Asha Ventures Fund I Receives USD 10 Million Commitment from British International Investment With the latest funding from BII, Asha Ventures Fund I continues to move toward its final close, aiming to deepen its role in India's impact investment ecosystem
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Asha Ventures, a venture capital firm focused on impact-driven investments in India, has secured a USD10 million commitment from British International Investment (BII), the UK's development finance institution. The funding brings Asha Ventures Fund I closer to its target size of USD 91 million.
The fund is aimed at supporting early- to growth-stage businesses in India that address challenges related to financial inclusion, job creation, and climate resilience. BII's investment adds to the growing pool of capital committed to the fund, which previously announced a USD 46 million first close in December 2023. Other backers include the Small Industries Development Bank of India (SIDBI), Self Reliant India (SRI) Fund, the National Bank for Agriculture and Rural Development (NABARD), and several family offices.
Asha Ventures positions itself as a 2X-aligned fund, referencing the 2X Challenge framework that promotes gender-lens investing. The firm has committed to ensuring that at least 30 per cent of its portfolio companies meet one or more of the 2X criteria, such as women's leadership, female employment, or gender-inclusive products.
The fund has already made investments in three companies: Ascend Capital, which provides financing for electric vehicles; TrueMeds, an e-pharmacy focused on affordable generic medicines; and AutoMony, a lender offering credit for used commercial vehicles, targeting small business owners.
Srini Nagarajan, Managing Director and Head of Asia at BII, said, "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. Through Asha, we can in addition channel catalytic capital into creative solutions and impactful businesses that contribute to a more inclusive and sustainable world."
With the latest funding from BII, Asha Ventures Fund I continues to move toward its final close, aiming to deepen its role in India's impact investment ecosystem.
Commenting on BII's investments Vikram Gandhi, Co-founder of Asha Ventures said, "We embarked on this journey with a long-term vision to advance India's impact ecosystem. We're thrilled to partner with BII, whose experience across emerging markets will help us build a world-class institution at Asha Ventures and attract more capital to serve India's mass markets."
Adding to that, Pramod Bhasin, Co-founder of Asha Ventures said, "We founded Asha Ventures to address the gap in knowledge-led capital within India's impact ecosystem. Partnering with BII, we aim to advance development, climate, and gender goals. The widespread digitization 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."
