Asha Ventures, a purpose-led venture capital firm has raised $10 million in funding from British International Investment (BII), the UK’s development finance institution and impact investor. The funding brings Asha Ventures Fund I closer to its target size of $91 million.
With this latest investment, the fund is well on its way to achieving its ambitious goal, having previously announced the first close at $46 million in December 2023. Early backers include marquee institutional investors such as SIDBI, Self Reliant India (SRI) Fund, NABARD, and leading family offices.
The fund has already made strategic investments in high-potential enterprises such as, Ascend Capital, which provides financing for electric vehicles, TrueMeds, a generics-focused e-pharmacy and AutoMony, a used commercial vehicle financier.
Its past portfolio includes successful investments in Vastu Housing Finance, Varthana, and Adda247, with several profitable exits.
In line with the 2X Challenge, Asha Ventures also aims for at least 30% of its portfolio to meet gender inclusion benchmarks, including female leadership, employment, or gender-centric products and services.
Pramod Bhasin, Co-founder of Asha Ventures, said, “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.”
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 channel catalytic capital into creative solutions and impactful businesses that contribute to a more inclusive and sustainable world.”
Founded in 2014 by Vikram Gandhi and Pramod Bhasin, Asha Ventures is a purpose-driven VC firm focused on investing in commercially viable businesses that deliver strong social impact.
The firm is focused on themes of financial inclusion, job creation, and climate resilience, targeting mass-market segments often underserved by traditional capital.
