SME-focused investor Blue Ashva Capital raises US$ 60 million for maiden fund

Blue Ashva Capital, an investment firm focused on SMEs and start-ups, raised Rs 454 crore (US$ 64.41 million) for the initial close of its maiden fund.

According to the firm’s statement, the capital was raised from family offices and high net worth individuals.

“The fund proposes to raise a sum of Rs 400 crore (US$ 64.41 million) with a greenshoe option of Rs 200 crore (US$ 28.37 million). It has exercised a part of the greenshoe option at the initial close," the statement said.

The company plans to use this fund in businesses across sectors including financial services, technology, healthcare, consumer, manufacturing, etc. through equity, debt, or any combination thereof. The fund will also back professional-turn-entrepreneurs and partner with global companies to invest in India.

“SMEs and start-ups play a key role in fostering entrepreneurship and generating large scale livelihood opportunities. However, with so much gloom and doom around, most such businesses are currently going through challenging times. There is a need now, more than ever, to support passionate founders with optimistic capital that is willing to bet on the long term," said Mr Satya Bansal, founder, Blue Ashva Capital.

Mr Bansal was the chief executive of Barclays Private Bank in India for more than a decade before founding Blue Ashva Capital.