Theia Ventures, one of India’s pioneering early-stage venture funds focused on energy transition, deep tech, and decarbonization, has announced the first close of its $30 million Fund I, backed by British International Investment (BII) as the anchor investor. The fund has already secured commitments exceeding 50% of its target corpus and has begun deploying capital.
Other global backers include Allocator One (Germany), Cisco Foundation (U.S.), and Vitality Capital Partners (Australia), alongside Indian family offices such as Anand Mahindra, Meher Pudumjee (Thermax Group), JM Financial, Vimson Group, and Pramit Jhaveri (former CEO, Citibank India).
Theia Ventures Fund I plans to invest in 18–20 early-stage startups developing technologies to decarbonize heavy industry, manufacturing, materials, mobility, and supply chains. Typical investments range between $500,000 and $1 million, with half the corpus reserved for follow-ons.
The fund has already invested in Sarla Aviation, an electric air-taxi firm, and Climitra Carbon, a biocoal startup serving the steel sector. Upcoming investments span biotech and AI-based energy modelling companies.
Founder and Managing Partner Priya Shah said the fund’s mission is to “unlock early-stage capital for Indian startups disrupting the energy status quo.” BII’s Shilpa Kumar added that the partnership will “accelerate climate technologies to reduce emissions and strengthen resilience among vulnerable communities.”
The final close is expected by the end of FY 2025–26, further solidifying Theia’s role in advancing India’s clean energy and climate innovation ecosystem.
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