Hearth Ventures launches India’s First Venture Fund for Creative, Cultural and Circular Economy Enterprises

Hearth Ventures launches India’s First Venture Fund for Creative, Cultural and Circular Economy Enterprises

The fund invests in new age entrepreneurs leveraging India’s artisanal diversity for global markets, revitalising rural off-farm livelihoods and regenerative consumption

13 July 2023, New Delhi: Hearth Ventures, announces the launch of India’s ground-breaking venture capital fund exclusively designed to empower and uplift the country’s creative and cultural sectors. This unique fund aims to provide strategic investments and comprehensive support to small and medium-sized for-profit enterprises operating within these domains, with a specific focus on growing off-farm livelihoods in rural India. Building upon its recent registration as a Category I AIF (Alternative Investment Fund) by the Securities and Exchange Board of India (SEBI), Hearth Ventures plans to deploy an estimated INR 250-350 crore over the next 3-5 years. The fund seeks to collaborate with up to 25 ventures with exceptional founders, product-market fit, positive unit economics, leveraging technology and a roadmap   for growth and innovation in these vibrant sectors.

Backed by Vipul Jain, Technology entrepreneur, the fund has the support of early investors William Bissell – Managing Director of Fab India, and Mr Yogesh Chaudhary – Director at Jaipur Rugs. Hearth Ventures is founded by Vinayak Kamath, Shefali Chhachhi and Vipul Jain bringing together a collective experience of ten decades in entrepreneurship, investment, and corporate leadership. The team aims to achieve its first close of Rs 100 crores by the end of 2023.

“We see a $120 billion domestic market and a $1.5 trillion global market for the creative and cultural sector with many tailwinds. This sector not only presents a significant economic opportunity, but also impacts several SDG’s. Our research, investments made to date and the deal pipeline validates our thesis that there are many great entrepreneurs in the sector who can build profitable and fast-growing businesses. This sector remains critically underserved for growth capital and we hope to change that and pave the way for building a vibrant start-up ecosystem” said Vipul Jain, Founding Partner, Hearth Ventures.

Commenting on his support to this new venture fund, William Bissel, Managing Director of Fab India said Hearth’s mission to invest in and support cultural and creative industries gain access to markets and scale is a vital one. Hearth is unique among investors in their vision, the experience of their leadership team and their demonstrated commitment to funding businesses that demonstrate India’s “soft power” and bring it to global markets.

Echoing these sentiments Mr Yogesh Chaudhary, Director at Jaipur Rugs added “Jaipur Rugs today serves customers across the world while working with over 40,000 artisans, mostly women across India. We are delighted to support Hearth’s vision of creating many more of such enterprises and reimagining the sector.”

The fund will invest at Pre-series A and Series A stages, after comprehensive due diligence by reputable agencies, with affirmative board rights. With a focus on portfolio companies achieving double-digit revenue growth and efficient capital utilization, the fund aims to outperform the median of other venture funds. Hearth Ventures will invest in fashion, crafts, design & décor, sustainable apparel & accessories, art jewellery & consumer facing regenerative businesses such as recyclable packaging, and related sectors, which represent a $350bn domestic market opportunity by 2030.They tap into the growing interest in India’s creative economy, aiming to generate over ten million jobs in the next decade by providing early-stage capital and support to mission-driven creative ventures.

About Hearth Ventures:

Hearth Ventures is India’s first venture fund specifically focused on supporting Creative, Cultural and Circular Economy Enterprises. Established in 2021, Hearth Ventures has invested in Indian handmade crafts, design, and circular economy ventures from its proprietary capital pool. Their current portfolio includes Shobitam Inc, Kadam Haat Basketry Barn, Design Trade Services USA and Relove. Through strategic investments and comprehensive support, Hearth Ventures seeks to propel sustainable development and contribute to the achievement of the Global Sustainable Development Goals in India.

