Early-stage investment firm Theia Ventures has announced the first close of its $30 million climate-tech fund, marking a strong step toward supporting India’s growing clean technology ecosystem. The fund, which has already secured commitments exceeding half its target corpus, has begun deploying capital to accelerate decarbonization-focused innovation.
The maiden fund aims to back Indian startups working on clean technology and emission reduction, especially in high-impact sectors like manufacturing, heavy industry, supply chains, and mobility. Theia Ventures plans to invest in 18 to 20 early-stage startups, typically between $500,000 and $1 million, while reserving more than half of its corpus for follow-on investments.
Global Backers Join
The fund’s anchor investor is British International Investment (BII), the UK government’s development finance institution. BII is joined by several global names, including Allocator One (Germany), Cisco Foundation (US), and Vitality Capital Partners (Australia).
On the Indian front, prominent investors such as Anand Mahindra, Meher Pudumjee of Thermax Group, JM Financial, and the Vimson: Shivanand Salgaocar Group have backed the fund. Pramit Jhaveri, former CEO of Citibank India, is also among the investors, underscoring the growing interest of seasoned Indian business leaders in climate-tech ventures.
Early-Stage Disruption
Priya Shah, Founder and Managing Partner at Theia Ventures, said the fund’s mission is to accelerate India’s transition to cleaner fuels and sustainable materials by supporting startups developing breakthrough technologies. “We want to deploy early-stage capital toward companies building solutions that disrupt the energy landscape and make a tangible impact on emissions,” she said.
Theia Ventures Fund I has already begun deploying capital. Its early investments include Sarla Aviation, an electric air taxi startup backed by Accel, and Climitra Carbon, a biocoal venture serving the steel industry. The firm has also signed term sheets with two new companies — one working on precision fermentation and the other on AI-driven energy data modeling.
British International Investment
According to Shilpa Kumar, Managing Director and Head of Asia at BII, the partnership aligns perfectly with BII’s global strategy to invest in climate-focused innovation. She said the initiative supports technologies that not only reduce emissions but also strengthen climate resilience in vulnerable communities across India.
The fund represents a powerful collaboration between international investors and Indian entrepreneurs at a time when the country is pushing to meet its net-zero goals. By combining global experience with local innovation, Theia Ventures aims to build a pipeline of scalable solutions for sustainable industrial transformation.
Strengthening Climate-Tech
Theia Ventures’ fund comes at a time when climate-tech investments in India are gathering momentum. The firm sees enormous potential in early-stage startups that are developing clean manufacturing techniques, green materials, and decarbonized logistics systems.
By supporting such startups, Theia Ventures hopes to create an ecosystem where sustainability and profitability go hand in hand. The fund’s approach emphasizes long-term growth, practical innovation, and measurable environmental outcomes.
What is Climate-Tech Fund
A Climate-Tech Fund is an investment vehicle dedicated to supporting startups and enterprises developing technologies that combat climate change. These funds typically focus on sectors like renewable energy, mobility, material science, agriculture, waste management, and carbon capture.
In India, the climate-tech space is witnessing strong momentum as the country transitions toward net-zero emissions. Funds like Theia Ventures play a crucial role in providing early-stage capital to innovators who might otherwise lack access to funding. By investing in solutions that promote clean growth, climate-tech funds not only drive environmental change but also unlock economic opportunities across industries.
With its first close and early portfolio in place, Theia Ventures is now positioned as a key enabler of India’s green transformation — powering a new wave of startups building a sustainable and climate-resilient future.
