Mumbai-based venture capital firm, Asha Ventures, has successfully raised $50 million as the first close of its new fund, Asha Ventures Fund-I. The fund aims for a total corpus of $100 million and is set to invest in early growth-stage companies targeting the emerging middle class. Asha Ventures focuses on sectors such as Financial Services, Healthcare, Education, Climate, and Agriculture.
Led by notable figures including Vikram Gandhi, Pramod Bhasin, Amit Mehta, and Aditi Gupta, the firm has a reputation for achieving commercial returns in the impact investing space. Past investments by Asha Ventures include Vastu Housing Finance, Varthana Education Finance, Adda247, Truemeds, and Nepra.
The fund has garnered commitments from domestic institutions, including the Small Industries Development Bank of India (SIDBI), the Self-Reliant India (SRI) Fund, and a private sector bank. Additionally, family offices of some of India’s top business leaders have also contributed to the fund.
Vikram Gandhi, Founding Partner at Asha Ventures, highlighted the success of their investment thesis, emphasizing the scalability of doing good while achieving financial returns. The fund’s track record has attracted backing from reputed institutions, and with the current support, it aims to scale up its impact investments.
Pramod Bhasin, Founding Partner at Asha Ventures, sees an opportune moment for technology-led inclusive funding models in India. The fund aims to support businesses addressing key needs in areas like financial inclusion, healthcare, and employability. Asha Ventures intends to bring operating and investment expertise to its portfolio companies, enabling them to realize their potential.
With the first close completed, the fund is actively seeking opportunities to build its portfolio. It plans to invest in 4-5 companies annually and collaborates with entrepreneurs at the early growth stage to foster a sustainable and inclusive India.
S Ramann, Chairman and Managing Director of SIDBI, expressed pride in supporting Asha Ventures’ mission, emphasizing the role of startups in driving innovation for India’s emerging middle class. He anticipates the fund’s positive impact on job creation and contributing to a more inclusive and sustainable Indian economy.
Amit Mehta, Managing Partner at Asha Ventures, expressed gratitude for the support received and looks forward to working with passionate entrepreneurs creating scalable businesses across the fund’s focus sectors. The aim is to address the needs and aspirations of the mass market and small businesses, contributing to India’s efforts in tackling climate change.