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Aavishkaar closes $95 million for India’s largest impact fund

Growth Markets

Aavishkaar’s five previous funds have cultivated early-stage social startups in India

PC: Aavishkaar

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).

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