A running list of Investors for Indian green businesses

(Inspired by Climate Tech VC)

Investor interest in Indian climate driven companies is growing, with participation from different types of funds including philanthropies, angels, VC funds, financial institutions, corporate ventures and incubators. Based on our interactions with these investors, we have created a list, that we believe depicts the climate investment eco system in India.  We are looking for your suggestions to keep it relevant. If we have missed anyone, or have included a fund that no longer invests in climate companies, please let us know via leaving your suggestions in the comment box provided at the end of this page.

While climate investors are typically impact investors (see table below), there are a few mainstream VC firms and strategic investors as well and we have captured them separately.

Seed Investors & Incubators

ADB ventures Climate and gender-conscious investor, co invests in seed & early stages start-ups in Asia pacific. Their focus sectors include energy efficiency, electric vehicle, green construction, green fuels and green textiles. Examples of portfolio companies include Euler Motors, an EV manufacturer and Smart Jules, an energy efficiency services provider.

Ankur Capital An early-stage investor in Agritech and health tech companies in India, Ankur has invested in Health Sutra, a manufacturer and marketer of millet (a climate friendly crop) based snacks and Tessol that provides sustainable cold chain solutions.

Beyond Capital Invests in for-profit social enterprises serving impoverished communities.  Has invested in Hasiru dala innovations, a waste management enterprise.

C4 D PartnersInvest in small and medium enterprises (SMEs) that address and solve for local challenges of underserved communities and/or industry inefficiencies. Example of portfolio companies include Freyer energy, a solar rooftop solution provider.

CIE.COIncubator and seed investors in impact companies that leverage technology. Climate portfolio includes Fluid Robotics, an AI based waste water monitoring system and  Wasteful insights that is trying to automate waste segregation.

EV2 VenturesEarly and pre series A investor in sustained mobility companies. Portfolio companies include Euler motors, an EV manufacturer.

Micelio FundSeed fund with an objective of nurturing the Electric Vehicle (EV) ecosystem. Portfolio companies include Cell Propulsion Technologies, a commercial electric vehicle manufacturer and Race energy, a battery swapping infrastructure provider.

S3IDF FundInvests in enterprises that improve lives and livelihoods of underserved communities. Portfolio company include E-Hands energy, a solar and wind power EPC contractor.

Sangam VenturesSeed and early-stage venture fund that invests to improve access to sustainable energy and resource productivity solutions for the underserved in India. Portfolio companies include Inficold, a sustainable cooling solution provider and Promethean energy that provides waste heat recovery solutions. 

Social AlphaAn incubator and early-stage investors in impact companies including climate.  Portfolio companies include flower recycling start-up Phool, and renewable energy start up Saaf energy.

Shell E4 VenturesIncubator and seed investor in  start-ups that are relevant to shell. Sectors of interest include Mobility Solutions, Energy Management, Clean technology, Energy IOT etc. Some of their incubate companies include Trashcon-waste management, Magenta power-EV charging infrastructure provider.

UpayaInvests in companies that create jobs for the poorest of poor, has invested in SMV green, a dealer & finance enabler for E-Rickshaws and Saahas zero waste, a waste management  company.

Early Stage Investors

(Some of these have already been covered under Seed investors)

AcumenInvests in early-stage companies whose products and services enable the poor to transform their lives. Climate portfolio includes Husk power systems that supplies biomass gasification systems and S4S Technologies, which prevents crops from going waste through its dehydration technology.

Amazon Climate FundAmazon’s corporate fund to invest in clean energy technology, sustainability, transportation, and energy and climate policy. Recently invested in Ion Energy, which offers smart battery management systems (BMS).

Asha Impact Focus sectors include energy, water, agriculture, pollution environment among others. Portfolio companies are Sahaas zero waste, a waste management company and NEPRA, which manages dry waste and runs large scale recycling plants. 

Blue Ashwa CapitalImpact fund that has energy and environment as one of the focus areas. The fund was started only in 2020 and has made 3 investments so far in Devik Earth– a air pollution control technology provider, Green Jules- a Biofuel Manufacturer and Godi energy-a battery technology provider.

