Avaana Capital has completed the first drawdown of the Green Climate Fund’s (GCF) $24.5 million commitment to the Avaana Sustainability Fund. This reportedly marks the GCF’s first venture capital investment in India. The fund 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, Ministry of Finance.
SIDBI’s involvement aligns with its broader mandate to promote green finance, energy efficiency, and sustainable business practices among micro, small, and medium enterprises (MSMEs).
Avaana Capital, founded in 2018, is a venture capital firm that invests in climate technology startups across energy, mobility, and agriculture. The company has made investments in startups such as GreenGrahi, Eeki Foods, Turno, Dreamfly, Kazam, Eggoz, Farmart, Amperehour, and Aerem. These startups span areas such as insect biotech, precision agriculture, commercial electric vehicle (EV) financing, battery technologies for drones, EV charging infrastructure, high-nutrition food products, SaaS for agriculture, grid-scale battery energy storage, and rooftop solar for MSMEs.
