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Avaana Capital raises $70 Mn in first close for climate fund

Avaana Capital, a climate-focused venture capital firm, has raised $70 million for the first close of its Avaana Climate and Sustainability Fund.

The Mumbai-based firm is targeting a total corpus of $100-125 million for the fund, which will focus its investments in three sectors: energy transition & resource management, mobility & supply chains, and sustainable agriculture & food systems.

The fund has attracted institutional investors, including Small Industries Development Bank of India (SIDBI), Self Reliant India (SRI) Fund, the UK India Development Cooperation Fund (UKIDCF), and corporates such as Godrej Group, Murugappa, Torrent, Tsadik, and Bellerive Capital, among others.

Led by Anjali Bansal, Swapna Gupta, and Shruti Srivastava, Avaana Climate and Sustainability Fund will also invest in tech-driven and innovative climate solutions. Its notable portfolio investments include Eeki Foods, Aerem, Kazam, sentra.world, FarMart, Eggoz, Ninety One 91, Turno and Terra.do.

As per Avaana, capital from the new climate fund has been deployed into five startups already, with one deal yet to be disclosed.

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