Portfolio

We advise funds that have invested in the following enterprises.

Impact has always been at the core of Aavishkaar’s investment philosophy and approach. Investing in early-stage enterprises in rural and underserved geographies presents unique challenges and risks. However, along with risk, we also see tremendous opportunity to create long-lasting impact by creating livelihood opportunities for local producers and suppliers, bridging the gap in access to essential products and services, generating new employment opportunities, and most importantly backing ideas and innovations that could transform development in these regions.

Current Investments

Agriculture

HR Foods is a green field dairy processing Company based in Ranchi, Jharkhand. The Company intends to establish a credible private dairy brand in the underpenetrated market of Jharkhand, handing end-to-end dairy operations - right from sourcing of milk from dairy farmers, to processing, packaging and selling it to retail outlets and end consumers. Aavishkaar India Company Limited (AICL) invested in HR Foods in October 2013.

INI Farms Pvt. Ltd.is a horticulture company that produces high quality Pomegranate and Bananas which are sold under the Kimaye brand. The company sources the fruits through INI managed farms spread across the states of Madhya Pradesh and Maharashtra and through contract farming arrangements with local farmers in the state of Gujarat. Kimaye fruits are sold both in the domestic market as well as in the export market in 14 countries across the world. Aavishkaar India Micro Venture Fund (AIMVCF) invested in INI Farms in March 2010.

Milk Mantra is a Bhubaneshwar-based dairy processing company that straddles the complete dairy value chain from direct sourcing, processing, distribution and marketing of dairy products. The products and services offered include sourcing, processing and marketing milk and milk products like paneer, curd, butter milk and lassi under the brand name Milky Moo. The core market of company is Odisha and it has a fledgling presence in adjoining states like West Bengal, Jharkhand and Chattisgarh.. Aavishkaar India Micro Venture Fund (AIMVCF) invested in Milk Mantra in February 2011 and Aavishkaar India Company Limited (AICL) invested in the company in December 2012. AIMVCF has since exited from the company in June 2014.

SKEPL is a dairy automation company that offers low-cost and reliable products to streamline the milk collection process in the dairy industry. The primary products by SKEPL include Milk Analyzer, Micro Processor and PC based Automatic Milk Collection System (AMCS). The secondary product line includes software and service products, which complements the primary products. All products are sold under brand name Akash Ganga. The company is based out of Anand, Gujarat and the customers include dairy co-operative societies and private dairy firms across 12 states of India.. Aavishkaar India Micro Venture Fund (AIMVCF) invested in SKEPLin April 2009.

Agrostar enables retail of agricultural inputs such as crop protection products, nutrients, seeds at a discount compared to market prices to the farmers through a mobile-based platform. The platform provides high quality agri-inputs along with crop related information directly to farmers, optimizing the accessibility, affordability, and service quality with which the products are made available to them. Aavishkaar India Company Limited (AICL) invested in Agrostar in March 2013.

Zameen Organics is an agri-business company that was founded in March 2006 to establish direct relationship between the producers and consumers. Zameen’s main area of focus are fair trade, organic and pesticide-free cotton. The organization was set up to provide sustainable livelihoods for small and marginalized farmers in India through an ethical and transparent value chain. Aavishkaar India Micro Venture Fund (AIMVCF) invested in Zameen in January 2009.

Education

Butterfly Fields is a learning innovation company established in 2008 that creates innovative hands-on learning programs in Maths & Science mapped to CBSE, ICSE, state and other curriculums to improve conceptual learning of students from classes K-10. The learning methodology has been developed and refined over interactions with children and is based on the simple premise that real learning occurs when a student moves from theory to practice. Aavishkaar India Micro Venture Fund (AIMVCF) invested in the company in September 2010.

Karadi Path provides low cost and innovative English education to children in rural/ semi urban areas. The company uses a unique, creative and differentiated pedagogy for providing high impact and affordable programs to deliver English language proficiency to children and adults in a teacher neutral setting.. The Company has developed English language learning products for students across age groups, starting from kindergarten students to adults. KP currently operates in five states – Tamil Nadu, Karnataka, Andhra Pradesh, Goa and Maharashtra. KP aims to revolutionize English language learning in India and provide effective learning solutions across age groups at a low cost. Aavishkaar India Company Limited (AICL) invested in Karadi Path in March 2012.

