Avaana Capital has announced the first drawdown of the Green Climate Fund’s (GCF) $24.5 million commitment to the Avaana Sustainability Fund. This marks GCF’s first venture capital investment in India.
The fund is anchored by the Small Industries Development Bank of India (SIDBI), the accredited entity, under the guidance of the Department of Financial Services (DFS), Ministry of Finance.
Avaana Capital invests in and supports deep tech entrepreneurs and startups leveraging innovation to pioneer globally competitive solutions in Energy, Supply Chains, Food and Agriculture and Advanced Materials.
“We are honoured to partner with SIDBI and the GCF,” said Anjali Bansal, Founding Partner, Avaana Capital. “This investment represents the large economic opportunity for India’s deeptech ecosystem—bringing together global capital to build solutions in energy, supply chains, advanced materials, and agriculture that are technology first and rooted in Indian innovation.”
SIDBI Chairman and Managing Director Manoj Mittal said, “SIDBI is promoting sustainability among MSMEs by integrating green finance, encouraging energy efficiency and supporting eco-friendly business practices… This milestone for Avaana Capital underscores a broader trend where India continues to position itself as a key player in addressing global challenges through technology and innovation.”
Founded in 2018, Avaana Capital has made investments in pioneering startups including GreenGrahi (insect biotech platform), Eeki Foods (climate resilient precision agriculture), Turno (commercial EV financing and distribution), Dreamfly (next-gen battery platform for drones), Kazam ( interoperable EV charging), Eggoz (high nutrition eggs), Farmart (SaaS-B2B platform for food and agriculture), Amperehour (grid scale battery energy storage solutions) and Aerem (MSME rooftop solar).
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.