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Avaana Capital Makes The First Close Of Its Avaana Climate and Sustainability Fund

The fund has garnered strong interest from global and domestic limited partners (LPs)

Avaana Capital Makes The First Close Of Its Avaana Climate and Sustainability Fund
Left to Right Anjali Bansal, Swapna Gupta and Shruti Srivastava
POSTED ON June 23, 2023 11:51 AM

Avaana Capital, a climate-focused venture capital firm in India, has secured commitments of $ 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 investments in three sectors that are responsible for 90 per cent of India's emissions. These three domains include energy transition and resource management, mobility and supply chains and sustainable agriculture and food systems. 

A company statement reveals that the fund has garnered strong interest from global and domestic limited partners (LPs). It has attracted institutional investors, including the Small Industries Development Bank of India (SIDBI), Self Reliant India (SRI) Fund, the UK India Development Cooperation Fund (UKIDCF) and marquee corporates such as Godrej Group, Murugappa, Torrent, Tsadik, and Bellerive Capital, among others.

Led by industry experts Anjali Bansal, Swapna Gupta, and Shruti Srivastava, Avaana Climate and Sustainability the fund will invest in tech-driven and innovative climate solutions, looking to solve climate risk mitigation, adaptation and resilience building. Till date,  Avaana Capital has made portfolio investments such as Eeki Foods, Aerem, Kazam, sentra.world, FarMart, Eggoz, Ninety One 91, Turno and Terra.do.

“With significant global capital flowing, supportive policies, corporate interest and wealth of entrepreneurial talent in the climate sector, India's climate-tech story is rapidly progressing. At Avaana Climate and Sustainability Fund, we evaluate over 200 new climate opportunities every quarter,” said Anjali Bansal, Founding Partner, Avaana Capital.

"India, with its responsibility to uplift the standards of living for over 400 million citizens, requires swift acceàleration 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 & Managing Director, of SIDBI.

Suresh Kohzikote, from Self Reliant India (SRI) Fund, shared, "The SRI Fund's investment objective is to support onward growth capital to boost the economy and create a self-reliant India. Our partnership with Avaana Climate and Sustainability Fund — India's first tech-led climate fund — is to realise those objectives through climate solutions from India.”
 

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