Nalanda Learning Systems (NLS) runs a chain of affordable preschools under the name of “Little Laureates”. NLS offers affordable pre-schooling options to middle income sections of the population, with a focus on Tier II and III cities of India. The company has developed its own curriculum, has set up strong systems to monitor quality and has groomed its teachers to provide high quality delivery of content. In the next five years, the company aspires to have a footprint of more than 300 schools across Eastern India including in the low income states of Bihar, Jharkhand, Chhattisgarh, Orissa and Madhya Pradesh. Aavishkaar India Company Limited (AICL) invested in the company in December 2013.

Energy

Vana Vidyut Private Limited (VVPL) has established India’s first grid-connected biomass power plant with biomass feedstock from regenerative forest plantations. VVPL produces electricity using biomass from regenerative forests as the feedstock. VVPL will begin by setting up 2 x 2 Mega Watt (MW) power plants of which one plant has commenced electricity generation in October 2013. Aavishkaar India Company Limited (AICL) invested in the company in April 2012.

Healthcare

G.V. Meditech operates on a hub-and-spoke model to deliver healthcare services in Uttar Pradesh, with the hubs being multi-specialty hospitals set up at the city level. These hospitals provide secondary and tertiary healthcare services to people living in and around the city. The spokes offer basic healthcare services at the village level through telemedicine centers, health camps, micro-clinics and ambulance services. G.V. Meditech’s operations are currently focused in eastern Uttar Pradesh. Aavishkaar India Micro Venture Fund (AIMVCF) invested in GV Meditech in March 2010.

Mera Doctor , founded in Dec 2010, provides primary healthcare advice through licensed doctors over the telephone at affordable rates. The Company’s “Mera Doctor” health kit offers unlimited doctor consultations to its members over phone for one year along with additional benefits like insurance and discounts on pharmacies and diagnostic centres.. Aavishkaar India Micro Venture Fund (AIMVCF) invested in Mera Doctor (mHealth Ventures) in January 2011 and Aavishkaar India Company Limited (AICL) invested in September 2013.

Vaatsalya offers good quality and affordable healthcare services to underserved populations through a chain of semi-urban and rural hospitals in the southern states of Andhra Pradesh and Karnataka. In addition to hospitals, Vaatsalya also conducts trainings for healthcare workers and offers consultancy services to the healthcare sector in an effort to improve efficiency and patient care in the sector. Aavishkaar India Micro Venture Fund (AIMVCF) invested in the company in August 2006.

Water and Sanitation

Nepra Resource Management is an Ahmedabad-based waste management company that aims to build an organised and reliable dry waste supply chain in India by effectively connecting generators of waste and waste collectors (informal waste pickers) to recyclers, while also offering fair and transparent prices and a steady supply of segregated waste to recyclers. Aavishkaar India Company Limited (AICL) invested in the company in January 2013.

Saraplast provides sanitation services through manufacturing, leasing, sale and cleaning of portable toilets thus bringing sanitation services to the locations where it is out of reach. Company’s sanitation solution is typically meant to provide a hygienic and low-cost solution to the problem of open defecation, especially in places like construction sites, urban slums etc.Aavishkaar India Micro Venture Fund (AIMVCF) invested in Saraplast in April 2009.

Waterlife is a water treatment services company which provides rural and underserved communities with potable drinking water solutions. . The company provides potable water to rural communities by installing and operating mini water purification plants in rural areas that treat water for bacterial as well as chemical contamination. The company has since replicated its model in 10 states and 1 Union territory. Aavishkaar India Micro Venture Fund (AIMVCF) invested in the company in September 2009.

Technology for Development

B2R is a rural BPO business based in the northern state of Uttarakhand. The Company offers Business support services to its clients, both domestic and international, primarily in the Publishing and F&A outsourcing segments and the company has since investment set up six business process centres in Uttarakhand. Aavishkaar India Micro Venture Fund (AIMVCF) invested in B2R in February 2010.

EPS provides end-to-end solutions provider to the retail banking and payments system industry. The company has started with the deployment, operations and management of ATMs for 26 public sector banks in Maharashtra. EPS has emerged as the fastest growing ATM services company in India today and has significant focus on non-urban markets where financial inclusion and access to conventional banking channels remains a challenge. Aavishkaar India Company Limited (AICL) invested in EPS in September 2012 and Aavishkaar Goodwell II has invested in June 2013.

