Aavishkaar Group Scoops up $37 Million in Fresh Financing From FMO

Thursday, September 26, 2019

By Biswarup Gooptu

Aavishkaar Group, one of the world’s largest impact investors, has raised $37 million (about Rs 262 crore) in fresh financing from Dutch development finance institution FMO, as the Mumbai-based social capital investor looks to push further into Africa and Southeast Asia.

“We are in the third phase of our consolidation, where we have invited FMO to join as a shareholder in the group, right at the top. This will be a minority stake – about 10%,” Vineet Rai, chief executive of Aavishkaar Group, told ET.

Aavishkaar, which currently manages assets of about $1 billion, received $32 million from Nuveen, the investment management arm of diversified financial services giant Teachers Insurance and Annuity Association, in December last year. ET was the first to report this development.

Photo courtesy of John Twohig.

Source: ET Tech (link opens in a new window)

development finance, impact investing