Asha Ventures bags $10M from BII to boost impact-focused investments
Founded in 2014 by Vikram Gandhi and Pramod Bhasin, Asha Ventures invests in mass-market businesses operating at the intersection of social impact and commercial viability.
Asha Ventures on Monday said it secured $10 million in funding from British International Investment (BII), the UK’s development finance institution and impact investor, bringing its debut fund closer to its $91 million target.
The purpose-led VC firm announced the first close of Asha Ventures Fund I at $46 million in December 2023, backed by institutional investors, including SIDBI, Self Reliant India (SRI) Fund, NABARD, and leading family offices.
The fund has invested in Ascend Capital, which finances electric vehicles; TrueMeds, a generics-focused e-pharmacy; and AutoMony, a used commercial vehicle financier. Previous investments by the firm include Vastu Housing Finance, Varthana, and Adda 247, with successful exits.
Founded in 2014 by Vikram Gandhi and Pramod Bhasin, Asha Ventures invests in mass-market businesses operating at the intersection of social impact and commercial viability. It focuses on high-growth, impact-driven Indian businesses, emphasising financial inclusion, job creation, and climate resilience.
"Partnering with BII, we aim to advance development, climate, and gender goals. The widespread digitisation and smartphone penetration offer a unique opportunity to support profitable, impactful businesses. We're excited to have BII's support to back talented entrepreneurs tackling India's toughest challenges," said Pramod Bhasin, Co-founder of Asha Ventures.
Aligned with the 2X Challenge, Asha Ventures aims for at least 30% of its portfolio to meet gender inclusion benchmarks, such as female leadership, employment, or gender-focused products and services, it said in a statement.
“We are delighted to work with impact-aligned fund managers like Asha. The collaboration allows us to extend our reach to small businesses, women entrepreneurs and communities facing challenges of financial access and climate impacts,” said Srini Nagarajan, Managing Director and Head of Asia at BII. “Through Asha, we can channel catalytic capital into creative solutions and impactful businesses that contribute to a more inclusive and sustainable world,” he added.
Edited by Suman Singh