Avaana Capital - DeepTechTracker

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India / Direct investor

Energy & Materials: Aerem, AmpereHour, Dharaksha, Dreamfly / EIONIC, Equilibrium Earth, Kazam

Physical AI: Dheya Engineering, Eeki, Enlite, Intello Labs, Tsuyo, Praan

BioTech: BacAlt, GreenGrahi, High Time Foods, NuSynth, Phyx44, AarogyaAI

Others: AlphaVector / Ninety One, Carboledger, Drivn, Eggoz, FarMart, MEKR

Others: sentra.world, Turno, Wastelink, Terra.do, CoverStack / Coverfox, Climes

Climate solutions, built from India.

Energy, advanced materials, supply chains, agriculture and food systems.

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Reported first chequeINR 10-30 crore

Climate fund final closeUSD 135 million

Stage focusEarly-stage

Published fund universe33 identities

01 / The fund

Technology for a lower-carbon economy

Avaana Capital invests in early-stage technology-led businesses addressing climate mitigation, adaptation and resilience. Its current themes cover energy, supply chains, advanced materials, agriculture and food systems. Its portfolio spans engineered hardware and biotechnology alongside software, services and consumer products; a climate theme alone does not make every company deeptech.

The manager announced the USD 135m final close of its Climate and Sustainability Fund in October 2024. At that close, reporting gave average first cheques of INR 10-30 crore and a plan to back 20-25 companies. Those are dated 2024 statements, not a newly verified 2026 ticket-size guarantee. The June 2023 USD 70m figure was a first close, not the final size. GCF’s project page still uses a USD 120m project total; it is not substituted for the later manager final close.

The current manager grid has 26 distinct investment identities. Seven evidenced historical or off-grid investments bring this public fund universe to 33. CoverStack and Coverfox are counted once; AlphaVector and Ninety One are one identity. Current grid presence is not proof of an unexited holding. Earlier seed-program and individual partner investments are separated below and excluded from the 33.

Commercial databases list larger universes but mix personal investments, prior-firm records, aliases and insufficiently supported relationships. BambooBox is an Anjali Bansal personal-investment lead, not a demonstrated Avaana fund holding. The cited Exponent coverage attributes Avaana to Sanyark rather than Exponent. Other unresolved database-only names remain in the research ledger, not this portfolio. This is a reconciled public universe, not a complete private investment register.

Official portfolio ↗ · Final-close announcement ↗

02 / Portfolio

Explore by sector

26 current manager-grid identities and seven historical/off-grid investments, with relationship labels. Own sites were checked for each; failed or unsafe destinations open investment evidence instead. Plain-text asset fallbacks are identified.

Battery and material systems are Energy & Materials. Turbomachinery, connected farm systems, building controls and machine vision are Physical AI. Fermentation and insect biotechnology are BioTech. Level Five designs chips and is Semiconductors; electronics manufacturer MEKR stays in Others. Carbon-accounting software, marketplaces, financing and service platforms stay in Others. No quantum company is invented to fill a category.

Energy & Materials 6

Aerem ↗Current manager-grid investment

Solar financing, equipment procurement and plant monitoring

Technology for a lower-carbon economy

Explore by sector

Energy & Materials 6

Physical AI 6

BioTech 6

Semiconductors 1

Space Tech 1

Others 13

Earlier seed-program and partner track record

Investment team

Dr. Aastha Paliwal

Anjali Bansal

Archit Bhargava

Rishubh Malpani

Sandeep Singhal

Sparsh Kumar

Shruti Srivastava

Vikas Verma

Limited partners and named backers