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Impact investor Aavishkaar-Intellecap Group raises $25 mn

27 January, 2017

Impact investment firm Aavishkaar-Intellecap Group said on Wednesday it has raised $25 million (about Rs 170 crore) in an equity funding round led by Triodos Investment Management and Shell Foundation.

The investment arm of European lender Triodos Bank invested $15 million and the Shell Group’s charity arm put the remaining amount, Aavishkaar said in a statement. It added that it will use the capital to consolidate and expand its bouquet of ecosystem building businesses.

Aavishkaar founder Vineet Rai said that the firm is helping entrepreneurs address challenges around job creation, health, energy and financial inclusion and that entrepreneurs and businesses can make a substantial contribution in addressing poverty and hunger. 

Founded in 2002, Aavishkaar enables entrepreneurs through equity funds, venture debt, microfinance lending, investment banking intermediation, consulting, research and access to global networks. The group has assets under management of about $400 million and has almost 2,500 team members on three continents.

“We aim to help social enterprises benefit 100 million people in India and East Africa over the next three years,” said Sam Parker, director at Shell Foundation.

The group also announced an organisational restructuring. It will now have three lines of businesses—equity investments under Aavishkaar, advisory services under Intellecap and debt funding vehicles under Arohan, IntelleGrow and IntelleCash.

Earlier this month, the Mint newspaper reported that Aavishkaar Venture Management, the equity investment vehicle of the group, was looking to raise between $100 million and $150 million for investments in Africa.

The Africa fund, if raised, will be the second overseas-focussed fund for the impact investor. The firm had launched Aavishkaar Frontier Fund in 2013 that seeks to invest in South and Southeast Asia. The fund, which has a target corpus of $75 million, was aiming to make the final close by December last year.

Last year, the firm also floated its third India-focused fund to raise $250-300 million.

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Impact investor Aavishkaar-Intellecap Group raises $25 mn

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