Aavishkaar India II (Aavishkaar II), a venture fund focussed towards investing in underserved India achieved its final close at US $ 94 Million with lead investments coming from KFW (the German Development Bank), Impact Investment Trust and other institutional investors. Aavishkaar II had reached its first closing in September 2011 with commitments from International Finance Corporation (IFC), CDC, KFW and FMO amongst the development finance institutions, and Cisco representing private corporation capital. A second closing was achieved in December 2012 with Rianta Capital and FMO making further commitments.
Commenting on the investment, Barbara Schnell, Division Chief at KFW said “Impact Investing is nascent and at KFW our approach to develop the market was to partner with the fund with the most evolved strategy and a credible track record in identifying the most promising entrepreneurs with a truly impact driven mission. We found that combination in Aavishkaar II. Our added investment is a reflection of our continued support to the Aavishkaar model of enterprise based development that has the potential to bring about sustainable change.”
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