Vortex has developed the world’s only low-cost, low-power and solar powered ATMs that are ideally suited for rugged, remote and rural conditions. The ATM has a built-in UPS and battery back-up of four hours and works without air-conditioning in temperatures ranging from zero degree to 50 degrees celsius. Its ability to work on solar power enables it to be deployed in locations with acute power shortages.. Aavishkaar India Micro Venture Fund (AIMVCF) invested in the company in September 2006 and Aavishkaar India Company Limited (AICL) invested in December 2011.

Livelihood Generation

Building a business that has workers as partners is the thought process that Mandala Apparels is promoting. Nestled in Puducherry and focusing on the textile industry Mandala Apparels strives to promote environment-friendly and fair trading practices by ethical sourcing from local organic cotton farmers and manufacturing Organic, Fairtrade textiles for premium brands in the international market. Mandala’s garment manufacturing facility in Pudducherry in South India employs over 100 people from surrounding villages, more than 70% of whom are women. Aavishkaar India Company Limited (AICL) has invested in the company in December 2013.

Mela Artisans designs and sources handcrafted home accessories and jewellery exclusively from local artisans in rural regions of India. The company retails its products on the Mela Artisans web shop and in leading stores such as Bergdorf Goodman, Neiman Marcus, Holt Renfrew and Bloomingdales in the USA. Mela’s aims to support the artisans and local art forms of India by providing a sustainable global market. Mela sources its products from across ten staes in India. Aavishkaar India Company Limited (AICL) has invested in the company in February 2014.

Financial Inclusion

Intellecash is a pioneer in business franchising for MFIs and, as recently as 2010, started its retail MFI operations in Bihar. In September 2012, it merged with Arohan, a West Bengal-based MFI to create a holding–subsidiary like structure. Arohan is a Non-Bank Financial Company (NBFC) which began operations in 2006 and has since become one of the leading and amongst the most transparent Micro Finance Institutions (MFIs) in India. Arohan is primarily focused on meeting the needs of socio-economically disadvantaged clients in the Eastern Indian States of West Bengal, Assam and Bihar. Aavishkaar Goodwell II invested in the company in September 2012.

Bhartiya Samruddhi Finance Ltd (BSFL) is a part of the Hyderabad-based BASIX group. The company provides financial inclusion services along with agriculture and business development services and institutional development services to its customers in order to promote sustainable livelihoods. The company has presence in sixteen states across India. Aavishkaar Goodwell invested in the company in March 2009.

Belstar Investment and Finance Pvt. Ltd., is the microfinance delivery arm of the Hand in Hand (HIH) group in India, was acquired in 2008. The company’s product focuses more on creating microenterprises – trying to bridge the ‘missing middle’, by providing enterprise loans which are normally not provided by commercial banks. Apart from microfinance, HIH provides technical support, training and advisory support and also helps customers to link up with larger organizations to ensure that these family or group based enterprises are sustainable. Aavishkaar Goodwell invested in the company in March 2010.

Intellecash is a pioneer in business franchising for MFIs and, as recently as 2010, started its retail MFI operations in Bihar. In September 2012, it merged with Arohan, a West Bengal-based MFI to create a holding–subsidiary like structure. Arohan is a Non-Bank Financial Company (NBFC) which began operations in 2006 and has since become one of the leading and amongst the most transparent Micro Finance Institutions (MFIs) in India. Arohan is primarily focused on meeting the needs of socio-economically disadvantaged clients in the Eastern Indian States of West Bengal, Assam and Bihar. Aavishkaar Goodwell II invested in the company in September 2012.

Suryoday Micro Finance is an MFI that commenced its micro-credit operations in Pune, Maharashtra in May 2009. It is engaged in providing loans to women from economically-weaker sections which do not have access to traditional banking. Aavishkaar Goodwell invested in the company in March 2009 and Aavishkaar Goodwell II invested in the company in May 2012.

Swarna Pragati is a MFI started with the aim to create access to affordable housing in rural India. The company provides affordable housing finance services to marginalized sections of society in rural regions of Maharshtra, Karnataka and Odisha. Aavishkaar Goodwell II invested in the company in August 2013.

Utkarsh Microfinance is a MFI that aims to provide access to financial services in grossly under-served and challenging region in the northern part of the country. Aavishkaar Goodwell invested in the company in December 2009 and Aavishkaar Goodwell II invested in the company in October 2010.

