Indian early stage investment firm Aavishkaar Venture Management has reportedly raised $95m for its Aavishkaar India II Company vehicle.
According to the firm, the fund has a target size of $120m and held first closing on $70m in December 2011.
In addition, the firm is looking to raise $60m for its Aavishkaar Frontier Fund, which will target investments in, Myanmar, Sri Lanka, Bangladesh and Pakistan, VC Circle reported.
Aavishkaar invests across seven sectors including agriculture and dairy, education, energy, handicrafts, water and sanitation, microfinance, health and technology.
The firm’s Aavishkaar I fund held its first closing in August 2007 on $6m, and its final closing in January 2009 on $14m. Its capital is fully deployed across 22 investments.
Last year Nasdaq-listed Cisco made a commitment to Aavishkaar as part of its programme to promote “technology-enabled inclusive growth in the area of social entrepreneurship”.
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