India: Hero Enterprises to invest $15.5m in Aavishkaar Bharat Fund
Hero Enterprises today announced a Rs 100 crore ($15.5 million) investment in impact investor Aavishkaar’s new fund, the Aavishkaar Bharat Fund. Aavishkaar Bharat Fund is the investor’s sixth fund, and is a SEBI registered Category II Alternative Investment Fund. The firm is aiming to raise Rs 2,000 Crore ($310 million) for this fund, through which it will invest in businesses engaging with the underserved population in sectors — like agriculture, financial services, healthcare, waste and sanitation, renewable energy and logistics and supply chain.
“At this stage in India’s evolution, it is clear that for the entire country to develop, rural areas and underprivileged citizens must become part of the economic miracle, not through charity, but through real opportunities,” said Sunil Kant Munjal, Chairman, Hero Enterprises. “Currently, most of India’s development has taken place in urban areas and in medium and large enterprises. So it is heartening that a number of small and brave entrepreneurs are getting into projects aimed at the Indian heartland. It is our turn to step in, provide support, and help create prosperity at the bottom of the pyramid,” he added.
Hero Enterprise is a prominent Indian diversified group with its mainstay in the auto sector including bicycles, motorcycles, auto components, and a host of service businesses. It has also recently invested in a number of startups and select e-commerce ventures.