British International Investment

Aavishkaar Emerging India Fund

IndiaSouth AsiaFinancial servicesFood & AgricultureInfrastructureManufacturing

The Aavishkaar Bharat Fund (ABF) was set up in 2001 to invest in early stage companies targeting under-served areas in India.

ABF invests in businesses with high social impact in sectors such as agriculture, financial services, healthcare, waste, sanitation, renewable energy and logistics.

Its funds have made 58 investments across India, Indonesia, Sri Lanka and Bangladesh. Those investments have generated 250,000 jobs and livelihoods and reach 70m beneficiaries, of which more than 50 per cent are women.

This investment was made when British International Investment was named CDC Group.

Our investment

Description of the investment.

In late 2017, CDC committed $25 million to the fund, which will provide much-needed capital to early stage businesses in parts of India that have been overlooked by the investment community.

Expected impact

Expected impact of investments made between 2012 and 2018. From 2019 onwards, we have published a fuller set of impact information, assessing each investment against six dimensions of impact.

Our investment will enable ABF to continue supporting companies that are providing innovative ways of reaching rural areas where the population has limited access to affordable goods and services, servicing the ‘last mile’ in the supply chain.

Its previous investments, for example, include Milk Mantra, a dairy supply chain that manufactures dairy products in Orissa. The business sources from 46,000 smallholder farmers across 400 local collection centres. The milk is then transported to chillers and finally to a processing plant via insulated trucks where it is manufactured into paneer, yoghurt and lassi.

Smallholder farmers sell their milk to Milk Mantra because they are better and more accurately paid, as well as benefiting from advice on best practice from local field officers.

Future investments by Aavishkaar are expected to create similar livelihood opportunities to low-income rural communities.

Environmental and social information

  • Environmental and social summary

    A high-level description of the environmental and social aspects of the investment. This may include a summary of key environmental and social risks identified during environmental and social due diligence (ESDD); key elements of an environmental and social action plan (ESAP); or ways in which we plan to support the investee improve environmental and social standards, such as through their environmental and social management system (ESMS); as well as any other priority areas agreed with the investee.

  • Environmental and social risk

    A risk category rating, which indicates the level of environmental and social risk associated with an investment. For an explanation of the categorisations used, see here. We consistently provide an environmental and social risk category for all investments screened from 2023 onwards.

Environmental and social summary

The fund manager has a well-established approach to environmental and social management and we will continue to support and monitor its approach as the portfolio grows.

Reporting and Complaints Mechanism

The Reporting and Complaints Mechanism allows anyone outside BII to report alleged breaches of the business integrity or environmental and social provisions of BII’s Policy on Responsible Investing. This includes breaches made by BII, a BII investee, or a portfolio company of a fund in which BII has invested. The Reporting and Complaints Mechanism Rules are available here. Reports and complaints can be submitted by email to [email protected] or by mail. See more details on our Reporting and Complaints Mechanism here.

For any other general enquiries contact us at [email protected]

  • Key facts

    Last updated

    When the last quarterly update of the website database occurred.

    June 2024
    Project number

    An identifier number shared by investments in the same project.


    The current status of the investment (green flag for active and red flag for exited).


    The geographical region where the country is located. We currently invest in Africa, South Asia, South East Asia and the Caribbean. In 2023, BII’s investment mandate was extended allowing it to invest in regional funds linked to Ukraine, with the majority of activity expected to begin post-war. Investments outside these regions were made prior to 2012 under previous investment mandates.

    South Asia

    We prioritise those sectors that facilitate development and need our capital the most. Our priority sectors contribute towards many of the Sustainable Development Goals. They range from investing in the power infrastructure that will provide people with better access to electricity, to investing in financial institutions that direct capital to the individuals and businesses that need it the most.

    Financial services, Food & Agriculture, Infrastructure, Manufacturing

    We provide capital in the following ways: directly – through direct equity, direct debt, guarantees and other non-intermediated financial instruments; and indirectly – principally through investment funds.

    For direct investments and fund investments, this is the date BII committed capital to the investments. This is typically the date on which legal agreements are signed by all parties.

    For the portfolio companies of our fund investments, this is the date (either the month or the quarter) on which the fund committed capital to the portfolio company.

    For direct equity investments, this is the date at which British International Investment exited the investment.

    For debt investments, this is the date at which the final debt repayment was made.

    For funds, this is the date at which the fund was terminated.

    For underlying fund investments, this is the date at which the fund manager exited the investment.

    The total amount committed, per financial instrument, per investment, on the date BII becomes subject to a binding legal obligation to provide funding or assume a contingent liability. This information is provided in US dollars.

    For direct investments, this is the amount that BII has committed to the business or project. For fund investments, this is the amount BII has committed to the fund.

    The currency in which the investment was made.

    Investment type :
    Start date :
    November 2017
    Amount :
    Currency of investment :
    Fund Manager:
    Aavishkaar Venture Management Services Private Limited (AVMS)

    The company or investment fund’s place of incorporation.


Investments made by this fund into companies:

For further information about these companies, visit

Investment name Country Region Sector Start date Status
Altum Credo Home Finance Pvt Ltd India South Asia Financial services April 2018 Active
Connect India India South Asia Manufacturing July 2020 Active
Ergos Business Solutions Private Limited India South Asia Food & Agriculture March 2020 Active
GoBolt (Camoins Logistics Solution Pvt Ltd) India South Asia Manufacturing September 2018 Active
Kottaram Agro Foods India South Asia Food & Agriculture January 2018 Exited
Nepra Resource Management India South Asia Infrastructure June 2018 Active
Nine Root Technologies Private Ltd (Chqbook) India South Asia Financial services February 2020 Active
Ulink AgriTech Private Limited India South Asia Food & Agriculture March 2019 Active
Utkarsh Small Finance Bank India South Asia Financial services November 2017 Active

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