European investors commit $25m to Indian VC Aavishkaar
India-based impact investment firm Aavishkaar-Intellecap Group has raised $25 million from Triodos Investment Management and the Shell Foundation.
Triodos, the investment arm of European lender Triodos Bank, contributed $15 million, while the Shell Foundation, an independent charity founded by the Shell Group, provided the rest. The group will use the capital to consolidate and expand its global impact investing initiatives, particularly in India and Africa, according to a release.
Along with the investment, Aavishkaar-Intellecap also announced its restructuring, which will establish three main lines of business. Equity investments will be handled by Aavishkaar Venture Management Services and Intellecap will provide advisory services, while the firm’s venture debt business will be managed by Arohan, IntelleGrow and IntelleCash.
The investment deepens the relationship between Aavishkaar-Intellecap and Triodos, which participated in a INR1.34 billion funding round for IntelleGrow last year. The round was led by Omidyar Network, an existing backer of IntelleGrow, with participation by Developing World Markets, the Calvert Foundation, and the Overseas Private Investment Corporation (OPIC).
“Triodos Investment Management has found a values-aligned partner in the Aavishkaar-Intellecap Group,” said Mariolou Van Golstein, managing director at Triodos, in a statement. “With this new investment we look forward to continuing our shared journey in building an impact investing ecosystem where entrepreneurship can thrive, creating sustainable livelihoods and contributing to positive change for our planet and society.”
Aavishkaar has more than $155 million in assets under management, with investments covering a range of sectors including agriculture, education, energy, health and financial inclusion. It is currently raising the Aavishkaar Frontier Fund, which launched in 2015 with a target of $75 million and reached a first close of $45 million later that year.
The firm is also investing its second India fund, which closed in 2013 at $94 million and targets companies based in rural India in the renewable energy, agriculture, health and education sectors.
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