Aavishkaar makes partial exit in microfinance holdings, refocuses on social enterprises
VC firm Aavishkaar Venture Management has partially exited its stake in its microfinance and micro-venture capital funds, coming as the firm looks to refocus its operations on social-enterprise targets in the coming years.
According to local reports, Aavishkaar Venture Management looks to invest INR5,000 crore ($1.1 billion) in social enterprises over the next decade. As part of the shift, Aavishkaar conducted a three-part exit process of its microfinance holdings, with Canaan Partners taking half of Aavishkaar's stake in microfinance firm Equitas while US-based Grassroots Business Fund has backed the two portfolio companies of Aavsihkaar Micro Venture Capital Fund, reports add.
The news comes as Aavishkaar is in the midst of raising its second microfinance-focused fund, Aavishkaar Goodwell II. Of that fund's $100 million target, $15 million has been committed from the World Bank's International Finance Corporation, according to reports.
Separately, news surfaced earlier this week that Aavishkaar re-invested in Suryoday Microfinance, which raised a total of INR17.5 crore ($3.75 million) in its latest financing round, led by Lok Capital.
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