The IFC, BP, India’s Technology Development Board, and the Indian Institute of Management have joined forces to create Infuse Ventures, an India-centric venture capital fund that will invest in cleantech and renewable energy start-ups, says OneMint.
Infuse Ventures aims to raise $23 million, and had its first fund closing at $14 million last week. It will typically take stakes between 20% and 30%. For incubating companies and entrepreneur-in-residence programs, the structure may vary. Over a period of three to four years, Infuse Ventures will look at backing 15 to 20 start-ups and 5 to 10 ideas.
Infuse will focus on early-stage enterprises and help incubate ideas “from scratch” as a venture fund ecosystem. Start-ups can benefit from its unique public-private-academia collaboration. Its sector focus is on clean energy, resource efficiency, waste and water.
Its maiden investment made this week, along with the IFC, was a $1.6 million investment in Ahmedabad-based smart grid technologies provider Ecolibrium Energy.
“We are looking at creating and investing in capital efficient models with a quick go-to-market possibility rather than technology inventions, which have much longer gestation periods” Upadhyay said. These could include renewable energy generation and distribution, energy efficiency, bio energy, clean web, water and waste management.
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Definitely not the first VC cleantech fund in India.