Chairman of Hero Enterprise, Sunil Kant Munjal announced an investment of INR 100 Crores into Aavishkaar Bharat Fund. The fund is expected to motivate the culture of innovation in India.
NEW DELHI: Vineet Rai, Founder & CEO of Aavishkaar made this investment announcement and informed that the investment reflects Mr. SK Munjal’s commitment to address the key challenges faced by the country today in terms of employment, education & skills, environment, healthcare and financial inclusion.
Mr Rai said, “With this investment we can continue to build and scale enterprises that are working at the grassroots, whilst simultaneously multiplying their impact outcomes.”
Explaining the rationale for the investment, Mr Munjal said, “At this stage in India’s evolution, it is clear that for the entire country to develop, rural areas and underprivileged citizens must become part of the economic miracle, not through charity, but through real opportunities. Currently, most of India’s development has taken place in urban areas and in medium and large enterprises.”
He also added, “So it is heartening that a number of small and brave entrepreneurs are getting into projects aimed at the Indian heartland. It is our turn to step in, provide support, and help create prosperity at the bottom of the pyramid.’’
Hero Enterprise recently invested in a host of start-ups and select e-commerce ventures that aim to capitalise on India’s rapidly evolving demographics as well as the entrepreneurial energy of the youth. These investments are based on Mr. Munjal’s vision of building businesses and ventures that can become global in scale, promote entrepreneurship, are sustainable, have innovative business models and technologies, and embed principles of inclusive growth.
Mr Munjal has also set up Serendipity Arts Foundation, which is tasked with promoting the arts, crafts and culture. This is being done by organising festivals across multiple disciplines, and undertaking residency and education programs in multiple arts disciplines. An attempt is also being made to help create lakhs of livelihoods by helping artisans with their craft, and connecting them with markets. The interests of the Aavishkaar Fund converge with a number of these areas.
Aavishkaar, a part of the Aavishkaar-Intellecap Group, is one of the global pioneers in impact investing. Since its incorporation in 2002, Aavishkaar has made more than 50 investments, across sectors and geographies including the low income states. It has raised five funds, delivering commercial returns with a total of Rs 1300 crore under management.
While Aavishkaar’s unique approach has resulted in its invested enterprises impacting over 70 million lives & creating over 150,000 jobs & livelihoods, Hero Enterprise too has been involved in promoting and supporting a large number of projects aimed at healthcare, community transportation, skill development, promoting women entrepreneurs, digital learning and holistic education for children, etc.
For his contribution to affordable health care, Mr. Munjal has been honoured by Royal Society of Medicine in London. Aavishkaar is the only Indian fund to be featured as a case study by the Stanford Business School.