Avaana Capital Marks First Close Of Climate Fund For $70 Million The firm is targeting a total corpus of $100-125 million for the fund
By Teena Jose
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Mumbai-based VC firm Avaana Capital, has raised $70 million for the first close of its Avaana Climate and Sustainability Fund. The firm is targeting a total corpus of $100-125 million for the fund, which will focus its investments in three sectors: energy transition and resource management, mobility and supply chains, and sustainable agriculture and food systems.
"At Avaana Capital, we recognize that India is integral to global climate solutions and invest in climate solutions for India and the world. Our technology and innovation-first approach, deep sector expertise, and strong relationships across the ecosystem help us build large-scale outcomes in climate and sustainability. Avaana invests in thematic areas of Energy and Resource Management, Mobility and Supply Chains and Sustainable Agriculture and Food Systems," said Anjali Bansal, founding partner and Swapna Gupta, partner, Avaana Capital, in a joint statement.
The fund has claimed to be attracted institutional investors, including Small Industries Development Bank of India (SIDBI), Self Reliant India (SRI) Fund, the UK India Development Cooperation Fund (UKIDCF), and corporates such as Godrej Group, Murugappa, Torrent, Tsadik, and Bellerive Capital, among others. As per the firm, the capital from the new climate fund has been deployed into five startups already, with one deal yet to be disclosed.
"India, with its responsibility to uplift the standards of living for over 400 million citizens, requires swift acceleration in the adaptation and adoption of technology for climate action. Avaana is the leader in climate tech and the crucial mission of mitigating climate risk. SIDBI is delighted to support Avaana's remarkable progress and applauds their efforts in taking the pole position in this vital endeavour," said S Ramann, chairman and managing director, SIDBI.
Led by Anjali Bansal, Swapna Gupta, and Shruti Srivastava, Avaana Climate and Sustainability Fund will further invest in tech-driven and innovative climate solutions, looking to solve climate risk mitigation, adaptation and resilience building.
