Avaana Capital, one in all India’s main climate-focused enterprise capital companies, has introduced the ultimate shut of its Avaana Local weather and Sustainability Fund at $135 million.
The Avaana Local weather and Sustainability Fund targets early-stage start-ups, leveraging know-how to develop scalable options for local weather mitigation, adaptation, and resilience—important to India’s net-zero journey. The fund focuses on three key sectors chargeable for 90% of India’s carbon emissions: power and useful resource administration, mobility and provide chains, and sustainable agriculture and meals techniques.
The fund has garnered robust backing from distinguished institutional buyers, notably the Inexperienced Local weather Fund (GCF) in its first direct funding in India, underscoring the pivotal function of tech-driven innovation in advancing low-carbon and climate-resilient growth. Different main supporters embrace the US Worldwide Improvement Finance Company (DFC), the UK Authorities’s UK-India Improvement Cooperation Fund (UKIDCF), the Self Reliant India (SRI) Fund, Small Industries Improvement Financial institution of India (SIDBI), Azim Premji Belief, and several other giant firms.
Anjali Bansal, Companion, Avaana Capital, commented “India is at a pivotal second in its local weather motion journey. The assist we’ve obtained from main world and home institutional buyers underscores the significance of innovation in driving local weather motion and delivering long-term influence. The Avaana Local weather & Sustainability Fund will assist construct the subsequent technology of climate-first firms to remodel key sectors and make significant progress towards a sustainable future.”
Since its inception in 2018, Avaana has backed over 20 startups, together with FarMart, Ninety One Cycles, Kazam, Eeki Meals, Aerem, Sentra, Eggoz, TurnO, Terra.do, and Dharaksha.
India, as one of many world’s most climate-vulnerable nations, holds a crucial place in world local weather options. With a inhabitants of over 1.4 billion and the world’s sixth-largest financial system, estimates recommend the nation would require over $10 trillion in funding by 2070 to satisfy net-zero targets and deal with local weather dangers. Avaana’s investments purpose to satisfy this pressing demand by driving innovation that cuts emissions, enhances useful resource effectivity, and accelerates India’s transition to a low-carbon future.
Kavita Sinha, Director, Division of Non-public Sector Facility, Inexperienced Local weather Fund, mentioned, “GCF is proud to make its first funding in a local weather enterprise fund in India by way of Avaana’s Local weather and Sustainability Fund. Avaana’s deal with transformative applied sciences in crucial sectors like meals and agriculture, power, mobility, and comparable local weather ventures will present local weather aligned options to individuals and assist India’s local weather ambitions. This aligns with GCF’s imaginative and prescient of catalysing significant local weather options as this partnership will speed up India’s net-zero journey and create scalable fashions for different rising markets going through comparable challenges.”
Including to this, Sally Taylor, Minister Counsellor, British Excessive Fee, mentioned “The UK Authorities’s growth investments in India assist modern Indian companies to develop services and products that may speed up sustainable, inclusive development. We’re happy to be deploying our funds by way of Avaana to allow them to again these pioneering enterprises harnessing know-how to develop new local weather options to handle the local weather disaster.”
R.Okay. Singh, Chief Normal Supervisor, SIDBI mentioned “At SIDBI, our focus has been on creating pathways for local weather responsive enterprise eco system to thrive in India. The Avaana Local weather and Sustainability Fund aligns completely with our mission by supporting modern, climate-tech startups which can be key to India’s transition to a sustainable, low-carbon financial system.”