Energy transition-focussed venture capitalist Transition VC has launched its maiden fund with a target corpus of Rs 400 crore.
The firm will make seed investments in startups across sectors undergoing transition to e-mobility, green hydrogen, energy storage, net-zero in buildings and climate-tech solutions. The company has also partneres with accelerators, incubators, fellow VCs and other corporates in the new energy domain who are willing to work collectively with start ups to run pilots and help them.
With ticket size ranging from USD 500,000 to USD 1 million (about Rs 4-8 crore), the VC is looking to support up to 40 early-stage startups over the next 3 years, it said in a statement on Wednesday.
"Transition VC, India's first energy transition-focused VC fund has launched its maiden fund with a target corpus of Rs 400 crore, which also includes a greenshoe option of Rs 200 crore," it said.
The Bengaluru-based VC recently received the Sebi nod for the fund and is eyeing the first close by the end of 2022.
The fund was founded last year.
In addition to investments in Indian startups, the fund also plans to allocate 25 per cent of the fund for global startups.
"With this fund, we shall ignite and amplify their entrepreneurial capabilities to develop and deploy sustainable solutions that enable a decarbonised world and solve key energy challenges," Transition VC General Partner Mustafa Wajid said.
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