Aavishkaar makes final close of second venture fund at $94M
Monday, August 12, 2013
Aavishkaar Venture Management, a venture capital firm focused on India’s rural areas and bottom-of-the-pyramid (BoP) space, has made the final close of its second venture capital fund Aavishkaar India II Company Ltd at $94 million. The venture fund, aiming to invest in underserved India, got lead investments coming from Kfw (the German Development Bank), Impact Investment Trust and other institutional investors.
VCCircle first wrote about the final close of the fund in May this year.
Aavishkaar India II’s predecessor raised $14 million in January 2009 and the larger second fund will ensure that the firm will be able to write bigger cheques and invest across various stages of its portfolio companies.
Aavishkaar II reached its first close in September 2011 with commitments from International Finance Corporation (which anchored the first close), as well as CDC, Kfw and FMO, among the development finance institutions, besides the networking major Cisco.