Diversified group Hero Enterprise has provided Rs 1bn ($15.5m) of capital for Aavishkaar Bharat Fund, a fund being raised by India-based impact investment firm Aavishkaar Venture Management.
Aavishkaar is seeking about $310m for the fund, which will look to promote grassroots entrepreneurship, financial inclusion and employment, supporting companies providing services in areas such as agriculture, financial services, healthcare, renewables, waste and sanitation.
Hero Enterprise was founded by Sunil Munjal, formerly a managing director of diversified conglomerate Hero Group, who exited with a Rs 35bn payout.
The company is focusing on real estate and steel, but also sells life and health insurance, and intends to enter the aerospace components industry.
Hero has also made investments in several startups and e-commerce offerings, according to YourStory, and is seeking out companies with new technologies or business models that can grow in an inclusive way.