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Asha Ventures Raises $10 million from British International Investment
According to reports, Mumbai-based impact investor Asha Ventures has raised $10 million from the UK government-backed British International Investment (BII) for its fund I, as it moves closer to hitting its target corpus of $91 million.
Asha Ventures’ debut fund announced its first close in December 2023, raising about $46 million from limited partners such as the Small Industries Development Bank of India (SIDBI), Self Reliant India (SRI), and family offices of Ajay Parekh (Pidilite Industries) and Nimesh Kampani (JM Financial Group).
Managing partner Amit Mehta says the fund is expected to announce its final close by September this year.
“These are large institutions. The documentation and diligence process takes time, and sometimes these processes are beyond the control of all parties, so we have to appreciate that. As far as fundraising is concerned, we are on track and will announce the final close in a couple of months,” says Amit Mehta.
The fund aims to back high-growth, impact-focused early-to-growth stage businesses across India with a focus on financial inclusion, job creation, and climate resilience.
From its fund I, Asha Ventures has made investments in three startups: electric vehicle financing firm Ascend Capital, tele health platform TrueMeds, and commercial vehicle financing startup AutoMony.
“The pipeline is robust, and overall, in this calendar year (2025), I would expect anywhere between two to four investments to be made, while noting that the tenure of the fund is 8.5 years,” adds Amit.
The Mumbai-headquartered firm was set up by former Morgan Stanley India head and president Vikram Gandhi and former Genpact president and chief executive Pramod Bhasin.
Through Asha, we can in addition channel catalytic capital into creative solutions and impactful businesses that contribute to a more inclusive and sustainable world
The firm since its inception has backed companies like housing finance company Vastu Finance, and edtech startup Adda 247 amongst others.
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“Through Asha, we can in addition channel catalytic capital into creative solutions and impactful businesses that contribute to a more inclusive and sustainable world,” says Srini Nagarajan, managing director and head of Asia at BII.
