Aavishkaar’s five previous funds have cultivated early-stage social startups in India
Aavishkaar-Intellecap Group reached the first close in its planned $200 million Bharat Fund, Livemint reports.
Bharat Fund could double Aavishkaar’s fundraising to date. Aavishkaar’s five previous funds have cultivated early-stage social startups in India; half of the Bharat Fund will back later-stage companies.
Aavishkaar has identified three companies in waste management and financial services in which to invest roughly $20 million each.
The fund is so far backed by $25 million from CDC, the U.K.’s development finance institution, several Indian family offices, the Small Industries Development Bank of India, and the Indian National Bank for Agriculture and Rural Development.
Aavishkaar-Intellecap Group is hosting its 9th Sankalp Forum in Mumbai next month (see #Signals below).