MUMBAI, 18 June 2025: In a landmark move for India’s climate tech ecosystem, Avaana Capital has marked the first drawdown of the Green Climate Fund’s (GCF) USD 24.5 million commitment to the Avaana Sustainability Fund.
This milestone represents GCF’s first venture capital investment in India, underscoring growing global conviction in India’s deep-tech innovation capabilities.
The funding is anchored by the Small Industries Development Bank of India (SIDBI), which serves as the accredited entity under the guidance of the Department of Financial Services (DFS), Ministry of Finance. A ceremonial cheque was presented by M. Nagaraju, Secretary, DFS, to Avaana Capital, symbolizing the activation of this strategic partnership.
Avaana Capital, founded in 2018, invests in deep-tech startups across Energy, Advanced Materials, Agriculture, and Supply Chains. Its goal is to catalyze future-ready, cost-effective technologies built in India for both domestic and global markets.
“This partnership is a major step toward realizing India’s Viksit Bharat 2047 vision. It brings together national policy, institutional leadership, and global catalytic capital to accelerate India’s deep-tech journey,” Anjali Bansal, Founding Partner, Avaana Capital said.
The Avaana Sustainability Fund has already backed startups like GreenGrahi (insect biotech), Turno (EV financing), Eeki Foods (climate-resilient farming), Dreamfly (drone battery tech), and Amperehour (grid battery storage)—each contributing to a resilient and inclusive green economy.
Manoj Mittal, Chairman and Managing Director of SIDBI, emphasized SIDBI’s commitment to sustainability-led MSME development through innovative financial instruments, energy efficiency measures, and climate-aligned lending practices.
“This milestone reflects India’s readiness to lead on global sustainability challenges through innovation and finance,” Mittal stated. “The Avaana Sustainability Fund is well-positioned to deliver deep climate impact while unlocking economic value.”
The event showcased a strong alignment between India’s climate finance ambitions and the growing maturity of its venture-backed deep-tech ecosystem. Both Avaana and SIDBI reaffirmed their joint commitment to supporting entrepreneurs building scalable, sustainable solutions that tackle India’s and the world’s most urgent challenges.
