State Bank of India (SBI) promoted alternative asset manager SBI Ventures plans to raise Rs 2,000 crore for its third climate-focused fund to invest in startups.
This will give a boost to green growth which is a new financial opportunity, Prem Prabhakar, Managing Director and Chief Executive Officer (CEO), SBI Ventures, said at the second edition of ‘IVCA Green Returns Summit’ here.
He said that domestic and global investors will be contacted for this. A road show will be held early next year. “We aim to bring in a corpus of Rs 2,000 crore in the first quarter of the next calendar year,” he said.
The fund will invest in early and growth-stage climate startups. Investments will be made specifically in leading climate technologies and artificial intelligence (AI)-enabled climate innovations. Prabhakar said that India needs an estimated US$ 170 billion per year to meet its climate goals, which is three times more than the current flow of funds.
