Indian firm Aaviskaar Venture Management Services (AVMS) has announced plans to raise between $100 million and $150 million for Africa investments. “We will start the fund-raising around the middle of 2017 and we expect to close it in 2018,” said Vineet Rai, founder of Intellecap-Aavishkaar group.

The new African fund will focus on investing on African low-income groups, especially in the agriculture, finance and financial technology sectors. “We will use the sow-tend-reap strategy of multiple round investing and will be an early investor,” Rai told local Indian media

Regions targeted are West and East Africa, especially Kenya, Ethiopia, Nigeria, Rwanda, Tanzania and Ghana.

Investments will range from half a million to $5 million.

The investment firm’s expansion strategy in Africa is part of another to increase its outstanding investments (debt and equity) to $3.5 billion by 2024.

Idriss Linge