Mumbai: Aavishkaar II, a venture capital fund, which invests in underserved segments of the economy, said Thursday that it has raised $94 million (Rs573 crore) at its final closure, with lead investments from German development bank KFW and other institutional investors.

The fund had completed its first round of funding in September 2011, with commitments from International Finance Corp., CDC, KFW and FMO, amongst the development finance institutions, and Cisco representing private corporation capital, the fund said in a statement. A second closing of the fund was achieved in December, it said.

Since its first closing, Aavishkaar II has made seven investments in early stage enterprises across agriculture, dairy, education, technology for development and renewable energy sectors. IFC anchored the fund’s first closing, it said.