For Media Queries:

Email: Shefali@hearth.ventures

Mobile: +91 9811353126

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The meeting of 2nd Tourism Working Group under India’s G20 presidency concludes successfully at Siliguri, West Bengal on April 03

The meeting of 2nd Tourism Working Group under India’s G20 presidency concludes successfully at Siliguri, West Bengal on April 03

The working group meeting was preceded by a Side Event on the 1st April on the theme, ‘Adventure Tourism as a vehicle for achieving Sustainable Development Goals’. At the panel discussion panelists held discussions highlighting the best practices, success stories, prospects, and issues in the field of Adventure tourism. The panel discussion was attended by representatives from United Kingdom, Mexico, Canada, Germany, Japan, Brazil.Among other topics discussions were held on promoting Adventure tourism and presentations on Global and Indian scenario of Adventure tourism were given. The delegates and participants also visited Tea Estate & enthusiastically participated in the moonlight tea leaf plucking and tea tasting.

The inaugural session was graced by Minister of Tourism, Culture and DONER Sh. G. Kishan Reddy; and Minister of State for Minority Affairs Shri John Barla.

In the session,Union Minister Shri G.K Reddy announced that the vision is to make India a one trillion dollar tourism economy by 2047 – our 100th year of Independence.He also informed that the Ministry of Tourism has also formulated a Draft National Tourism Policy. The new Policy is a holistic framework for sustainable and responsible growth of the tourism sector in the country and aims at improving framework conditions for tourism development in the country, supporting tourism industries, and strengthening tourism to highlight India’s commitment to achieving Sustainable Development Goals 2030.

All the G20 member States (including Troika – Indonesia & Brazil) shared their comments and suggestions on the 1st Draft Outcome and the five priorities introduced by India.

The second session of the tourism working group meeting was planned in Presentation & Open Discussion format. The session discussed all five priorities one by one. A presentation on each priority was made by Turkiye, Saudi Arabia, Australia, Indonesia and Italy on Green Tourism, Digitalization, Skills, Tourism MSMEs, and Destination Management respectively. Each presentation was followed by detailed discussion among member countries, invitee countries and international organizations.

Concluding the meeting, Chair (India) expressed gratitude towards all the G20 Members, Invitee countries, International Organizations for endorsing the five priorities and successfully conducting the meeting

In another side event , on “Tourism in Mission Mode: Advantage of Adventure Tourism” presentations by the participants highlighted the benefits, issues and challenges in the promotion of adventure tourism. Ideas were discussed with respect to making India a globally competitive Adventure Tourism hub. The model law on Adventure safety and way of developing vibrant villages as adventure destinations were discussed.

On April 03, delegates enjoyed a joyous ride on the DHR from Ghum station to Darjeeling station. The delegates also visited Batasia loop and War memorial. Ghum station is highest railway station in the country.

The delegates also met governor of West Bengal Dr. C.V. Ananda Bose at Governor’s house. In the evening the participants enjoyed a cultural performance at Chaurasta, Darjeeling.

During their stay at Mayfair Tea Resort , the delegates had an opportunity to attend a Yoga session.

The Ministry of Tourism introduced all the Delegates to local art & craft at Siliguri and Darjeeling. MSME & tourism Department of West Bengal organized art and craft stalls of local arts for Delegates.

Himalayan Mountaineering Institute, Darjeeling also exhibited their equipment at the Mall Road during the meeting. The Ministry of Tourism also promoted local products of West Bengal by handing souvenirs to Delegates from ODOP list of items like Wooden Owl set from Burdwan District, Dokra GI Hook fish from Bankura District, Banglshree Silk Pocket Square from Malda District and Chitpore Attar from Kalimpong District.

Going forward, the Tourism Working Group will reconvene for two more meetings including a Ministerial meeting which will take place in Goa. A Ministerial Level Communique and the Goa Roadmap for Tourism as vehicle for achieving Sustainable Development Goals are the planned deliverables.