Servals manufactures and sells affordable and sustainable cooking solutions to low income customers across India which enable energy conservation and reduce indoor air pollution.. Their key products include an efficient kerosene stove burner that saves up to 30% kerosene compared to the regular burners, various types of clean and energy efficient stoves including biomass stoves, woodstoves etc. The other key products include various types of clean and energy efficient stoves including biomass stoves, woodstoves etc. Since its inception in 2002, the company has grown to become one of the largest organized kerosene burner manufacturers in the country. Aavishkaar India Micro Venture Fund (AIMVCF) invested in the company in November 2002.


Companies Exited


Tide Technocrats

Tide Technocrats Pvt. Ltd. (TTPL) provided end-to-end solutions for micro Hydel installations. Micro-hydel projects are expected to provide electrification in rural and far-flung remote areas while biomass processing creating avenues of employment and entrepreneurship for village poor as well as creating value from waste products. TTPL also worked on consulting with the Indian government on solid waste disposal as well as linking up Indian and European companies for carbon trading. Aavishkaar India Micro Venture Fund (AIMVCF) invested in the company in November 2003.

Swas Healthcare is India’s first chain of Naturopathy hospitals and clinics, initially launched in the state of Gujarat. Swas’s objective is to provide safe and affordable healthcare solution for chronic health problems such as kidney dysfunction, diabetes, hypertension, asthma, GI tract problems, neuro muscular disorders and joint pains. Swas also provides preventive healthcare solutions for high risk groups with recurring pain, and individuals with family history of chronic ailments. Swas believes that Naturopathy is one of the oldest and time tested forms of treatment and it wants to take the benefits of Naturopathy to all the sections of Society. Aavishkaar invested in the company in 2010.

CK Technologies

CK Technologies is focused on bridging the digital divide in India by improving PC penetration by creating multilingual software for regular computer applications. By creating software in local languages and at an affordable cost , the company aims to make computers accessible to a wider Indian population, especially those living in semi – urban and rural areas.. Aavishkaar India Micro Venture Fund (AIMVCF) invested in the company in March 2006 and exited from the company in March 2011.

Craftsbridge

Craftsbridge (I) is focused on cross channel designs, manufacturing and marketing organization dedicated to the handicrafts industry of India. It works with a mission to be a bridge between customers worldwide and crafts persons, designers, bulk buyers, researchers and others that form this community. The company leverages ‘industry best practices and web technology’ in sourcing, quality, design and marketing to benefit customers and producers. Craftsbridge offers premium, contemporary designer Handicrafts products in various categories. It also provides ‘made to order’ customized products and designer services for the corporate gift market. In addition, Craftsbridge sells a wide range of crafts and designer ware sourced directly from artisans, bulk suppliers and NGOs from different regions across India. Aavishkaar India Micro Venture Fund (AIMVCF) invested in the company in April 2004 and exited in January 2013.

Desert Artisan Handicrafts

Desert Artisans Handicrafts Pvt. Ltd. (DAH) is a handicrafts sourcing and production company based in New Delhi. The company aims to act as a corporate intermediary that would collectivize rural artisans, deal directly with artisan groups and provide financial and operational support, all culminating with an assured market that pays fair prices for traditional Indian craftsmanship. DAH primarily sources products from artisan groups based in central and western districts of Rajasthan, Gujarat, Madhya Pradesh, West Bengal and Bihar.. Aavishkaar India Micro Venture Fund (AIMVCF) invested in the company in 2007 and exited in 2011 and 2013.

Rangsutra supports a widely dispersed network of crafts artisans through design and product development,production planning, financial assistance, sales and marketing of their handcrafted products. Besides providing an assured market and fair remuneration to its producers, it empowers its artisans through a significant shareholding and representation on its board. Aavishkaar India Micro Venture Fund (AIMVCF) invested in the company in May 2007 and exited in February 2012.

Grameen Financial Services Pvt. Ltd. (GFSPL) is a Karnataka-based MFI with presence in Karnataka, Tamil Nadu and Maharashtra . Apart from the financial services that it provides, it offers various credit-plus activities including training, education and awareness creation. Aavishkaar Goodwell invested in the company in March 2008 and exited the company in March 2014.

Net Systems is a leading accessibility consulting and knowledge management firm. It offers hardware, web and technology solutions to enable computer accessibility for people with disabilities The company provides testing and training services for accessibility (making IT infrastructure accessible to disabled) and technical writing services for the information technology sector. The services being offered under the technical writing segment include developing textbooks, documenting technology, writing knowledge base articles and user manuals as well as e-learning documents. Aavishkaar India Micro Venture Fund (AIMVCF) invested in the company in March 2005.