Transition VC, a homegrown early-stage venture capital firm focused on supporting startups developing energy transition solutions, has reached the final close of its debut fund at Rs 700 crore (approximately $77.8 million), significantly exceeding its initial target of Rs 400 crore.
The firm said the oversubscribed fund reflects strong investor confidence in India’s energy transition sector as an emerging investment opportunity.
The fund attracted a diverse mix of limited partners, including institutional investors, corporates, family offices, and strategic partners, who will also provide commercial support.
Transition VC said it leverages this network to help portfolio companies scale faster, convert pilots into purchase orders, and access both domestic and global markets.
The firm invests at the post-product, pre-product-market-fit stage, building portfolios of complementary rather than competing companies. This strategy allows startups to share insights, supply chains, and talent, creating a network effect that accelerates enterprise value across the portfolio.
Fund I has backed 17 startups so far and is targeting a portfolio of up to 25 companies. Notable investments include CIMware, Comminent, Matel, EMO, Hydgen, Dynolt, and Promethean. Over half of the fund’s capital has already been deployed, with the remainder earmarked for high-conviction energy transition bets.
“Our portfolio’s early performance shows that India’s future energy champions are being built right now. They are scaling production, converting pilots to large orders, and creating enterprise value far ahead of typical early-stage expectations. We will continue backing founders whose engineering-led solutions can scale across India and the Global South,” said Shoeb Ali, co-founder and managing partner of Transition VC.
The firm said the portfolio is already showing strong momentum. Five companies are on track to generate $8-10 million in revenue, four have achieved EBITDA positivity, and six acquisition offers have been declined as founders and the fund prioritize long-term value creation. Two uprounds have closed, while two Series A+ term sheets are under negotiation, it added.
“Transition VC invests in India’s energy future and strengthens national energy security—not through software abstractions but through real engineering, hardware, and deep-tech solutions. Energy transition isn’t inevitable; it must be built, and we are backing the founders building it. Our final close underscores that LPs invest in people they trust,” said Raiyaan Shingati, co-founder and managing partner of Transition VC.
Following Fund I, Transition VC is already preparing Fund II, with significant initial commitments secured. Across both funds, the firm aims to demonstrate that strong financial returns and climate-conscious investing can go hand in hand, while supporting entrepreneurs reshaping energy production, storage, distribution, and consumption.