Transition VC launches maiden fund with Rs 2 bn corpus

28 Nov 2022 CW Team

Transition VC, a Bengaluru-based energy transition-focused venture capital fund, has launched its maiden fund with a target corpus of Rs 4 billion, which also includes a greenshoe option of Rs 2 billion.

“A top-down thesis-driven fund, Transition VC will make seed investments in start-ups across sectors undergoing transition such as e-mobility, green hydrogen, energy storage, and net-zero journey in buildings and climate tech,” said a press release.

It added that the fund is looking to support up to 40 early-stage start-ups over the next three years with ticket sizes ranging from $500,000 to $1 million.

Transition VC recently received approval from the Securities and exchange Board of India (SEBI), and is eyeing to mark the first close of the fund by the end of this calendar year.

“To support start-up teams at a pivotal juncture in their entrepreneurial journey, we will deploy a unique combination of capital and competencies at seed stages and help them scale up meaningfully,” said Mustafa Wajid, general partner, Transition VC.

According to the press release, the company’s maiden fund is seeing interest from Indian as well as global high net worth individuals (HNIs), family offices, and corporates specialising in strategic investments.

“We are optimistic and see an opportunity of more than 12 unicorns coming from India in this decade just in the energy transition and climate-tech space,” said Shoeb Ali, co-founder and managing partner of Transition VC.

In addition to investments in Indian start-ups, the fund will also allocate 25% of the fund value for global start-ups.

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