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G. Chandrashekhar

Mumbai , May 8

Aavishkaar India Micro Venture Capital Funds has won the World Business Award sponsored by United Nations Development Program (UNDP). The award is in recognition of service towards fulfillment of millennium development goals.

A social venture capital fund set up in 2001 to provide early stage capital to micro and small entrepreneurs that lack access to conventional financial institutions, Aavishkaar has been able to bring together a new blended value asset class by merging mainstream venture capital principles of risk capital and intensive handholding that address rural development issues.

Among the 10 awardees, Aavishkaar has been identified this year after screening 77 entries from 33 countries. It is the only one from India and only the second Indian recipient, preceded by ITC.

Through its six companies, Aavishkaar reaches out to people providing them with resource efficient products or solutions that enhance livelihood options in a sustainable manner. It has approved nine equity investments till date in the Rs 10-lakh to Rs 50 lakh range from its fund corpus that represents the collective assets of more than 80 independent investors.

The award is slated to be presented in New York on May 10.

More Stories on : Awards & Honours | Venture Capital

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