Aavishkaar invests `26 Crore in two companies
Date: Tuesday , May 01, 2012
AAavishkaar, the social venture fund that manages a corpus of $120 million, has invested `26 crore in two startups, one being an education service firm Karadi Path and the other being a renewable energy company Vana Vidyut.
Karadi will receive 8 crore to expand its English language learning operations focused on primary school students particularly in semi-urban and rural areas.
Vana Vidyut will receive 18 crore. The company is expected to setup India’s first grid-connected bio-mass power plant with captive bio-mass feed stock from dedicated energy plantations.
The Aavishkaar Group of Companies comprises of one India-based fund and three Mauritius-based funds focused on catalyzing development in rural and underserved India. By providing risk capital to ventures operating in the micro equity and microfinance space, Aavishkaar is pioneering the approach of investing in early stage enterprises that have the potential to bring significant commercial returns while simultaneously creating positive developmental impacts. It invests in a range of sectors, namely Agriculture and Dairy, Education, Energy, Handicrafts, Health, Water and Sanitation, Technology for Development and Microfinance and Financial Inclusion.
Aavishkaar aims to harness the entrepreneurial spirit at the bottom of the pyramid to create inclusive economic development. It has closed a first tranche of $70 million last year.
Recently, Cisco has made an investment in Aavishkaar India II, a Mauritius based $120 million fund dedicated to investing in rural India.
The investment team of Aavishkaar was founded by Vineet Rai who is the Partner and Managing Director of Aavishkaar Venture Management Services. Some of the investing portfolios of the company are INI Farms, B2R Technologies, Vortex, Servals Automation, and several others.