Asha Ventures, a city-based venture capital firm, has raised $50 million (around Rs 415 crore) for its maiden fund.
With this, the fund has attained 50% of its targeted $100 million.
The fund aims to invest in companies at an early growth stage, targeting the emerging middle class across financial services, healthcare, education, climate, and agriculture, the company said on Thursday.
The commitment has been received from domestic institutions, including Small Industries Development Bank of India (SIDBI), Self-Reliant India Fund, a private sector bank, as well as the family offices of business leaders who are returning limited partners (LPs), said founding partner Vikram Gandhi.
Pramod Bhasin, another founding partner, said that with the first fund's close, they are actively looking to build out their portfolio. The first investment is already committed, and they target to invest in four to five companies every year.
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