IIM-A’s Cleantech Investment Vehicle Reaches a Second Close with US$18 Million in Commitments (Asia)

Source: VCCircle | Author(s): Sainul K Abudheen

Indian Institute of Management Ahmedabad's (IIM-A) technology incubator Centre for Innovation Incubation and Entrepreneurship (CIIE) has reached a second close on its cleantech fund, Infuse Ventures, with INR1.11 billion (approximately US$18 million) in capital commitments. Infuse Ventures held a first close last May and aims to reach a final close at around INR1.25 billion (approximately US$20 million). Investors in the fund include International Finance Corporation, oil and gas company BP and two Indian government agencies: the Ministry of New and Renewable Energy and the Technology Development Board. Infuse Ventures supports seed- and early-stage enterprises across the renewable energy, resource efficiency, waste, water and other related sectors.