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Aavishkaar raises $4.7 Million fresh funding
By siliconindia
Bangalore: Mumbai based venture capital firm Aavishkaar India Micro Venture Capital Fund, the Indian arm of Singapore-based Aavishkaar International raised fresh capital of around $4.7 million (
23 crore). 18.3 crore of the total capital was raised from Oasis Fund, part of Swiss investment advisory firm Bamboo Finance, George Avenue CV, Dutch finance firm FMO and German social investment firm Dreilinden GmbH, who in turn picked up 39 percent stake in the Aavishkaar.
Dutch foundation Cordaid is also investing 4.25 crore in the VC firm, taking its total capital commitments in the company to 10.4 crore, thus making it the single largest shareholder in Aavishkaar. Earlier it had the same stake as Aavishkaar International with capital commitment of 6.15 crore each.
Vineet Rai CEO and Founder of Aavishkaar India said, "The current closing happened in June (2008), but we got FIPB clearance only now. With this infusion the fund has raised $11.3 million, which is proposed to touch $15 million by January 31."
Founded in May 2002, the VC firm supports rural and semi-urban entrepreneurs with funding, management support, professional expertise, and other resources. The company targets 4-6 investments with a size ranging between 10 lakh and 1 crore and has a minimum target Internal Rate of Return (IRR) of 32 percent. The fund is estimated to have invested more than Rs 5.55 crore in 13 companies like Chennai based rural technology firm Servals Automation, Shri Kamadhenu , Electronics, Tide Technocrats and Craftsbridge.
23 crore). 18.3 crore of the total capital was raised from Oasis Fund, part of Swiss investment advisory firm Bamboo Finance, George Avenue CV, Dutch finance firm FMO and German social investment firm Dreilinden GmbH, who in turn picked up 39 percent stake in the Aavishkaar.
Dutch foundation Cordaid is also investing 4.25 crore in the VC firm, taking its total capital commitments in the company to 10.4 crore, thus making it the single largest shareholder in Aavishkaar. Earlier it had the same stake as Aavishkaar International with capital commitment of 6.15 crore each.
Vineet Rai CEO and Founder of Aavishkaar India said, "The current closing happened in June (2008), but we got FIPB clearance only now. With this infusion the fund has raised $11.3 million, which is proposed to touch $15 million by January 31."
Founded in May 2002, the VC firm supports rural and semi-urban entrepreneurs with funding, management support, professional expertise, and other resources. The company targets 4-6 investments with a size ranging between 10 lakh and 1 crore and has a minimum target Internal Rate of Return (IRR) of 32 percent. The fund is estimated to have invested more than Rs 5.55 crore in 13 companies like Chennai based rural technology firm Servals Automation, Shri Kamadhenu , Electronics, Tide Technocrats and Craftsbridge.