Aavishkaar Impact Report 2014 (Aavishkaar Capital)

Summary

• Portfolio companies raised US$ 277 million in follow-on funding from external investors; 20 current portfolio companies received follow-on investment from 34 external investors.p.15
• The 31 current portfolio companies operate across 400 districts in India, in 26 Indian states including all 7 Low Income States.p.10
• Aavishkaar made 11 full exits and 4 partial exits.p.16
• Total beneficiaries of portfolio companies in FY 2014 reached 17,058,971, including 10,984,768 with access to financial services.p.9
• Total invested capital was US$ 73.05 million, of which US$ 67.28 million is in current investments.p.19
• The US$ 75 mn Aavishkaar Frontier Fund is the first fund to invest outside India, targeting Bangladesh, Pakistan, Sri Lanka and Indonesia.p.20
• Aavishkaar redefines a huge success as a return of 5 to 10 times of invested capital, instead of a return of 100 times.p.6

Key insights

1. Ulink Bioenergy built a base of 7,000 farmers in Gujarat, saving them about US $52,000 on agricultural inputs in six months.p.11
2. Equitas reaches a client base of 1.8 million across seven states with 330 branches.p.12
3. Arohan scaled its outreach to more than 200,000 customers after its merger with Intellecash.p.14
4. Milk Mantra sources milk from a network of over 15,000 dairy farmers in Odisha and attracted mainstream investors such as Fidelity.p.16
5. The agriculture and dairy portfolio represents a total investment of US$ 8.48 million in seven companies, with 1,583,638 beneficiaries.p.21
6. The education portfolio benefited 572,798 students with a total investment of US$ 3.19 million in three companies.p.24
7. Servals Automation burners were used by 764,501 households in FY14, with cost savings of US$ 32.10 million for end-users.p.27
8. Waterlife gave 2,601,600 people access to clean drinking water in FY14 through 3,126 active water purification systems.p.31