Chennai-Based social enterprise Incubator Villgro has invested in three start-ups which the company claimed is the first set of funding for this fiscal year, as reported by ET.
The report further states that Ujjeewan Healthcare, Aindra Systems and Scholowiz Educational Solutions, all early-stage companies, have secured funding from Villgro. The company is targeting to invest in 25-30 more startups by the end of the fiscal year.
Villgro also announced that by March 2015, it will invest Rs 20 crore on early stage social enterprise to create social impact as a part of its incubation work. "We've received commitment for a little over 50 per cent of the fund size and looking to make up the balance," said PR Ganapathy, COO, Villgro told ET.
Ten foundations, including Rockefeller, Citi and Lemelson are also funding Villgro’s activities. The new investments range between Rs 6-Rs 8 lakh, would be used to scale up businesses. Villgro will work with these start-ups to build business models and go-to market strategies around their ideas.
"We will use the funding to install additional infrastructure and mobile units to reach interior parts of villages, train our workers and hire more people," Manish Kumar, founder, Ujjeewan told ET.