Soros Economic Development Fund Backs Aspada Investment Company with $10 Million to Benefit India’s Low-Income Sector
BANGALORE, INDIA—Aspada Investment Company will commit $10 million to early stage businesses to make education, healthcare, and financial services more accessible to low-income people in India. Aspada will also invest in agricultural supply chain companies in an effort to support small holder farmers.
Aspada Investment Company received the $10 million commitment from the Soros Economic Development Fund (SEDF) and works to promote economic opportunity and sustainable impact in India. Aspada Investment Company will be advised by Aspada Investment Advisors, led by Kartik Srivatsa and Thomas Hyland.
“We are increasing our commitment to the low-income sector in India,” said Fawzia Naqvi, a vice president at the Soros Economic Development Fund who has led the Fund’s two investments in India. “SEDF’s goal with this investment is to help small holder farmers boost their incomes and make healthcare, schooling, and financial services more available and affordable to a broader range of people.”
Aspada Investments represents the Soros Economic Development Fund’s second investment in India. In 2008, the Soros Economic Development Fund, Omidyar Network, and Google in partnership with the Indian School of Business created the $17 million SONG Fund, which provides early and growth stage capital to small and medium enterprises in areas such as affordable health care, school education, and agriculture supply chains.
"We are delighted to have the Soros Economic Development Fund as the seed investor in Aspada,” said Thomas Hyland.
“Aspada hopes to build on the traction of the SONG fund in backing quality entrepreneurs to build highly scalable businesses that will create outsized developmental impact in India," added Kartik Srivatsa
Aspada Investment Company also announced its first investment in an end-to-end fresh vegetable supply chain company, Lawrencedale Agri Processing, which operates in the Nilgiris belt in South India to aggregate fresh produce from farmers at the farm gate and sell to retail consumers under the LEAF brand in major markets. This investment aims to help increase the incomes of small holder farmers.
Aspada Investment Company will make both equity and debt-like self-liquidating investments in high growth businesses.
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