Avaana Capital, an Indian climate-focused private equity firm, said on Wednesday it has raised $70 million in its first round of funding as it plans to invest in clean energy and climate technology.
This is the first close for Avaana Climate and Sustainability Fund, India’s first technology-based climate fund, which means it can start investing in companies while raising capital for its own fund.
The fund has attracted interest from both domestic and international institutions, including the Small Industries Development Bank of India (SIDBI) and the UK India Development Cooperation Fund (UKIDCF).
The company aims to raise a corpus of $100-125 million for the fund, which will focus on investments in three sectors – energy transition and resource management; mobility and supply chains; sustainable agricultural and food systems.
Avaana’s climate and sustainability fund evaluates more than 200 new climate opportunities each quarter.
- PRESS RELEASE
