Hero, a leading industrial business group in India, is investing $15.5 million in Aavishkaar’s sixth fund as part of its foray into startup investing.
“It is clear that for the entire country [of India] to develop, rural areas and underprivileged citizens must become part of the economic miracle, not through charity, but through real opportunities,” said Hero’s Sunil Kant Munjal.
Aavishkaar is looking to raise about $300 million for the fund, which was announced a year ago, to invest in agriculture, financial services, healthcare, sanitation, renewable energy and logistics for underserved populations.
Aavishkaar has made more than 50 total investments since 2002, and recently launched overseas funds focused on Asia and Africa.
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Photo credit: indiaeducationdiary.in