Rachel Chitra · · 1 min readAvaana Capital closes $70m in first tranche of climate tech fund
Avaana Capital co-founders Anjali Bansal, Swapna Gupta and Shruti Srivastava
India-based VC firm Avaana Capital has secured commitments for US$70 million in the first tranche of its Climate and Sustainability Fund.
Investors in the round include Small Industries Development Bank of India, Self-Reliant India Fund, Godrej Group, Murugappa, Torrent, Tsadik, Bellerive Capital, and the UK India Development Cooperation Fund.
The goal is to raise a total of between US$100 million to US$125 million for the fund, which is Avaana Capital’s second climate-focused fund.
It looks to invest in early-stage Indian startups tackling energy transition and resource management, mobility and supply chains, as well as sustainable agriculture and food systems. The VC identifies these three areas as responsible for 90% of India’s emissions.
The country needs a total of US$2.5 trillion by 2030 to reach its 2070 net-zero target, according to a report by Observer Research Foundation.
Founded in 2018 by Anjali Bansal, Swapna Gupta, and Shruti Srivastava, Avaana Capital counts climate career platform Terra.do, electric vehicle startup Turno, and agritech firm Eeki Foods among its portfolio companies.
Earlier this month, the Indian VC firm led a US$2 million seed round for Sentra World, a decarbonization software platform.
See also: VC funds tracker: Two VCs raise $440m for new funds
Editing by Shadine Taufik, Thu Huong Le, and Dhania Putri Sarahtika
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