Avishkaar Goodwell India Microfinance Development Company I

Aavishkaar Goodwell India Microfinance Development Company I (AGIMDC I) was business development company for the micro-finance sector in India. It invested in entrepreneurial micro-finance organisations on a socially and commercially sustainable basis. It was managed by a joint venture partnership between the Goodwell team and the Aavishkaar team in India. AGIMDC I closed in mid 2008 with a committed capital of over USD$18 million, at a time when commercial equity investments started to find ground in Indian micro-finance.

The team played a critical role in the equity rounds in which AGIMDC I invested, as well as in supporting the MFIs in their post-investment growth and transition. In addition, the team played a significant role in subsequent funding rounds and provided investment banking support to one of its investee MFIs (without a fee) helping it to negotiate a second-round investment. The Aavishkaar Goodwell approach gained recognition in the sector as one that goes beyond smart money deployment including hands-on strategic and business support and agenda-setting conferences.

Despite the micro-finance crisis in India, AGIMDC I still stood well above the value of the nominal invested amount. This was due to the diversification of the portfolio and the timely hands-on support and monitoring provided by the investment teams. AGIMDC’’s first investment was an investment in Share Microfine in 2007. Subsequently, AGIMDC I invested in Basix, Belstar, Grameen Koota, and Utkarsh and contributed to the creation of institutions like Equitas and Suryoday.

Board members

  • Nousrath Bhugeloo
  • Els Boerhof
  • Emile Groot
  • Imraan Mohammed
  • Devananda Naraidoo

Investment Committee

  • Nousrath Bhugeloo
  • Els Boerhof
  • Alexandra Schaapveld



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Belstar delivers micro-finance solutions that mobilise women in poverty to achieve business and savings partnerships. The company uses a self...
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Equitas provides micro-credit solutions to customers otherwise unable to access funds through mainstream channels using a joint liability model of...
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Using micro-credit, Suryoday offers joint liability loans as well as individual SME loans to economically challenged women who traditionally lack...
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The MFI provides income generating loans and insurance to underserved regions where micro-finance penetration is less than 4%. With over...
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