Merak Ventures and accelerator-led fund Huddle have jointly launched ClimAct, an accelerator programme of up to $1.5 million. This four-month programme will infuse capital in early-stage climate-tech start-ups in India.
Indian start-ups -working in agriculture-wastage, supply chain efficiency, mobility and transport, climate finance, carbon accounting and sequestration and digital solutions can apply for this programme. The applications for the programme are open now and will the first cohort will close in 2023.
Selected start-ups will receive a pre-seed funding of $2,00,000. They could also get additional funding of $1.5 million after this programme, after fulfilling certain criteria.
In a statement, Merak said that Accel, Matrix Partners, Sequoia Capital, Aavishkaar Capital, Lok Capital, Nexus Venture Partners, and Stellaris Venture Partners are the fund partners of this accelerator programme.
“With ClimAct, we will serve as the conduit for early-stage start-ups to get pre-seed funds, amass value from our partner network, and ease of access to climate focussed venture capital,” Sheetal Bahl, partner of Merak Ventures, said.
“Through ClimAct, we look forward to helping India decarbonise and achieve its Net Zero carbon emissions target by 2070,” said Ishaan Khosla, founding partner of Huddle.
Gurugram-based venture capital Merak Ventures had earlier launched a $100 million fund to invest in 20 early-stage start-ups. Manu Rikhye, partner of Merak Ventures said that the company wants to mentor passionate founders in India trying to solve real problems.