Avaana Capital, a climate-focused venture capital firm, has closed its Avaana Climate and Sustainability Fund with a total fund size of USD 135 million.
The Avaana Climate and Sustainability Fund claimed that it is committed to investing in early-stage companies that leverage technology to create scalable solutions for climate mitigation, adaptation, and resilience accelerating India’s journey to net zero. The fund focuses on three core sectors that account for 90 per cent of India’s carbon emissions: energy and resource management, mobility and supply chains, and sustainable agriculture and food systems.
Anjali Bansal, Partner, Avaana Capital, commented “India is at a pivotal moment in its climate action journey. The support we have received from leading global and domestic institutional investors underscores the importance of innovation in driving climate action and delivering long-term impact. The Avaana Climate & Sustainability Fund will help build the next generation of climate-first companies to transform key sectors and make meaningful progress toward a sustainable future.”
The fund has attracted support from institutional investors, including the world’s largest climate fund, the Green Climate Fund (GCF) making its first direct investment in India. Other key participants include the US International Development Finance Corporation (DFC), the United Kingdome Government through the UK- India Development Cooperation Fund (UKIDCF), the Self Reliant India (SRI) Fund and the Small Industries Development Bank of India (SIDBI), Azim Premji Trust and several large corporations.
Mateo Goldman, Senior Vice President for Investments, US International Development Finance Corporation (DFC), said “Our investments around the world are boosting development in emerging economies and we see immense potential in India. DFC’s support for Avaana’s climate fund is a great model to push early-stage startups in India, dedicated towards new technologies and innovation, and deliver impactful, climate-resilient solutions. This will help to accelerate India’s transition to a low-carbon economy and thereby contribute to the global push for sustainable development.”
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