Circulate CapitalA fund to invest in Series A and beyond for enterprises in South and Southeast Asian countries that provide solutions to address plastic pollution. Their portfolio companies include Ricron Panels that convert multi-layer plastic waste into building materials and Lucro plastcycle which recycles flexible plastics

Omnivore Agritech investor, has invested in Eozen, a solar based cold chain solution provider.

Peak Venture PartnersEarly-stage investor across four core verticals of energy, agriculture, water and climate. It was earlier known as Sattva Capital. Portfolio companies include Drink well, a water ATM provider and Ion Energy.

Rajasthan Venture Capital Fund Invests in companies from the underserved regions (Rajasthan, UP, MP, Chhattisgarh, Bihar, Jharkhand, Orissa & West Bengal). Portfolio companies include Inficold (Solar powered cooling solutions), Swajal (affordable pure water) and Krimnashi feeds (converting food waste to animal feed).

Schneider Electric Energy Access (SEEA) FundInvests in innovative small and medium enterprises who are providing   renewable energy solutions to people who lack access to energy. Recently invested in Fryer energy along with C4D partners and Total carbon neutrality ventures.

Total Carbon Neutrality VenturesVenture capital arm of Total Energies is looking to invest in renewable energy, energy efficiency, circular economy, sustainable mobility, bioplastics etc. They recently (in May 21) invested in Fryer energy.

Tridos Investment ManagementA subsidiary of Tridos bank of Netherlands, has established a fund along with Caspian Impact. Climate portfolio includes Ecozen and GPS renewables (solutions for biomass based fuels).

Growth Capital Providers

Aavishkaar FundA Sector agnostic Impact fund, their portfolio company includes NEPRA.

NEEV Fund A fund from SBI, has invested in a number of companies including PRESPL– a biomass supply chain company, and Blue Planet Environmental Solutions- an end-to-end waste management platform.

Norfund Norfund is floated by  Norwegian government to drive sustainable development in  developing countries. Portfolio company example- Fourth Partner Energy.

Shell Ventures VC arm of shell, has invested in Husk power and Orb energy, a solar energy company.

Raintree Family Office An impact investor with interest in a number of sectors including clean energy and industrial automation. Has not made any direct investment in climate ventures so far.

Eversource Capital Manages Green Growth Equity Fund (GGEF) which has received investments from GOI , Govt of UK and British Petroleum (BP). Portfolio companies include Green cell mobility, an electric bus transport solutions provider and Ananya power, a renewable energy company.

ABC World AsiaSingapore based private equity fund that counts Temasek foundation among its investors. Focus sector include climate, water and sustainable agriculture.

International Finance Corporation (IFC)Invests $ 10 mn and above in a number of sectors including cleantech. Portfolio companies include Cleanmax solar and Azure power.

Light Rock CapitalInvests between $ 10 mn to $ 50 mn in companies in a number of sectors including Renewable energy and agriculture. Portfolio companies include Lithium-an electric fleet operator and Amp energy-a solar power developer.

RISE Fund Impact investing fund by TPG, a global alternative investment firm. Invested in Fourth partner energy, a solar power developer.

Mainstream Investors

Mainstream VCs who made climate related investment in the last three years.

Fund Name Portfolio Company
A91 partners Atomberg Technologies
Blume ventures Euler Motors
Chennai angles Blaer Motors
Chirate ventures Ather Energy, Oye Rickshaw
Huddle Race energy, Cell propulsion
India angel network (IAN) Ecosense, Sahaas zero waste. Chakra Innovation
Inflexor ventures Chakra Innovation
Mitsui and company PRESPL and Smart E
Mumbai angels Gegadyne Energy
Orios venture partners Blu Smart mobility
SAR group Glowship
Your Nest ventures Ion Energy, Exponent

Strategic investors

Investors who are investing with a goal of acquiring strategic advantage. For example

  1. Blue planet, a waste management platform has acquired/invested in a number of waste management companies including Zigma, a landfill mining company, and Rudra Environmental Solutions which manages plastic waste.
  2. ReNew Power acquired Climate connect, a machine learning start up
  3. Hero motors has invested in Ather energy and Rapido bike taxi
  4. Thailand’s state-owned PTT group,  an oil and gas conglomerate has acquired a stake in Aavada Energy, a renewable energy company


Have a suggestion on the list, please leave your recommendations in the comment box below.

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