Nabard, 4 others invest in Aavishkaar venture fund

Nabard, the vertex rural development depository fiscal institution in India; Cordaid, a Dutch non-governmental development organization; CEP Investing Trust Fund, a Canadian societal venture monetary monetary fund supported by care Canada; ENAM Capital, portion of ENAM group, a prima Indian financial services conglomerate; Lesing Nominees and Aavishkaar International announced their joint investing in the India-focussed pioneering micro equity fund, Aavishkaar Republic Of Republic Of India Micro Venture Capital Fund.

This joint investing raises Aavishkaar's monetary fund principal to $6 million and will back up the launch of up to 60 socio-commercial mercantiles in Republic Of India over the adjacent 5 years. The monetary fund takes to duplicate its principal size in adjacent six calendar months by attracting more than planetary investors.

Aavishkaar Republic Of Republic Of India Micro Venture Capital Fund commenced trading operations in 2002 and is aimed at promoting economical growing in rural India by supporting invention driven bottom-up companies in sectors such as as agriculture, rural businesses, handicrafts, renewable energy, healthcare and engineering for development.

The Aavishkaar monetary fund have committed investings in 14 micro endeavors till date, that include Whirl Engineering, a low-cost rural standard atmosphere developer; Vaatsalya Healthcare, a concatenation of rural healthcare Centres and Rangsutra, a handcrafts production company co-owned by craftsman groups.

Due to its alone micro equity investing philosophy, the monetary fund have won assorted planetary acknowledgments including the esteemed World Business Award 2006 sponsored by the UNDP-IBLF-ICC.

"Rural development through invention driven endeavors is a critical constituent of NABARD's strategy. The investing in Aavishkaar Republic Of India micro equity monetary fund would be in melody with our focusing on promoting rural innovations", said Gram Second Menon, Head General Manager, NABARD.

"Our investing will assist Aavishkaar support community based rural ventures in improver to enterpriser based enterprises, thus making a holistic impact on rural development. We will back up the Fund's attempts to assist construct the rural sector in Republic Of India so that it turns faster and goes more than efficient", explained Mr. René Grotenhuis, General Director of CORDAID.

"Investing in Aavishkaar, with their strong on-the-ground presence and path record, gives us the chance to back up and incubate a host of societal endeavors that bring forth sustainable economical and societal returns, with an purpose to profit developing and under-served communities. Aavishkaar's societal venture working working capital approach, which mirrors CEP's aspirations, is exciting and gives us a strong partnership in India's societal venture capital market", added Masood Shariff, President of CEP Trustee Corporation.

"Aavishkaar Republic Of Republic Of India Fund fulfils a very of import demand in India where little and medium endeavors depend wholly on informal finance that completely undermines their concern model", said Dr Volt Anantha Nageswaran, Director of Aavishkaar International who have been closely associated with the Fund since its nascent stages.

"We are very pleased to spouse with NABARD, CORDAID, CEP, ENAM and Lesing Nominees. We would wish to demo our gratitude and admit the support of Aavishkaar International, Capital Of Singapore and people from across the human race who invested at an early phase to construct the Aavishkaar Republic Of India Fund. The engagement of the institutional investors is a ballot of assurance for our squad and our early phase investors", said Vineet Rai, Managing Spouse of Aavishkaar Republic Of India Micro Venture Capital Fund.