[Techtaffy Newsdesk]
Cisco has made an investment in Aavishkaar, a venture fund founded to promote development in rural and semi-urban India. Cisco will invest in Aavishkaar India II, as well as collaborate with other investors. Over the past few years Cisco has committed up to $200 million of venture capital investments to the country, of which almost half has been utilized.
Aavishkaar II, a Mauritius based $120 million fund dedicated to investing in rural India, achieved its first closing at $70 million with corporate investors such as Cisco, along with institutional investors such as IFC, KFW, FMO and CDC. The fund invests in early-stage businesses operating in rural India, providing them with risk capital, and seeks developmental impact in addition to commercial value generation. The fund will invest in agriculture, education, health and energy sectors. The fund is advised by Mumbai-based Aavishkaar Venture Management Services, which has also advised Aavishkaar India Micro Venture Capital Fund and two other funds in the financial inclusion space.