Asha Ventures, a Mumbai-based investment firm, has secured $10 million in fresh funding from British International Investment (BII), the UK government’s development finance institution. This capital infusion brings the firm significantly closer to its first fund’s ambitious $91 million target.
BII’s investment marks a critical milestone for Asha Ventures, signaling growing global confidence in India’s impact-focused investment ecosystem. The firm now stands well-positioned to expand its portfolio across financial access, employment generation, and environmental sustainability—three core themes it actively champions.
Steady Progress Since Initial Close in 2023
Asha Ventures held the first close of its maiden fund in December 2023. At that point, the firm raised $46 million from a diverse set of supporters, including government institutions and prominent family offices. SIDBI and the Self-Reliant India (SRI) fund played key roles in anchoring the first close. In addition, influential Indian business families joined the initiative, including the family offices of Ajay Parekh from Pidilite Industries and Nimesh Kampani from JM Financial.
Since then, Asha Ventures has steadily moved toward its target of $91 million. With BII’s recent $10 million commitment, the fund has now crossed the halfway mark and aims to reach the final close by September 2025.
Veteran Founders Lead a Mission-Driven Strategy
Vikram Gandhi and Pramod Bhasin co-founded Asha Ventures to back companies that solve real-world problems in India. Gandhi previously held a leadership role at Morgan Stanley India, while Bhasin built Genpact into one of India’s leading business process outsourcing firms. Together, they bring decades of financial expertise, global relationships, and operational insight to the table.
Rather than chasing short-term valuations or hype-driven trends, Asha Ventures focuses on long-term impact. The fund supports mission-driven businesses that can scale sustainably and create measurable economic, social, and environmental value. Its team spends time understanding grassroots challenges, evaluating real impact metrics, and building partnerships that go beyond capital.
Targeting Three High-Impact Sectors
Asha Ventures invests in businesses that operate at the intersection of financial access, employment generation, and environmental risk management. These sectors align with India’s national priorities and reflect urgent areas of global concern.
The firm’s financial inclusion strategy supports fintech platforms that serve underserved populations, especially in rural and semi-urban regions. These ventures often unlock access to credit, insurance, and digital payments for low-income groups.
In employment generation, Asha backs businesses that create sustainable livelihoods through innovative delivery models. These include companies that train and upskill youth, support MSMEs, and enable access to dignified, formal employment.
Under the environment vertical, Asha Ventures funds companies that manage climate risks and develop clean-tech solutions. It pays particular attention to sectors like electric mobility, circular economy, and agri-environmental systems.
By investing across early to growth-stage businesses, Asha ensures that its capital reaches entrepreneurs who require more than just funding—they need strategic support, mentorship, and scalable models.
Portfolio Highlights: Driving Impact Through Innovation
Asha Ventures has already built a dynamic portfolio that reflects its core investment philosophy. One of its early investments, Ascend Capital, focuses on financing electric vehicles for commercial use. The company designs lending products that allow small business owners, fleet operators, and individual drivers to adopt EVs without upfront financial stress. Ascend also partners with OEMs and charging infrastructure providers to build an end-to-end EV ecosystem.
Another key portfolio company, TrueMeds, operates a growing telemedicine and e-pharmacy platform. The startup aims to make affordable, high-quality medicines accessible to patients across India. TrueMeds uses proprietary algorithms to recommend cost-effective alternatives to branded drugs and helps patients manage chronic health conditions through digital consultations.
AutoMony, another Asha-backed firm, offers commercial vehicle financing to drivers and small transporters who often lack access to formal credit. By combining alternative credit scoring models with strong field networks, AutoMony helps informal sector workers upgrade or purchase vehicles, ensuring better income generation opportunities.
Each of these portfolio companies reflects Asha Ventures’ commitment to real-world problem-solving. The firm actively engages with founders, helps refine their business models, and enables access to larger institutional capital.
Roadmap Ahead: 2 to 4 New Investments in 2025
Asha Ventures plans to expand its portfolio further in 2025. The firm expects to back two to four additional companies this year. Its investment team continues to scout ventures that operate in Tier 2 and Tier 3 towns, target underserved communities, and demonstrate potential for both scale and impact.
The firm prioritizes founder resilience, market understanding, and operational execution over early-stage revenue or popularity. Asha believes that India offers a fertile ground for mission-driven startups, and the next wave of impact unicorns will emerge from local problem-solving.
Vikram Gandhi and Pramod Bhasin continue to spend time mentoring founders and collaborating with government and private partners to unlock structural support. The fund sees itself not just as a financial backer, but as a long-term ecosystem enabler.
British International Investment: A Strategic Partner
British International Investment’s $10 million contribution not only boosts Asha Ventures’ corpus but also enhances the fund’s credibility among international LPs. As the UK government’s development finance institution, BII actively supports private-sector growth in emerging economies. The institution seeks out funds that promote inclusive economic development and environmental sustainability.
By investing in Asha Ventures, BII gains exposure to India’s rapidly evolving impact startup landscape. It also signals confidence in Asha’s fund management, governance practices, and impact measurement framework.
This partnership helps both sides meet broader goals. Asha can deploy more capital to high-impact ventures, while BII supports job creation, financial access, and climate resilience in one of the world’s most populous countries.
India’s Growing Appetite for Impact Capital
Asha Ventures’ journey reflects a larger shift in India’s investment landscape. Over the past five years, institutional and family offices have started to recognize the value of impact investing—not just as a philanthropic endeavor, but as a viable long-term strategy.
New funds increasingly blend commercial returns with measurable outcomes. They design innovative financial instruments, track ESG metrics, and work closely with founders to ensure inclusive growth.
Government-backed institutions like SIDBI and SRI have also stepped in to catalyze capital for impact funds. Their early support allows funds like Asha to reach first close faster and attract co-investors like BII.
With India facing urgent challenges—climate change, unemployment, healthcare gaps—impact funds now play a critical role. They not only fuel startups but also build long-term infrastructure for inclusive development.
Conclusion: Building the Future Through Purpose-Driven Capital
Asha Ventures now stands at a pivotal moment in its journey. With $10 million from British International Investment and several influential Indian backers already on board, the firm moves closer to its $91 million fund target. More importantly, it reinforces its mission to invest in companies that solve critical challenges across India.
Under the leadership of Vikram Gandhi and Pramod Bhasin, Asha Ventures blends financial discipline with deep social purpose. The fund doesn’t chase trends—it backs founders who solve real problems, create jobs, and protect the environment.
As Asha adds more companies to its portfolio and reaches final close in 2025, it promises to become a defining force in India’s impact investing ecosystem.