Asha Ventures Secures $10 Mn Commitment From BII

SUMMARY

Asha Ventures has secured a commitment of $10 Mn from the British International Investment for its first fund

Asha Ventures Fund-I marked its first close at $50 Mn in December 2023

The Mumbai-based impact investor counts Adda 24×7, Vaastu Housing Finance, Avanti and Nepra among its portfolio companies

Mumbai-based impact investor Asha Ventures, which counts Adda 24×7, Vaastu Housing Finance, Avanti and Nepra among its portfolio companies, has secured a commitment of $10 Mn (around INR 85.65 Cr) from the British International Investment for its maiden fund.

This commitment brings Asha Ventures Fund-I closer to its target size of $91 Mn.

Asha Ventures’ managing partner Amit Mehta told Inc42 that the fund is aiming for its final close in September this year.

The fund aims to support high-growth and impact-focused early-to-growth stage startups in India operating across sectors such as financial services, healthcare, education, climate and agriculture, Asha Ventures said in a statement.

Asha Ventures was founded by former Morgan Stanley India head and president Vikram Gandhi and former Genpact president and chief executive Pramod Bhasin in 2015.

Asha Ventures Fund-I marked its first close at $ 50 Mn in December 2023, backed by limited partners, including Small Industries Development Bank of India (SIDBI), Self-Reliant India (SRI) Fund and a clutch of family offices.

Back then, the investor said that it would be deploying the funds into 4-5 startups each year, with the ticket size ranging between $2 Mn and $10 Mn.

Through the fund, Asha Ventures has invested in three startups, including EV financing startup Ascend Capital, healthtech startup Truemeds and vehicle financing startup AutoMony.

The development comes at a time amid an increasing number of impact investors taking interest in early stage businesses in India that primarily focus on creating positive social impact.

C4D Partners, Bengaluru-based peer impact investor has backed about 13 companies, including Ananya Finance, Ecotasar Silk and Alpine Coffee, across two funds till date.

According to an India Impact Investors Council (IIC) report, the first two months of 2025 saw $419 Mn (INR 3,597.3 Cr) being deployed across 71 deals within the impact domain.