Avaana Capital
No summary available yet.
Avaana is the real deal in Indian climate tech - they've got conviction, capital ($135M fund with serious LPs including Green Climate Fund), and most importantly, actual exits to show for it. Anjali Bansal isn't your typical VC talking head - she turned around a failing bank and has a track record of backing winners before they were cool. Swapna Gupta cut her teeth at Qualcomm Ventures seeing deep tech early, so she knows how to spot real innovation vs. climate washing. They're not just writing checks - they're building an ecosystem with policy connections, industry linkages, and academic partnerships. The portfolio performance speaks volumes: 3 IPOs, 1 unicorn, and companies like Delhivery and Urban Company that actually scaled. For climate tech founders, this is where you want to be - they understand the long timelines, regulatory complexity, and capital intensity of real climate solutions.
- —Best for: Deep tech climate founders who need patient capital and ecosystem support
- —Watch out for: They're thesis-driven - if you're not solving real climate problems, look elsewhere
- —Known for: Actual exits and portfolio companies that IPO, not just feel-good impact investing
Avaana Capital invests in deep tech innovation that is bold in vision, disruptive by design, engineered to scale, and transformative for the world across key sectors of the economy—energy, mobility and supply chains, precision manufacturing, agriculture and food systems, nanotechnology, robotics, advanced materials, AI and biotech. They position themselves as India's first and largest early-stage climate-tech VC, investing in future market leaders leveraging technology-led innovation to build and scale solutions for climate and sustainability while delivering exponential returns.
Avaana primarily invests in Seed and Series A stages, with 24 investments in Seed stage with an average round size of $2.37M and 7 investments in Series A stage with an average round size of $3.79M. Top sectors in their portfolio are Enterprise Applications (18 investments) and Food and Agriculture Tech (9 investments), focusing heavily on energy transition, resource management, mobility, supply chains, and climate-resilient food systems.
Former TPG Growth PE Managing Director and McKinsey consultant, Anjali has invested in and mentored unicorns including Delhivery, Urban Company, Darwinbox, Nykaa, and Lenskart. She was non-executive Chairperson at Dena Bank, appointed by the Government of India to steer the resolution of the stressed bank. A serious operator with deep experience across PE, consulting, and bank turnarounds.
Swapna has 13+ years of experience across investing, investment banking and corporate finance. Prior to Avaana, she led India investments at Qualcomm Ventures where she invested in Locus, Shadowfax, Ninjacart, Zuddl, MoveInSync, Reverie, and Stellapps. She's a Kauffman Fellow who saw the early emerging tech deals in India at Qualcomm Ventures. Known for her deep-tech conviction and hands-on approach.
Have a specific question about Avaana Capital?
Ask Bernie →