Asha Ventures, a Mumbai-based impact investment firm, has secured $10 million in funding from British International Investment (BII), the UK government’s development finance institution. This infusion brings the firm significantly closer to its debut fund’s total target of $91 million.
The fund, which had its first close in December 2023 with $46 million, has garnered support from several prominent backers. Early contributors included SIDBI, the Self-Reliant India (SRI) fund, and influential family offices such as those of Ajay Parekh (Pidilite Industries) and Nimesh Kampani (JM Financial). Asha Ventures aims to reach its final close by September 2025.
Founded by industry veterans Vikram Gandhi, former head of Morgan Stanley India, and Pramod Bhasin, who previously led Genpact, Asha Ventures is focused on supporting businesses with a strong impact lens. The firm backs companies operating across sectors like financial inclusion, job creation, and environmental sustainability. Its investment strategy spans from early-stage startups to companies in later stages of growth.
The fund’s current portfolio includes impactful ventures such as Ascend Capital, which provides financing for electric vehicles; TrueMeds, a growing telemedicine and e-pharmacy platform; and AutoMony, a commercial vehicle financing company. Asha Ventures plans to expand its portfolio further by investing in 2 to 4 more companies within the year.
With the new capital from BII, Asha Ventures reinforces its mission of fostering inclusive growth and sustainable development across India’s evolving startup ecosystem.
