Climate-focused venture capital fund Avaana Capital on Friday signed a memorandum of understanding (MoU) with the Department for Promotion of Industry and Internal Trade(DPIIT) under the Commerce Ministry to support manufacturing and deeptech startups.
The VC firm said it will support startups in manufacturing and deep-tech sectors by sharing expertise in manufacturing, innovation and deep technologies, accelerating the transition to low-carbon systems across diverse market segments.
Moreover, it will offer guidance to startups to build manufacturing capabilities, refine business models, and provide support in creating a globally competitive manufacturing landscape in India.
Speaking on the partnership, Anjali Bansal, Founding Partner, Avaana Capital said that innovation, deep-tech, and green technologies are critical to emerge India as a global manufacturing hub.
“With the third-largest start-up ecosystem in the world, India’s entrepreneurs have the potential to revolutionize the manufacturing sector through advanced technologies, automation and innovative processes, across India and the global south,” she said.
Sanjiv, Joint Secretary, DPIIT said by leveraging Avaana’s expertise in climate-focused innovation and strategic mentorship programs, DPIIT aims to enable startups to accelerate their growth while driving sustainability and global competitiveness.
“Strategic collaboration aligns with our vision to put in place a robust ecosystem where innovation thrives thus helping India to lead in the transition to low-carbon, technology-driven manufacturing solutions,” he said.
Avaana Capital has so far invested in over 35 startups including EV charging infrastructure Kazam, Eeki (delivering residue-free vegetables via patented growing chambers), Dharaksha Ecosolutions (manufacturing sustainable mycelium-based materials); Dreamfly Innovations (creating specialized battery packs for drones); and Sentra.World (spearheading industrial decarbonization and biochar production).