VC firm Asha Ventures marks first close of new fund at $50 mn

Asha Ventures Funding

VC firm Asha Ventures, on December 14, said it has raised $50 million as the first close of its new fund called Asha Ventures Fund-I, adding to the growing venture capital dry powder in India.

In a statement, the firm noted it has a target corpus of $100 million for the fund. Asha Ventures added that it plans to invest at an early growth stage in companies targeting the emerging middle class across sectors of financial services, healthcare, education, climate, and agriculture.

Founded in 2015 by Vikram Gandhi and Pramod Bhasin, the venture capital firm has invested in startups including Vastu Housing Finance, Varthana Education Finance, Adda247, Truemeds, and Nepra.

“At Asha Ventures, we have demonstrated, since 2015, that doing good while doing well is a scalable investment thesis. The backing of reputed institutions like SIDBI, SRI, and some of India's largest family offices is a testimony to our track record in this space and gives us a platform to scale up our investments. We are very excited about the opportunity that lies ahead, and the role we can play in shaping a more equitable and sustainable future for the country” said Gandhi.

With the first close the fund is actively looking to start building out its portfolio, it said, with the first investment already committed to and a target of investing in 4-5 companies every year.

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“We believe this is the perfect time for technology-led inclusive funding models to be built in India, to fund businesses that are solving for key needs around financial inclusion, healthcare and employability. These markets represent excellent investment opportunities which can create significant impact— and yet may not receive the investment required to achieve scale,” added Bhasin.

According to the statement, the Fund has received commitments from Small Industries Development Bank of India (SIDBI), Self-Reliant India (SRI) Fund, a private sector bank as well as family offices of returning LPs.

“We are grateful for the support that we have received from multiple reputed institutions and family offices. We are looking forward to working with passionate entrepreneurs who are creating scalable businesses across our focus sectors, catering to the needs and aspirations of mass market & small businesses and helping India tackle climate change,” said Amit Mehta, who is the managing partner of Asha Ventures.