Transition VC closes Fund I at Rs 700 crore to invest in deeptech startups

Transition VC has announced the final close of its debut fund at Rs 700 crore, nearly double its original target of Rs 400 crore.

The fund has drawn commitments from institutional investors, corporates, family offices, strategic partners, and industry leaders.

The Bengaluru-based firm, founded by Raiyaan Shingati and Mohammed Shoeb Ali, positions itself as India’s first venture fund dedicated to the energy transition, backing engineering-led deeptech startups working on how energy is produced, stored, moved, and consumed.

Transition VC has already invested in 17 startups and is targeting a final portfolio of up to 25 companies. Its portfolio include CIMware, Comminent, Matel, EMO, Hydgen, Dynolt, and Promethean, each operating in different layers of the energy-transition stack.

The firm seeks to invest at the post-product, pre-product-market-fit stage and is constructing a portfolio of complementary, not competing, companies.

Shingati said the fund’s mandate spans mobility, industrial decarbonisation, the hydrogen economy, power electronics, data centres, and AI-linked energy demand. He added that more than half the capital is already committed, and the remaining money will be deployed towards electrification, energy storage, industrial decarbonisation, alternate fuels, and advanced manufacturing.