Small-hold farmers, and informally employed service professionals such as shopkeepers, plumbers, drivers, form 85% of India’s workforce. These “single person enterprises” often find it difficult to access and serve larger markets, because of inefficient supply-chains, information arbitrage, and lack of economies of scale. Hence their offerings are limited to their local network, and are at the mercy of the markets when it comes to price discovery. We aim to address these structural issues by investing in scalable platforms that: 1) dis-intermediate inefficient markets by building an end-to-end supply chain, 2) leverage the sharing economy to convert capital expenditure into op-ex, and 3) eliminate information arbitrage by enabling access to relevant information on the mobile phone.

Essential Services

India lags behind most emerging market metrics in healthcare and education. Aspada believes that the problem of delivering accessible and high quality healthcare at reasonable price points is solved by two business models: 1) Hospitals and clinics with a strong focus on operational efficiencies, and 2) telemedicine platforms enabling cost-effective access.

The Indian K-12 school system is one of the largest in the world with more than 1.4 million schools enrolling 250 million students. However, teacher training leaves a lot to be desired, and student math and reading levels often lag global benchmarks. We believe that technology platforms that aid teachers in delivering personalized content based on individual assessments will significantly address both these issues. These sectors provide a ripe opportunity for private players to build large profitable businesses in a fragmented space that is traditionally served by the government.


Small businesses in India employ 40% of the workforce, but they represent only 17% of the country’s GDP. Lack of access to debt for working capital is a critical impediment to their progress. Banks are a major source of institutional debt for small businesses but have stringent lending criteria— requiring physical assets as collateral or three or more years of profitable track record—leaving 41% of India’s 48 million SMEs under-financed; The total financing shortfall is approximately $48 billion with SMEs in asset-light services sectors bearing the brunt of debt shortage. Aspada’s approach will be to back business models that address this SME financing gap at scale by leveraging technology to: 1) to reduce the cost of acquisition of borrowers and 2) manage risk by building innovative underwriting models tailored for the Indian market


portfolio exits

portfolio spotlight

EM3 Agri Services is transforming the way small farmers manage farm operations through the lifecycle of a crop, from land preparation to harvesting, by providing mechanization on a pay-per-use basis. Watch a short film on the company below:


Aasaanjobs' online platform for entry-level blue collared workers makes the process of finding a job painless. Watch a short film on the company below:


Dunzo makes the experience of completing offline local tasks such as couriering items, and maintenance and repair jobs completely seamless. Watch a short film on the company below:


BeWell Hospitals operates 8 secondary health centers in Tamil Nadu and has cumulatively served over 500,000 patients till date. Watch a short film on the company below:


Xamcheck provides personalized assessments and learning tools to affordable K-12 schools. The company has grown over 100x in terms of enrollment and revenue over the past 3 years and currently caters to 300,000 children across 800 schools in South and West India. Watch a short film on the company below: