewable energy, dairy, healthcare besides other small and medium sectors. Some of its existing portfolio companies are Servals Automation, Shri Kamadhenu Electronics, Tide Technocrats and Craftsbridge.

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