Asha Ventures, an investment firm based in Mumbai, has received $10 million from British International Investment (BII), the UK government’s development finance institution.
This funding brings the firm closer to its first fund’s total target of $91 million.
The fund had its initial close in December 2023 with $46 million raised. Key contributors at that stage included SIDBI, Self Reliant India (SRI), and family offices of Ajay Parekh of Pidilite Industries and Nimesh Kampani of JM Financial.
The fund is scheduled to reach the final close by September 2025.
Asha Ventures was co-founded by Vikram Gandhi, formerly with Morgan Stanley India, and Pramod Bhasin, who previously led Genpact. The fund invests in companies working in areas such as financial access, employment generation, and environmental risk management. It supports businesses from early to later stages of growth.
Asha Ventures’ investments include Ascend Capital, which works in electric vehicle financing; TrueMeds, a telemedicine platform; and AutoMony, which provides financing for commercial vehicles. The fund plans to add 2 to 4 more portfolio companies this year.
