Avaana Capital secures $70 million in first close for climate fund

Avaana Capital, a climate-focused venture capital firm, has secured commitments of $70 million for the first close of its Avaana Climate and Sustainability Fund, it said in a statement on Wednesday.

The Mumbai-based firm is targeting a total corpus of $100-125 million for the fund, which will focus its investments in three sectors that it said are responsible for 90% of India’s emissions: energy transition and resource management, mobility and supply chains, and sustainable agriculture and food systems.