Asha Ventures, a Mumbai-based venture capital firm focused on impact-driven investments in India, has secured a $10 million investment commitment from British International Investment, the United Kingdom’s development finance institution.
The funding brings the firm closer to its target of $91 million for its first fund, which raised $46 million at its initial close in December 2023.
Other investors include the Small Industries Development Bank of India (SIDBI), the Self Reliant India Fund, the National Bank for Agriculture and Rural Development (NABARD), and family offices such as those of Ajay Parekh of Pidilite Industries and Nimesh Kampani of JM Financial.
Building an impact ecosystem
The fund invests in early-to-growth-stage startups that address financial access, job creation and climate resilience. Asha Ventures follows the 2X Challenge framework by ensuring at least 30% of its portfolio companies meet one or more criteria for supporting women’s leadership, female employment or gender-inclusive products.
It has already backed Ascend Capital, an electric vehicle financing platform; TrueMeds, an online pharmacy offering generic medicines; and AutoMony, which helps small entrepreneurs with financing for used commercial vehicles.
Aiming for final close this year
The new investment comes as the fund works toward its final close, set for September 2025. According to BII’s Managing Director and Head of Asia, Srini Nagarajan, the partnership will help reach small businesses and women entrepreneurs who face challenges of limited financial access and climate impacts.
“Through Asha, we can, in addition, channel catalytic capital into creative solutions and impactful businesses that contribute to a more inclusive and sustainable world,” Nagarajan added.
Focus on India’s emerging opportunities
Asha Ventures was co-founded by Vikram Gandhi, formerly of Morgan Stanley India, and Pramod Bhasin, who once led Genpact.
“We embarked on this journey with a long-term vision to advance India’s impact ecosystem. We’re thrilled to partner with BII, whose experience across emerging markets will help us build a world-class institution at Asha Ventures and attract more capital to serve India’s mass markets,” said Vikram Gandhi.
“We founded Asha Ventures to address the gap in knowledge-led capital within India’s impact ecosystem. Partnering with BII, we aim to advance development, climate, and gender goals. The widespread digitization and smartphone penetration offer a unique opportunity to support profitable, impactful businesses. We’re excited to have BII’s support to back talented entrepreneurs tackling India’s toughest challenges,” said Pramod Bhasin.
