According to the bank website, "The proceeds will be used to provide capital buffer needed to grow the loan books of the underlying non-bank financial institutions of AVMS, and to pursue new initiatives to support their ambition in increasing outreach to the bottom of the pyramid."
According to FMO, Aavishkaar Venture Management Services Private Limited ("AVMS") is a holding company and an asset manager based in India. AVMS's main business lines include Microfinance, SME Lending, Fintech, Fund Management, Advisory and Consultancy. AVMS provides both access to finance for underbanked individuals and businesses mainly in India and facilitates investment or directly invests into inclusion focused companies through equity funds and investment servicing the bottom of the pyramid and MSME, but also to build an ecosystem supporting institutionalization of both those market segments. AVMS is expanding its business activities into South East Asia and Africa.
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No project-specific contact information available at time of writing.
ACCOUNTABILITY MECHANISM OF FMO
Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW) . A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism