Avana Capital, India’s climate-tech venture capital fund company has received its approval of investment from the Green Climate Fund (GCF). It has received investment having a total value of $120 million and substantial $24.5 million from the world’s largest climate fund.
The GCF is recognized for assisting developing countries in creating and implementing climate change projects. The approval of investment was granted to Avaana on March 5th, during the 38th Board Meeting of the GCF.
Kavita Sinha, Director of GCF Private Sector Facility, stated, “The Green Climate Fund is proud to partner with Avaana Capital and SIDBI, a GCF Direct Access Entity, to support the Avaana Sustainability Fund, which aims to support the commercialization of local, early-stage climate technology ventures.”
GCF also provides financial resources for climate change adaptation and mitigation efforts, with a focus on critical areas such as energy transition, mobility, supply chains, sustainable agriculture, and food systems.
“The Green Climate Fund’s investment in India demonstrates the transformative power of technology and innovation in carving low-emission and climate-resilient development paths,” said Anjali Bansal, Managing Founder of Avaana Capital.
Avaana claims to aim for net zero emissions by creating an ecosystem strategy that combines important parts of and different aspects of the ecosystem. Avaana’s collaboration with the GCF intends to assist the commercialization of local, early-stage climate technology enterprises.
Adding further Bansal said that the collaboration highlights India’s potential in presenting developing solutions for mitigation and adaptation that are affordable and inclusive.
The company’s capital fund uses a proactive thesis-led sourcing methodology to identify high-quality entrepreneurs and make follow-on investments in portfolio firms, easing their path to scale.