India: Hero Enterprises to invest $15.5m in Aavishkaar Bharat Fund

Hero Enterprises today announced a Rs 100 crore ($15.5 million) investment in impact investor Aavishkaar’s new fund, the Aavishkaar Bharat Fund.

Aavishkaar Bharat Fund is the investor’s sixth fund, and is a SEBI registered Category II Alternative Investment Fund. The firm is aiming to raise Rs 2,000 Crore ($310 million) for this fund, through which it will invest in businesses engaging with the underserved population in sectors — like agriculture, financial services, healthcare, waste and sanitation, renewable energy and logistics and supply chain.

“At this stage in India’s evolution, it is clear that for the entire country to develop, rural areas and underprivileged citizens must become part of the economic miracle, not through charity, but through real opportunities,” said Sunil Kant Munjal, Chairman, Hero Enterprises.

“Currently, most of India’s development has taken place in urban areas and in medium and large enterprises. So it is heartening that a number of small and brave entrepreneurs are getting into projects aimed at the Indian heartland. It is our turn to step in, provide support, and help create prosperity at the bottom of the pyramid,” he added.

Hero Enterprise is a prominent Indian diversified group with its mainstay in the auto sector including bicycles, motorcycles, auto components, and a host of service businesses. It has also recently invested in a number of startups and select e-commerce ventures.

“With this investment we can continue to build and scale enterprises that are working at the grassroots, whilst simultaneously multiplying their impact outcomes,”  said Vineet Rai, Founder and CEO of Aavishkaar-Intellecap Group.

Since it began operations in 2002, Aavishkaar, a part of the Aavishkaar-Intellecap Group, has made around 50 investments, across sectors and geographies. It has raised five funds, delivering commercial returns with a total of Rs 1,300 crore under management.

Aavishkaar is currently raising also a $75 million Frontier Fund, which will invest in South and South-East Asia, its first overseas fund.

Also Read:

Impact investor Aavishkaar-Intellecap Group raises $25m

Impact investor Aavishkaar to raise $150m Africa fund

Exclusive: India’s Aavishkaar looks to raise $150m for Indonesia, invest in 15 cos

India: Aavishkaar Venture plans to raise new fund of $300m this year

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.