‘Bridging Gaps: Building Inclusive Futures’: Aavishkaar Group launches its’ Impact Report 2024 in Varanasi

Varanasi, India: Technological innovations and advancements are acting as powerful tools of change in the hands of impact entrepreneurs, fuelling aspirations and creating access to resources for marginalized communities. Building on the above theme, Aavishkaar Group launched its Impact Report 2024 exploring the role of technology in scaling its Impact in Asia and Africa. The report titled, “Bridging Gaps, Building Inclusive Futures,” was launched at the recently concluded Sankalp Bharat Summit 2024, in Varanasi.

On the occasion of the release of the report, Chairman, Aavishkaar Group, U K Sinha said, “The Group Impact Report highlights effort of the entrepreneurs using technological innovations across the field of Sustainability, Circularity, Computing and Artificial Intelligence. Adoption of these technological progresses have improved the quality of life, helped foster inclusion, and promoted economic growth for the underserved communities. I personally believe that technology serves as a catalyst for infinite possibilities, empowering entrepreneurs to tackle complex challenges and drive meaningful change.”

Aavishkaar Group has used its own Group companies to push a digital-first approach to demonstrate delivery of impact at scale. The Group approaches the delivery of impact through multiple channels of engagement across its various entities, such as digital innovations to deliver doorstep financial inclusion in microfinance, assisting smallholder farmers into carbon markets and using AI to track carbon sequestration, advancing circular and low carbon solutions within the apparel sector by identifying, evaluating and connecting 300 innovative technologies with large corporations. These innovative engagements have led to approximately 6 million women being financially included, 3 million metric tons of CO2 emissions reduced, and 228,000 metric tons of waste recycled.

Identifying with the theme and evangelist of technology for impact, Sunil Kant Munjal, Chairman, Hero Enterprise commented, “Technology, when used to improve access to knowledge and capital, helps the lesser developed parts of the country to bypass and leapfrog traditional paths and timelines to development. Our involvement with Aavishkaar – which uses technology, knowledge, and capital to empower people on the margins – is thus a source of immense satisfaction”.

Gender outreach has received a boost as 53.4% of Aavishkaar Group and its investee companies’ 144 million underserved customers are women. Technology has played a transformative role in these achievements. “We are bridging gaps through technology—whether they are geographic or economic —and enabling people to thrive in a rapidly evolving world. At the heart of this journey are the stories of our leaders, customers, and clients. It’s not just about the numbers; it’s about the lives changed and the communities empowered”, shares Sowmya Suryanarayanan, Director, Impact & ESG, Aavishkaar Capital.

There are stories of technology making it possible not just to deliver impact, as was the case in Faminga, where AI-curated agricultural insights reaches 500 Rwandan farmers or Nylore Impact’s energy-efficient cooking technologies, both in Africa. In India, technology has helped not just deliver impact but allowed it to scale to millions of farmers, as demonstrated by Ergos (a grain banking solution) that uses moisture-loss algorithms to improve grain storage precision, and AgroStar that employs deep data analytics for demand forecasting for 12 million farmers.

“By embracing technological innovations, companies can not only enhance their operational efficiency but also contribute positively to society and the planet. The alliance between KfW and Aavishkaar not only enhances access to funding for such impactful enterprises but also promotes responsible investment strategies that prioritise long-term sustainability.”, Stephanie Lindemann-Kohrs, Global Head / Director Global Equity and Funds, KfW Development Bank.

The report documents the economic multiplier of $3.34 that Group’s capital business has delivered for $290 million of its capital invested across Asia and Africa through capital raise. The Group’s investments have supported the creation of over 64,000 jobs, enabled access to affordable financial services for 11 million people and supported 592,000 MSMEs and livelihood creation, fostering inclusive growth and economic development.

As Vineet Rai, Founder and Vice Chairman, Aavishkaar Group said, “Technology has the power to flatten the pyramid of aspiration, access and resources. This impact report documents stories where technology has demonstrated its potential in delivering a more equitable world. We see technology playing a pivotal role in building the Impact Unicorns of the future.”

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