In addition, Aavishkaar India Fund VI will be the first 2X certified flagship fund in Asia. The fund has committed to ensure that 30 per cent of its underlying portfolio investments meet the 2X criteria, which is a gender lens investing tool under the 2X Challenge – an initiative launched by the development finance institutions (DFIs) of the G7 to deploy and mobilise capital to support projects that empower women as entrepreneurs, business leaders, employees and consumers.
Srini Nagarajan, Managing Director and Head of Asia, British International Investment, said, “ Our strengthened partnership with Aavishkaar Capital is based on a joint objective to increase access to capital for early stage tech-driven businesses, enabling them to transition from proof of concept to growth in their operations. Aavishkaar’s proven track record in delivering impact, positions it as an important co-investing partner with proven ability to facilitate greater financial support to India’s innovative entrepreneurs in businesses across sustainable agriculture, financial inclusion and essential services. We are proud that our latest investment, which forms British International Investment’s fourth commitment to this fund manager, will help accelerate scalable impact for low-income and underserved communities, creating more jobs and expanding economic opportunities throughout India.”
The AIF VI will be led by Aavishkaar Capital Partners Vineet Rai, Sushma Kaushik, Anurag Agrawal and Tarun Mehta and the team has a healthy deal pipeline with the first transaction expected to be consummated in Q1, 2023.
Talking about the new fund, Sushma Kaushik, Partner, Aavishkaar Capital says, “We at Aavishkaar Capital are incredibly grateful to both our investors and founders that have partnered with us in our journey so far, and who continue to push us, to play a role in building impactful and sustainable businesses. We are excited about partnering with the opportunities that tech led businesses are able to disrupt in traditional sectors like agriculture, financial services and essential services. We are confident of delivering attractive returns whilst bringing about a significant positive change in the lives of the people.”
The new Aavishkaar India Fund VI is the eighth fund from Aavishkaar Capital and will be its largest fund in India, targeting double the corpus of the predecessor fund. Funds advised by Aavishkaar Capital have till date made 62 investments in India and 38 full and partial exits.