Grassroots Business Fund (GBF), a non-profit investor in high-impact enterprises, is backing two portfolio companies of Aavsihkaar as it looks to expands its portfolio in India. Grassroots is investing in energy self-sufficiency firm Servals Automation and Shree Kamdhenu Electronics Pvt Ltd, a company developing technology for the dairy industry.
GBF projects that the new funding will result in greater support towards the empowerment of the rural poor and the development of their livelihoods, it said in a statement.
Shree Kamdhenu Electronics is working to improve the technological gap and lack of transparency in India’s dairy industry-- the world's largest source of milk. Servals Automation, a social enterprise whose solution to poverty emphasizes energy conservation, green energy generation, and reduced carbon emissions in India.
Both of these companies have earlier raised funding Aavishkaar's micro-venture capital fund, which GBF is also partnering with. "Together with Aavishkaar, GBF will help build and strengthen micro equity investments to support the scalable small entrepreneurs," said
“GBF funding will enable us to reach the untouched segments of the dairy sector that have remained isolated from the benefits of an IT revolution due to a lack of capital," said Shree Kamdhenu director Ujval Parghi.
GBF, which has investments across Africa and Latin America, has also backed another India firm called LabourNet, which helps customers meet the need for blue-collar workers.