SBI Ventures Aims for Green Growth with Rs 2,000 Crore Climate Fund

SBI Ventures, promoted by the State Bank of India, is launching a Rs 2,000 crore fund targeting startups in the climate sector. The fund aims to support early and growth-stage climate innovations, unlocking opportunities in India's evolving green economy.

SBI Ventures, an initiative backed by the State Bank of India, is preparing to raise Rs 2,000 crore through its third climate-focused fund aimed at investing in promising startups.

In an address at the IVCA Green Returns Summit, SBI Ventures' Managing Director Prem Prabhakar outlined plans to engage both domestic and global investors, launching fundraising efforts in the first quarter of next year.

The fund is dedicated to fostering growth in early-stage startups and innovations in frontier climate technologies, particularly focusing on AI-enabled climate solutions.

Prabhakar highlighted India's potential as a global hub for climate innovation, mentioning key areas such as cooling technologies, low-carbon materials, and nature-based solutions.

He stressed the urgent need for a multi-layered financing approach, incorporating equity, concessional capital, and innovative financial structures to address India's estimated annual climate finance requirement of USD 170 billion.

(With inputs from agencies.)