Aavishkaar closes 6th fund worth Rs 594 cr

Impact investment advisory firm Aavishkaar, a part of the Aavishkaar Intellecap Group, has announced the first closure of its sixth fund with a commitment for Rs 594 crore.
So far, the group fund has received commitments worth Rs 620 crore for the Aavishkaar Bharat Fund, Aavishkaar said in a statement.
Aavishkaar Bharat Fund focuses on generating commercial returns while looking at business models engaging with low and low middle income communities to create an impact on their lives or businesses.
The fund will invest in startups and early growth stage companies in sectors like agriculture, financial services, healthcare, logistics and supply chain, renewable energy the fund said.

Including the India focused fund, Aavishkaar now manages six funds with an aggregate corpus of Rs 2000 crore.
Funds advised by Aavishkaar have till date made 58 investments in India, Indonesia, Sri Lanka and Bangladesh and 25 exits while generating 250,000 jobs, it claimed.
Some of its investments include Equitas Small Finance Bank, AgroStar, MilkMantra, Lets Recycle, EPS and Jaypore.
The fund is anchored by Sidbi, CDC Group, Munjal Family Office of the Hero Motorcorp and global pension fund manager Tiaa.