Aavishkaar Invests in Swarna Pragati and Arohan Financial Services (Asia)

Source: VCCircle  |  Author: Madhav A Chanchani, Bruhadeeswaran R

Aavishkaar Venture Management, a venture capital firm focused on India’s rural areas, has participated in venture rounds for two India-based microfinance institutions: Swarna Pragati Housing Microfinance and Arohan Financial Services. Aavishkaar, alongside existing investor non-banking finance institution Asia Pragati, invested INR200 million (approximately US$ 3.2 million) in Swarna Pragati. For Arohan Financial Services, Aavishkaar participated in an INR220 million (approximately US$3.5 million) financing round that included Michael & Susan Dell Foundation and private investor Swaminathan Anklesaria Aiyar. Both companies intend to use the respective capital injections, which were structured through Aavishkaar Goodwell II, to expand their operations into new states in India.