India Tech Report

Vishal Katariya at Ankur Capital (L) and Sunil Cavale at Speciale Invest have recently released their report on the semiconductor startup landscape in India – the second edition.

In today’s episode, I bring you a conversation with Sunil Cavale at Speciale Invest and Vishal Katariya at Ankur Capital, both VC firms well known as early-stage backers of deep tech startups in India.

Vishal and Sunil discuss their recent report on the Semiconductor Startup Landscape in India.

India’s chip industry has made significant strides from being only a location for the development centres of global companies, designing to foreign specifications.

Today, a new cohort of founders — professors spinning out decades of research, veterans of Qualcomm and Texas Instruments, and second‑time chip entrepreneurs — is trying to build products, not just provide services. Their targets range from high‑volume microcontrollers for cameras and smart meters to AI accelerators for data centres and the edge.

Venture capital is following. Seed rounds are giving way to briskly timed Series-A investments, some closing within 18 months of the seed funding and at two to ten times the earlier cheque sizes. Capital is also broadening beyond specialist funds: family offices, strategic corporates like Zoho and the venture arms of global chipmakers now want a role in the India semicon story.

Meanwhile, entrepreneurs are pushing beyond fabless design into manufacturing‑adjacent niches such as metrology tools, lithography subsystems and low‑volume prototyping — hedging against the geopolitical fragility of a supply chain still concentrated in Taiwan and the Netherlands.

This week’s conversation brings together two investors who have had a ringside view of these shifts. Sunil and Vishal have spent the past few years swapping notes on deals, founders, failures and successes. Out of those conversations that started during one fateful meeting at a McDonald’s in Ghatkopar, in Mumbai, came their Semiconductor Startup Landscape in India report, first presented at IIT Bombay’s SemiX conference.

Rather than rehearse well-known talking points, they have tried to document what is actually happening on the ground: who the founders are, where the money originates, which verticals are getting crowded and where the genuine white spaces lie. In this episode, they explain why India’s chip moment may finally be real — and what it will take to sustain it.

Link to the report at Speciale Invest:
https://www.specialeinvest.com/community?pgid=mdx2tvo7-e24d7063-961f-4de4-b405-ce9282527498

Link to the report at Ankur Capital:
https://www.ankurcapital.com/post/semiconductor-startup-landscape-in-india-2025-perspective

Team CrisprBits. Image source: company.

CrisprBits, a Bengaluru biotech startup, has raised $3 million in a pre-Series A round to scale its CRISPR-based diagnostics and gene-editing platforms, lifting its valuation to $12 million. The company plans to use the money to commercialize its PathCrisp molecular diagnostics line and build an AI-augmented strain engineering platform for industrial biofuels.

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The round was led by Spectrum Impact, the family office of Aarti Industries Ltd.’s Chairman and Managing Director Rajendra Gogri, with participation from existing backers including the Vijay Alreja Family Office (VJ Technologies Group) and new investors such as the promoter family of HBL Engineering Ltd. Earlier funding from the founders, VJ Technologies Group and C-CAMP is being deployed to expand manufacturing capacity across human health, food safety and animal health applications.

CrisprBits’ investment is happening at a time when CRISPR moves from lab tool to commercial platform in diagnostics, gene therapies and industrial biotech, drawing sustained interest from strategics and financial investors worldwide. Global CRISPR technology revenues are projected to grow at around 11–16 percent annually this decade, with estimates putting the broader CRISPR market in the $5–23 billion range by 2030–2035 as applications in healthcare, agriculture and biomanufacturing scale up.

“Our focus has always been on attracting patient capital that shares our goal to ‘rewrite biology and reimagine the planet,’ CrisprBits co-founder and CEO Vijay Chandru, said in a press release. “This round gives us the fuel to launch in India and immediately scale to global markets with high-quality, affordable solutions,” he said.

CrisprBits’ PathCrisp platform targets rapid, point-of-need molecular diagnostics, promising sample-to-result times of under 2.5 hours with minimal infrastructure. The product line spans tests for typhoid, antimicrobial resistance, sickle cell disease, foodborne pathogens and on-farm animal disease surveillance, aimed at hospitals, food processors and livestock producers.

Beyond diagnostics, the company’s EdiCrisp platform offers end-to-end gene-editing services using the indigenous enFnCas9 system from the Institute of Genomics and Integrative Biology, positioned as more precise than legacy SpCas9 systems.

A third platform, CurieCrisp, combines patient-derived iPSC lines, CRISPR-corrected controls and AI analytics to support preclinical research and rare disease drug discovery, with an emphasis on improving access in the Global South.

CRISPR stands for clustered regularly interspaced short palindromic repeats, referring to a pattern of repeated DNA sequences found in bacteria and archaea – a major group of single-celled microorganisms.

CRISPR-Cas9 is a gene-editing technology that acts like molecular scissors, allowing scientists to cut and modify DNA at specific locations in the genome. The tool was adapted for genome editing in 2012 by researchers including Jennifer Doudna and Emmanuelle Charpentier, whose work on CRISPR-Cas9 earned them the 2020 Nobel Prize in Chemistry and set off a wave of applications in medicine, agriculture and basic research.

Consultancy and market-research estimates suggest that CRISPR-related markets are entering a scale-up phase, particularly in health care. One global forecast pegs the CRISPR technology market at about $3.2 billion in 2025, rising to roughly $5.5 billion by 2030 at an annual growth rate of just over 11 percent, driven by demand for genetic disease therapies, functional genomics tools and next-generation diagnostics.

