Avaana Sustainability Fund

Avaana Sustainability Fund

India, with one-sixth of the world's population, sees 17 out of every 20 people vulnerable to climate risks, with five living in areas extremely vulnerable to climate change. The country's dependence on rain-fed agriculture, long coastline, and low social safety nets contribute to its high vulnerability. India's carbon dioxide emissions have been increasing, with a projected doubling by 2030 in line with economic growth. To boost its economy while reducing emissions and increasing resilience, India urgently requires a platform dedicated to climate technology. This platform should frequently test innovative climate technologies and business models, scaling them to demonstrate viable and affordable solutions that serve the most vulnerable communities. However, the ecosystem for climate technology ventures in India is still nascent.  

The Avaana Sustainability Fund (ASF) is a USD 120 million venture capital fund that aims to invest in early-stage climate technology companies in India. The fund focuses on supporting the transition to low-carbon and climate-resilient development pathways by investing in innovative technologies across key sectors such as sustainable resource management, mobility and supply chains, and sustainable agriculture and food systems. ASF's strategies include investing in low-carbon and climate-resilient businesses, adding value for climate and sustainability leaders, establishing a virtuous cycle of sourcing and value addition for the larger ecosystem, and focusing on social, economic, and environmental impact with tailored investment strategies across various sectors.  

Total project value


Tonnes of emissions avoided






Result areas

Project timeline


28 Feb 2023 - 373 days

Concept note received

28 Feb 2023

Funding proposal received

27 Oct 2023

Cleared by GCF Secretariat

21 Dec 2023

Cleared by iTAP

12 Feb 2024


06 Mar 2024 - 103 days so far

Approved by GCF Board

06 Mar 2024

Under implementation

To be completed

One region

  • Asia-Pacific

One country

  • Financing
    • Private sector
    • Public sector
  • Size
    • Micro
    • Small
    • Medium
    • Large

GCF financing

EquityUSD 24,500,000
Total GCF Financing
USD 24,500,000


Co-FinancingEquityUSD 40,000,000
Co-FinancingEquityUSD 55,500,000
Total Co-Financing
USD 95,500,000

GCF Contacts

General media inquiries

GCF Communications
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Request for information

GCF Information Disclosure
Request information about this project

Project complaints and grievances

GCF Independent Redress Mechanism (IRM)
Phone +82 32 458 6186 (KST)
File a complaint

Integrity issues

GCF Independent Integrity Unity (IIU)
Phone +82 32 458 6714 (KST)
Send e-mail

Accredited Entity

Small Industries Development Bank of India
Mr. Rajiv Kumar

General Manager
SIDBI, Green Climate Finance Vertical, 12th Floor, Atmaram House, Tolstoy Marg, New Delhi - 110001, New Delhi, India
Phone +91-9711441998
Dr. Rajendra Prasad

Deputy General Manager
SIDBI, Green Climate Finance Vertical, 12th Floor, Atmaram House, Tolstoy Marg, New Delhi - 110001, New Delhi, India
Phone +91-9987623004
More contacts

National Designated Authority

Ministry of Environment, Forests and Climate Change
Ms. Rajasree Ray Primary
Economic Advisor
Indira Paryavaran Bhavan, Jor Bagh Road, New Delhi-110003, New Delhi, India
Phone 011-2081-9197