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Transition VC to invest Rs 400 crore in 40 e-mobility, green hydrogen and climate tech startups

Transition VC to invest Rs 400 crore in 40 e-mobility, green hydrogen and climate tech startups

Transition VC to invest Rs 400 crore in 40 e-mobility, green hydrogen and climate tech startups
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By Sangam Singh  Nov 23, 2022 11:25 AM IST (Published)

Bengaluru-based Transition VC said in addition to investments in Indian startups, the fund will also allocate 25 percent of the fund value to global startups.

Transition VC, a Bengaluru-based energy transition-focused VC fund, has launched its maiden fund with a target corpus of Rs 400 crore, which includes a green shoe option of Rs 200 crore. Transition VC recently received approval from the Securities and Exchange Board of India (SEBI) and is eyeing to mark the fund's first close by the end of this calendar year.

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The company said it was looking to invest in startups across sectors such as e-mobility, climate tech, energy storage, and green hydrogen. With ticket sizes ranging from $500,000 to $1 million, the company is looking to support up to 40 early-stage startups over the next three years.
In addition to investments in Indian startups, the fund will also allocate 25 percent of the fund value to global startups. As per the company, it is India's first energy transition-focused venture capital fund.
“Climate change and energy transition is a business opportunity as they demand reinvention of every industry segment. Major shifts like this don’t come around that often, but we are starting to see one now, and it will shape how people consume energy for decades to come,” Raiyaan Shingati, co-founder and Managing Partner of Transition VC, said.
Before launching Transition VC, the team invested in multiple startups in the e-mobility sector, including startups like Charge+Zone and Exponent Energy. While Exponent Energy enables rapid charging for commercial vehicles, Charge+Zone is one of the country’s largest charge point operators.
Shoeb Ali, Co-founder & Managing Partner of Transition VC, said the company was optimistic and saw an opportunity for more than 12 unicorns coming from India in this decade just in the energy transition and climate tech space.
Transition VC claimed that its team comes with domain expertise in the energy transition sector and has extensive experience operating, building, and selling businesses. Raiyaan comes with an experience in VC and global private equity and Shoeb in investment banking and venture capital.
“With this fund, we shall ignite and amplify their entrepreneurial capabilities to develop and deploy sustainable solutions that enable a decarbonised world and solve key energy challenges,” Transition VC’s General Partner, Mustafa Wajid, said on the fund’s vision.
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