Avaana Capital secures $70 million in first close for climate fund

Avaana Capital, a climate-focused enterprise capital agency, has secured commitments of $70 million for the primary shut of its Avaana Climate and Sustainability Fund, it mentioned in an announcement on Wednesday.

The Mumbai-based agency is concentrating on a complete corpus of $100-125 million for the fund, which can focus its investments in three sectors that it mentioned are chargeable for 90% of India’s emissions: power transition and useful resource administration, mobility and provide chains, and sustainable agriculture and meals programs.

The fund has attracted institutional buyers, together with Small Industries Development Bank of India (SIDBI), Self Reliant India (SRI) Fund, the UK India Development Cooperation Fund (UKIDCF), and corporates akin to Godrej Group, Murugappa, Torrent, Tsadik, and Bellerive Capital, amongst others.

Led by Anjali Bansal, Swapna Gupta, and Shruti Srivastava, Avaana Climate and Sustainability Fund can even spend money on tech-driven and modern local weather options.

Avaana Capital’s notable portfolio investments embrace Eeki Foods, Aerem, Kazam, sentra.world, FarMart, Eggoz, Ninety One 91, Turno and Terra.do. Capital from the brand new local weather fund has been deployed into 5 startups already, with one deal but to be disclosed, Anjali Bansal, founding associate, Avaana Capital, informed ET.

“At Avaana Capital, we recognise 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,” she mentioned.

Avaana Climate and Sustainability Fund at the moment evaluates over 200 new local weather alternatives each quarter, Swapna Gupta, associate, Avaana Capital, added.“The UK is proud to support development partnerships and investments that are helping to address some of the biggest global challenges. I am pleased our new investment in the Avaana Fund will support innovative businesses develop solutions to climate change and inclusion,” Christina Scott, Acting British High Commissioner to India, mentioned within the assertion.

Climate-tech investments in India have surged, attracting $1.2 billion from 2016 to 2020, with a deal with renewable power and electrical mobility. To obtain India’s net-zero emissions objective by 2070, about $2.5 trillion in investments is required by 2030, the assertion added.

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