Ashva raises $60m for India SME, start-up fund
Singapore-headquartered investment firm Blue Ashva Capital has secured a first close of INR4.5 billion ($60 million) for an India-domiciled fund that will invest in small and medium-sized enterprises (SMEs) and start-ups.
The firm said it had planned to raise INR4 billion with a INR2 billion as a greenshoe option. The fund will target businesses involved in agriculture, decarbonization, catalyzing SME growth, and the promotion of a circular economy. LPs include family offices and high net worth individuals.
Founded last year by Rohit Bansal, a veteran India-based private banker, Blue Ashva follows an impact investment mandate. It aims to deliver competitive financial returns while ensuring a measurable developmental impact. Part of the thesis is offering patient capital to SMEs and start-ups that have been neglected despite the rise of VC funding in the region.
While the fund is registered in India as an alternative investment fund structure, the parent company is headquartered in Singapore.
“SMEs and start-ups play a key role in fostering entrepreneurship and generating large scale livelihood opportunities. However, with so much gloom and doom around, most such businesses are currently going through challenging times. Our fund is committed to nurturing profitable and sustainable SMEs and start-ups for a better India,” said Bansal, according to a statement.
Other India-focused venture capital investors with a similar impact focus include Ankur Capital, Omnivore Partners, Artha Ventures, LGT Lightstone Aspada, Arkam Ventures and Aavishkaar Capital. Earlier in the year, Ankur achieved a first close on its second vehicle but fundraising plans have been derailed by COVID-19.
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