Aavishkaar picks up 21% stake in Pune-based Saraplast

Microfinance Focus, Aug 18, 2009: Aavishkaar India Micro Venture Capital Fund has invested an undisclosed amount in a Pune-based portable toilet operator Saraplast Pvt. Ltd. which operates under the brand name ‘Shramik’ or ‘3S’.
The funds will be used by Saraplast to expand its stock of portable toilets and waste management services.
Saraplast, founded in 1999 by a Rajeev Kher, provides sanitation services in areas that had a paucity of hygienic services. The company leases out portable toilets to its clients and also provides onsite cleaning and waste evacuation services on a daily basis through its automated network of cleaning trucks. The largest demand for this service comes from the construction and infrastructure industry followed by the tourism corporations, municipal councils, corporate houses, religious establishments and large event organisers.
Aavishkaar, which invests in small and scalable business models has backed Shramik-Saraplast due to its social and environmental impact, said a press release.
Vineet Rai, founder and CEO of Aavishkaar said: “India has struggled with sanitation issues and Shramik-Saraplast has shown us a path to address this challenge deploying a business model that serves the underserved and creates significant social and environmental impact. The above, coupled with strong business logic, a highly scalable model and a dynamic management team we believe we are building another early stage partnership that has far reaching positive consequences for the nation and for us.”
Saraplast CEO, Rajeev Kher said “The investment will enable us to scale up systematically and provide quality sanitation solutions to our current markets and reach out to other proposed markets. Aavishkaar’s network and goodwill ensures achievement of our mutual goals and to offer a sustainable solution to our clientele”.
Aavishkaar has raised $35 million so far, spread over three funds including Aavishkaar Goodwell Fund. From its initial funding in 2002 to Chennai-based Servals Automation, a manufacturer of kerosene burner that reduces kerosene consumption by 30% per cent, Aavishkar has so far made 22 investments and 17 of them in rural ventures.
Aavishkaar makes investments ranging from Rs 10 lakh to Rs 2 crore in areas including renewable energy, dairy, healthcare and sanitation, agricultural products, among others.

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