Aavishkaar Group raises Rs 260 crore from Dutch development bank FMO
The Aavishkaar Group, one of the largest impact platform across Asia and Africa, has raised Rs 260 crore from FMO, the Netherlands’ entrepreneurial development bank.
The group plans to utilise the investment to strengthen its ownership in its debt platforms and expand its business in Africa and South-East Asia.
Commenting on the investment, Peter van Mierlo, the chief executive officer of FMO said, “With this investment into the group, we hope to help the Aavishkaar Group reduce the vulnerability of India’s, South East Asia’s and Africa’s low-income population. We have seen their enterprise-based development approach work as limited partners in the Aavishkaar capital side and now along with Triodos, Shell Foundation and TIAA/Nuveen we will be part of the journey of the entire Group.”
On the capital raising, Vineet Rai, founder and chairman, Aavishkaar Group said, “As the group strive to unleash the entrepreneurial energy of young minds towards core challenges that the world desires to address; investment participation by FMO and the strategic partnership we intend to build with them would help strengthen our ability to deliver impact sustainably.”View full article