NEW DELHI:Sunil Kant Munjal, chairman of Hero Enterprise, announced an investment of Rs 100 crore into Aavishkaar’s new fund, the Aavishkaar Bharat Fund. Aavishkaar uses an entrepreneurship-based approach with sustainable solutions to tackle the issue of employment, education and skills, environment, healthcare and financial inclusion.
“At this stage, in India’s evolution, it is clear that for the entire country to develop, rural areas and underprivileged citizens must become a part of the economic miracle, not through charity, but through real opportunities,” said Sunil Kant Munjal, chairman, Hero Enterprise.
Aavishkaar Bharat Fund is Aavishkaar’s sixth fund and is a Sebi-registered Category II Alternative Investment Fund. The Fund, targeting a corpus of Rs 2,000 crore, will invest in businesses engaging with the underserved population in agriculture, financial services, healthcare, sanitation, renewable energy, and logistics & supply chain sectors.
“With this investment, we can continue to build and scale enterprises that are working at the grassroots, while simultaneously multiplying their impact outcomes,” Vineet Rai, founder & CEO of Aavishkaar said.
‘Impact investment’ — an investment that aims to generate some social or environmental benefit rather than mere financial gain — is slowly gaining traction in India. Rai said that more corporate houses in India have shown interest in such initiatives, which should help in tackling employment-related issues.