ImpactAlpha, June 22 — Mumbai-based, women-led venture capital investor Avaana Capital is looking to raise a total of $120 million for its first fund dedicated to climate tech. “Everything has to solve for mitigation, adaptation or resilience,” said Avaana’s Anjali Bansal, a former partner with TPG’s Growth fund.
The fund will invest an average $1-2 million in up to 25 startups. Avaana will reserve the majority of the fund for follow-on deals.
India’s low-carbon transition
The Avaana Climate and Sustainability Fund will target the energy transition and resource management, mobility and supply chains, and sustainable agriculture and food systems sectors. “These sectors constitute about 70% of our economy and are responsible for 90% of the emission footprint in India,” said Bansal. “They’re large market opportunities.”
Avaana has backed more than 20 early-stage climate and sustainability startups since 2018, including Mumbai-based solar installer and financier Aerem.