Avaana Capital, a Mumbai-based venture capital firm specializing in climate-focused investments, has completed the final close of its $135 million Avaana Climate and Sustainability Fund. The fund aims to back early-stage companies that leverage technology to provide scalable solutions for climate change mitigation and adaptation, supporting India’s journey to achieving net-zero emissions.
The fund received backing from a diverse group of institutional investors, including the Green Climate Fund (GCF), U.S. International Development Finance Corporation (DFC), the UK Government through the UK-India Development Cooperation Fund (UKIDCF), the Self Reliant India (SRI) Fund, and the Small Industries Development Bank of India (SIDBI). In addition, the Azim Premji Trust and other corporate entities contributed to the fund.
Led by Anjali Bansal and Swapna Gupta, the Avaana Climate and Sustainability Fund targets investment in tech-driven and innovative climate solutions. The firm’s portfolio includes companies like Eeki Foods, Aerem, Kazam, Sentra.world, FarMart, Eggoz, Ninety One 91, Turno, and Terra.do, which span various sectors including agritech, clean energy, and sustainability.
Avaana Capital initially raised $70 million for the fund’s first close in June 2023 and has now reached its final target. The capital will be channeled into supporting startups that offer breakthrough technologies for reducing carbon emissions and enhancing climate resilience.
