Aavishkaar VI (IFC-46360)

Regions
  • South Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • India
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
U
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Apr 25, 2023
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
AAVISHKAAR INDIA FUND (IFSC) VI
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Agriculture and Forestry
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 20.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 200.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Mar 31, 2023

Disclosed by Bank Mar 22, 2023

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to IFC, the proposed investment is an equity investment of up to US$20 million, not exceeding 20% of the total commitment, and an additional co-investment envelope of up to US$15 million under the delegated authority framework, in Aavishkaar India Fund (IFSC) VI (the “Fund” or “Fund VI”), a private equity (PE) fund focused on providing growth capital to small and mid-sized companies in India and together with Aavishkaar India Fund (Mauritius) VI (Mauritius Fund) and Aavishkaar India Fund VI (India Fund) is targeting US$200 million in total commitments. Consistent with the prior fund, Fund VI will continue to focus on its key strength of targeting investment in small and mid-sized companies in the sectors of financial inclusion, sustainable agriculture, and essential services. The Fund is expected to size its average ticket per company in the range of US$5-20 million in c.15 companies.                                                   

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

 The Fund, together with the Mauritius Fund and the India Fund, is seeking to raise US$200 million in aggregate capital commitments. IFC proposes an equity investment of up to US$20 million in the Fund (capped at 20% of total commitments). Additionally, a delegated authority co-investment envelope for an amount of up to US$15 million in potential co-investments in the Fund’s portfolio companies is also being proposed alongside the Fund commitment.  

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

The Fund will be managed by Aavishkaar Venture Management Services Private Limited (“Aavishkaar Capital” or the “Fund Manager”). Aavishkaar Capital is led by Vineet Rai.      

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Aavishkaar Venture Management Services Private Limited Undisclosed Agriculture and Forestry

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Aavishkaar Venture Management Services Private Limited
Vineet Rai
Founder

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works