Aavishkaar Bharat Fund, the new fund from Aavishkaar is set to get an investment of about USD 15.4 Mn from Chairman of Hero Enterprise Sunil Kant Munjal, as announced by him. The fund will focus on financial inclusion, employment, and promoting grassroots entrepreneurship. Aavishkaar Bharat Fund is Aavishkaar’s sixth fund, and is a SEBI registered Category II Alternative Investment Fund. It plans to invest in businesses engaging with the underserved population in sectors that form the bedrock of India’s growth – like agriculture, financial services, healthcare, waste & sanitation, renewable energy and logistics & supply chain.
Commenting on the investment, Sunil Kant Munjal, Chairman, Hero Enterprise said,
“At this stage in India’s evolution, it is clear that, for the entire country to develop, rural areas and underprivileged citizens must become part of the economic miracle, not through charity, but through real opportunities. Currently, most of India’s development has taken place in urban areas and in medium and large enterprises.’’
Aavishkaar is a part of the Aavishkaar-Intellecap Group, and is one of the pioneers in impact investing. Since its incorporation in 2002, it has made more than 50 investments, across sectors and geographies including the low-income states. It has raised five funds, delivering commercial returns with a total of about $201 Mn (INR 1300 Cr) under management. The company claims that Aavishkaar’s approach has resulted in the invested enterprises impacting over 70 Mn lives and creating over 150K jobs and livelihoods.
In a recent report released by DIPP and SIDBI, states that under the Fund of Funds as of March 31, 2017, SIDBI has committed about USD 96.5 Mn to 17 Alternative Investment Funds. Of these 17 AIFs, Aavishkar Bharat Fund has the highest corpus with a total of about $309.5 Mn.