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Avaana Capital, in collaboration with Startup India, has successfully concluded the Avaana Capital – Startup India Grand Challenge for ClimateTech Innovation at the grand finale event held at Vanijya Bhawan. This initiative signifies a significant milestone in nurturing innovative solutions aimed at advancing India towards a sustainable and eco-friendly future.
Partnering closely with organizations such as Startup India, NITI Aayog’s Atal Innovation Mission (AIM), Small Industries Development Bank of India (SIDBI), and others, the initiative aimed to identify and support innovative startups dedicated to tackling climate change challenges, including mitigation, adaptation, and resilience. Key corporate supporters, including industry leaders like Tata Power, Nestle, Tata Steel, Lodha, HSBC, SBI, played a crucial role in providing essential support to startups involved in the initiative. The event received green seedings from SIDBI, with the keynote address delivered by Shri Sivasubramanian Ramann, CMD of SIDBI.
Out of over 400 applications received across six key themes, the 12 finalists were selected. These finalists presented innovative solutions across various sectors such as Energy Transition, Mobility and Supply Chains, Sustainable Agriculture and Food Systems, Circular Economy and Resource Management, Water and Industrial Decarbonization, and Built Environment and Carbon Capture. The top 3 winners included Greenpod labs, Ambiator, and Nexus Power.
The distinguished Grand Jury, chaired by Amitabh Kant, G20 Sherpa, along with other esteemed members, evaluated the finalists’ presentations. Knowledge partners such as GEAPP, RMI, Social Alpha, CEEW, and CCAMP played a crucial role in the rigorous evaluation process.
The event highlighted Low Carbon Pathways and Financing for the Green Transition, featuring industry insights. Winners received awards up to 1 crore rupees, with additional grants totaling up to 2 crores from ACT, along with credits from AWS and Google and mentorship from industry leaders. The breakdown of awards included 20 lakh rupees for the winner, 15 lakh rupees for the runner-up, and 10 lakh rupees for the second runner-up, with access to cumulative grants from ACT. Additionally, all applicants received mentorship from industry leaders through masterclasses on topics like fundraising for climate tech startups and the role of startups in energy transition.
Anjali Bansal, Founding Partner at Avaana Climate and Sustainability Fund, expressed her enthusiasm for the success of the initiative and emphasized Avaana’s commitment to fostering sustainable innovations. Amitabh Kant, G20 Sherpa, praised the prowess of India’s startup ecosystem in spearheading ClimateTech innovation and emphasized the importance of collaborative efforts for a successful green transition.
The Grand Finale served as a testament to the potential of startups in driving climate solutions and fostering a sustainable future. With continued support from policymakers, investors, and industry leaders, initiatives like these are poised to accelerate India’s journey towards a net-zero economy. |