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Ministry of Tourism organises two day Chintan Shivir for promoting “Tourism in Mission Mode”

Ministry of Tourism organises two day Chintan Shivir for promoting “Tourism in Mission Mode”

In order to deliberate, ideate and devise strategies for promoting “Tourism in Mission Mode”, the Ministry of Tourism organized a two-day Chintan Shivir on March 28 and March 29 at New Delhi where all the States, Industry Associations and Industry leaders took part.

The agenda for discussions on the first day was set by Minister of Tourism, Culture and DONER, Shri G. Kishan Reddy. He outlined the vision of the Government to leverage tourism as a vehicle for socio-economic development, job creation and achieving sustainable development goals for the country. He stated that this is the most opportune moment to unveil a shared vision for future of India’s tourism, guiding its course for next 25 years to make India as the most sought-after travel destination in the world when India celebrates 100 years of Independence in 2047. He pointed out the three key pillars of developing tourism in mission mode – active participation of the States, Convergence of Government Programs and Public Private Partnerships. He stated that one major step would be to develop National Strategies and Models for providing guidance to the States in developing their tourism potential. The Ministry has recently formulated National strategies for development of various tourism sectors such as Rural Tourism, Adventure Tourism, MICE Tourism, Ecotourism, Medical Tourism, Sustainable Tourism.

Shri Arvind Singh, Secretary, Ministry of Tourism, Government of India stated that the 02 day Chintan Shivir will provide a platform to all stakeholders to conduct fruitful interactions and share good practices followed across the country and a stage to share unique  ideas involving technological solutions in travel sector, sustainability in tourism and responsible travel with the aim to take the benefits of tourism to the grass root level.

The first day`s agenda of discussions was divided into 6 Sessions deliberating on Incredible India@100 – Shared vision of Central Government, States and Industry, Policy Benchmarking and Ease of Doing Business, Investible Projects and Public Private Partnerships, “Global Best Practices and Capacity Building for Tourism Investments” by UNWTO, Developing MICE Tourism and Wedding Tourism and Innovation and Digitalization and Startups in Tourism Sector. Some of the key speakers were representatives from the industry stakeholders viz. FAITH, India Convention Promotion Bureau (ICPB) as well as from international organizations like World Tourism Organization (UNWTO) and the State Governments. UNWTO discussed the development of a Tourism Investment Strategy (TIS) through the UNWTO framework on Organizational, Attractiveness, and Promotion Strategy which will provide a structured approach to developing a comprehensive investment strategy that takes into account factors such as the local business environment, the potential for growth in the tourism industry, and the availability of financing options.

State of Rajasthan made a comprehensive presentation on granting of industry status to the tourism and hospitality sector along with benefits accrued to the industry from the same.

State Government of Maharashtra and Chhattisgarh showcased the investible projects in order to attract investment in tourism and hospitality sector. Union Territory of Lakshadweep Islands also shared successful case studies of public private partnership. In cognizance of the importance of the MICE sector as well as the Wedding Destination sector, a separate Session was kept on the two niche segments for deliberating on various policies, initiatives and strategies for development of MICE tourism and Wedding tourism in the Country. MICE Tourism brings higher revenue and year-round business for the destination overcoming seasonality. At the same time, MICE needs its own ecosystem before a destination can succeed as MICE destination. Wedding destinations are also fast emerging segment in India.

State of Telangana showcased how MICE tourism in the state of Telangana was being developed and promoted through the dedicated Hyderabad Convention Visitors Bureau.

During the event, the Ministry of Tourism also felicitated the States to recognize the best practices followed by them in six major categories under Swadesh Darshan Scheme.

The Government has recently announced to promote development of Tourism Sector in Mission Mode with active participation of the States and convergence of Government schemes and Public Private Partnership.

As an initiative of India`s G 20 Presidency, the Ministry of Tourism is organizing the 1st Global Tourism Investors’ Summit on May 17-19, 2023. Chintan Shivir will also provide opportunity to deliberate on the strategies and preparations for successful organization of 1st Global Tourism Investors’ Summit.