Avaana Capital in partnership with Startup India recently wrapped up their joint effort, the “Avaana Capital – Startup India Grand Challenge” for ClimateTech Innovation. The finale of the event, held at Vanijya Bhawan on February 28, showcased innovative solutions aiming to drive India towards a sustainable future.
In collaboration with partners such as Startup India, NITI Aayog’s Atal Innovation Mission (AIM), and SIDBI, the initiative aimed to recognize and support startups addressing climate change challenges. Notable corporate backers including Tata Power, Nestle, Tata Steel, Lodha, HSBC, SBI, and others provided crucial support to the participating startups.
From over 400 applications, focused on six themes like; Energy Transition, Mobility and Supply Chains, Sustainable Agriculture and Food Systems, Circular Economy and Resource Management, Water and Industrial Decarbonisation, and Built Environment and Carbon Capture; 12 finalists were selected. Among them were standout startups like Zerocircle, Cancrie, Sangti, CarbonTrail, Banofi, MiniMines, Baud Resources, Recyclers and AquaNurch with Greenpod labs, Ambiator, and Nexus Power securing the top three positions.
The Grand Jury, led by Amitabh Kant, G20 Sherpa, and including global experts and industry leaders, carefully evaluated the startups. Esteemed knowledge partners like GEAPP, RMI, and CEEW contributed to the rigorous selection process.
Amitabh Kant emphasized the pivotal role of India’s startup ecosystem in driving ClimateTech innovation. Expressing his views of the event he said, “We witnessed the prowess of India’s startup ecosystem in spearheading ClimateTech innovation”,
During the event, discussions centered on Low Carbon Pathways and Green Financing, with Secretary Rajesh Kumar Singh and Anjali Bansal, Avaana’s Founding Partner, presenting the Grand Challenge Awards. Winners received up to one crore rupees in award, with additional grants of up to two crores and credits from ACT, AWS, and Google, along with mentorship possibilities. The breakdown of awards included 20 lakh rupees for the winner, 15 lakh rupees for the runner-up, and 10 lakh rupees for the second runner-up, with ACT providing cumulative grants access. After meeting the criteria and diligence, participating startups are eligible to join MIF’s Scale-Up Program. In addition, the top nine finalists won 3 lakh rupees each from SIDBI’s green seeding pool.
Anjali Bansal, founding partner at Avaana Climate and Sustainability Fund expressed excitement over the event’s success, highlighting its role in promoting sustainable innovations. Thanking the stakeholders of the event she said, “ The event showcased innovative startup solutions and highlighted the importance of collaboration in driving impactful change.”
The Grand Finale was a testament to the potential of startups in advancing climate solutions. With ongoing support from policymakers, investors, and industry leaders, initiatives like this are propelling India towards a net-zero economy.
Avaana Climate and Sustainability Fund, one of India’s leading climate-tech venture capital funds, aims to fund innovative startups at the early stage, and it fosters solutions for climate and sustainability. Since 2018, Avaana claims to back over 20 startups in thematic areas like Energy and Resource Management, Mobility and Supply Chains, and Sustainable Agriculture and Food Systems.
