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funding Alert

[Funding Alert] SIDBI Raises $24.5 Mn in Funding

By Team VS

Small Industries Development Bank of India (SIDBI) has received $24.5 million from the Green Climate Fund (GCF). For its first anchoring sustainability and climate-focused fund, the Avaana Sustainability Fund (ASF). The development occurred on March 6 at the 38th GCF Board meeting in Kigali, Rwanda. ASF is a $120 million venture capital fund with the goal of funding Indian climate tech firms in their early stages. According to a statement from SIDBI, the fund would use the $120 million capital to invest in MSMEs and startups in industries such sustainable resource management, supply chains and mobility, and sustainable agricultural and food systems.