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India's climate-focused venture capital firm Avaana Capital said on Wednesday it raised $70 million in its first funding round as it looks to invest in the clean energy and climate-technology space.
This is the first close in the Avaana Climate and Sustainability Fund, India's first tech-led climate fund, meaning it can start investing in companies while raising capital for its own fund.
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The fund garnered interest from both domestic and international institutions, including India's Small Industries Development Bank of India (SIDBI) and UK India Development Cooperation Fund (UKIDCF).
The firm is targeting a total corpus of $100 million to $125 million for the fund, which will focus on investments in three sectors - energy transition and resource management; mobility and supply chains; and sustainable agriculture and food systems.
According to a report by India's central bank, the country will spend an estimated Rs 85.6 trillion ($1.04 trillion) by 2030 to adapt its various industries to be compliant with climate change norms.
Anjali Bansal, founding partner of the Mumbai-based firm, said the Avaana Climate and Sustainability Fund evaluates over 200 new climate opportunities every quarter.
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"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," she said in a statement.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
