Venture capital investor helps firms adopt clean energy with Rs 400 cr fund

Venture capital investor helps firms adopt clean energy with Rs 400 cr fund

The Bengaluru-based VC recently received the Sebi nod for the fund and is eyeing the first close by the end of 2022.

PTIUpdated: Wednesday, November 23, 2022, 04:12 PM IST
article-image
Representative image | Wikimedia

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 and net-zero, in building climate-tech solutions.

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.

RECENT STORIES

Born To Rule: Cupra Reborn 2024

Born To Rule: Cupra Reborn 2024

A Game-Changer In Aviation Infrastructure: Noida International Airport Unveils Latest Construction...

A Game-Changer In Aviation Infrastructure: Noida International Airport Unveils Latest Construction...

Next 5 Years Set To Further Boost India's Domestic Electronics Manufacturing

Next 5 Years Set To Further Boost India's Domestic Electronics Manufacturing

Customers Cannot Pay Credit Card Bills Through Cred or PhonePe After June 30 Unless Banks Enable...

Customers Cannot Pay Credit Card Bills Through Cred or PhonePe After June 30 Unless Banks Enable...

Bajaj Pulsar N125 Spotted Testing, Launch Update Expected

Bajaj Pulsar N125 Spotted Testing, Launch Update Expected