Kerala Startup Mission Invests INR 15 Cr In Transition VC

SUMMARY

The investment aims to boost development of startups in clean energy and decarbonisation

The VC firm will offer financial support to deeptech energy transition startups and expand their global outreach via this investment

Incorporated in 2015, KSUM is Kerala’s nodal agency with the aim to support the startup ecosystem by providing resources such as infrastructure, incubators and accelerators and funding

The Kerala Startup Mission (KSUM) has invested INR 15 Cr ($150 Mn) in energy transition focused investor Transition VC as part of the state’s effort to achieve sustainability goals, which includes net-zero emissions.

The infusion aims to boost development of startups in clean energy and decarbonisation.

The VC firm will offer financial support to deeptech energy transition startups and expand their global outreach via this investment.

“This INR 15 Cr investment is a significant step towards accelerating the energy transition in Kerala. Together, we aim to create sustainable energy solutions, drive innovation, and pave the way for a cleaner and greener future for the state,” said Transition VC’s cofounder and managing partner Raiyaan Shingati.

Speaking about the investment, Anoop P Ambika, CEO of KSUM, said, “The collaboration will support local as well as national deep-tech energy transition startups through financial backing, strategic guidance, and access to Transition VC’s deep domain experts.”

In the long term, the collaboration will facilitate local industries to adopt clean energy initiatives and reduce reliance on non-renewable sources, the statement said.

Incorporated in 2015, KSUM is a nodal agency that aims to support the startups by providing resources such as infrastructure, incubators and accelerators, skilled talent creation, funding among others.

As per a report by Inc42, more than 4,000 startups were launched in Kerala between 2016 and 2021. During this period, the state attracted a total VC inflow of $551 Mn across 110 funding transactions and created more than 40,000 employment opportunities.

Transition VC backs startups across cleantech segments such as emobility, green hydrogen, energy storage, net zero and climate tech.

In May this year, the VC firm backed Matel, a startup which makes components like power trains and motor control units for electric vehicles. Matel raised $4 Mn (INR 33.3 Cr) in a Series A funding round.