Within diagnostics, CRISPR-based tests are expected to grow faster than the broader market as they move into point-of-care infectious disease testing and oncology. The CRISPR-based diagnostics segment alone is projected to climb from around $3.8 billion in 2025 to more than $15 billion by 2034, implying a CAGR of about 16–17 percent as new products win regulatory approvals and reimbursement.

India has emerged as an early adopter of CRISPR diagnostics, starting with the FELUDA assay developed by CSIR-IGIB and Tata Group in 2020, which demonstrated the feasibility of low-cost CRISPR-based testing for infectious diseases.

Last week, Union Minister Jitendra Singh launched ‘BIRSA 101’, India’s first indigenous CRISPR-based gene therapy for sickle cell disease, developed at CSIR-IGIB and transferred to the Serum Institute. The therapy aims to make advanced gene-editing cures affordable for Indian patients, particularly tribal populations, supporting the ambition for a Sickle Cell–free India by 2047.

Domestic market forecasts indicate that India’s CRISPR gene detection and diagnostic segment could grow from around $50 million in the mid-2020s to more than $240 million by 2032, with biomedical diagnostics as the largest and fastest-growing application.

Recent initiatives include new CRISPR laboratories in Bengaluru for gene editing and diagnostics, and a pipeline of rare-disease and oncology programmes exploring CRISPR-based interventions. Against this backdrop, CrisprBits — founded by BITS Pilani alumni and operating a 7,300-square-foot CRISPR R&D facility in Bengaluru — aims to extend India’s footprint from diagnostic kits to platforms spanning gene editing and sustainable industrial biotechnology.

With the fresh capital, CrisprBits plans to ramp up manufacturing at its diagnostics facility and expand distribution into Africa and Latin America over the next six months. In parallel, it intends to build an AI-augmented strain engineering platform focused initially on biofuel production, targeting cost and sustainability gains for industrial partners in chemicals and energy.

An AI generated image for illustrating an Indian startups co-working space.

(00:20) Google, Accel to co-invest in Indian AI startups

Google and Accel will co-invest in at least 10 early-stage Indian AI startups through a new partnership between Google’s AI Futures Fund and Accel’s Atoms programme, with up to 2 million dollars available per company.

The tie-up, based in Bengaluru, is Google’s first such funding collaboration and follows its $15 billion India data-centre commitment and broader push to tap the country’s nearly one billion internet users.

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(00:54) India’s largest bank to launch next climate startup fund

SBI Ventures, promoted by State Bank of India and headquartered in Mumbai, intends to raise Rs. 2,000 crore for its third climate-focused investment fund launching in January-March 2026. The fund will invest in early and growth-stage climate startups, particularly frontier climate technologies and AI-enabled innovations.

SBI Ventures identified critical funding deficits in water security, climate-smart agriculture, and disaster-proof infrastructure, targeting an estimated $170 billion annual requirement.

(01:34) Bio-based coastal concrete material nurtures marine life

Researchers at the Royal Netherlands Institute for Sea Research in Yerseke tested Xiriton, a bio-based concrete alternative made from grass, shells, sand, lime, pozzolan, and seawater, for tidal restoration.

After a year, blocks deployed on mudflats were densely colonised by oysters, mussels, and algae while withstanding strong currents, suggesting a durable, degradable, low-alkaline material for greener coastal protection.

(02:10) German defence drone startup nears €200m raise 

Munich-based Quantum Systems is close to securing about €200 million in new funding at a roughly $3 billion valuation, just months after becoming a unicorn.

The dual-use surveillance drone maker, founded in 2015, is riding Europe’s defence spending boom as governments seek homegrown aerial intelligence, with annual revenue reportedly growing triple digits on the back of contracts in Ukraine and other NATO markets.

(02:42) Europe backs optical vortex photonics network

Tampere University in Finland will lead HiPOVor, a €4.4 million EU-funded doctoral network to advance high‑power optical vortex beams and train 15 researchers in photonics.

The Europe‑wide consortium of eight universities, the ELI‑NP laser facility in Romania, and nine industry partners aims to turn twisting light beams into core tools for precision manufacturing, particle acceleration, and high‑capacity communications from 2026.

Coming up on Friday, Nov. 28. How’s India’s semiconductor product startup landscape changing. In the next episode of Conversations at India Tech Report, Sunil Cavale at Speciale Invest and Vishal Kataria at Ankur Capital discuss the second edition of their report on this very subject.

Catch the full conversation right here or wherever you get your podcasts. Here’s a 2-minute preview.

Listen to the preview

Link to the report at Speciale Invest:
https://www.specialeinvest.com/community?pgid=mdx2tvo7-e24d7063-961f-4de4-b405-ce9282527498

Link to the report at Ankur Capital:
https://www.ankurcapital.com/post/semiconductor-startup-landscape-in-india-2025-perspective

Moin SPM and Srinath Ravichandran, Co-founders of Agnikul Cosmos, are pioneering India’s private small satellite launch vehicles with 3D printed engines.

(00:20) Swiss quantum startup shrinks cooling systems for scalable processors

YQuantum has raised CHF 150,000 ($186,000) from Venture Kick to commercialize miniaturized cryogenic hardware for quantum computers. The startup’s compact components address a critical bottleneck: scaling superconducting qubits reliably. By replacing bulky cooling systems with high-performance alternatives, YQuantum brings quantum computing closer to practical deployment.

The engineering team, drawn from UC Berkeley and ETH Zurich, targets a rapidly expanding quantum hardware market projected to reach billions in the coming years. Its first commercial units are expected by mid-2026.

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(01:10) AI genomics platform launches to scale safer gene therapies

Cassidy Bio has unveiled its AI-driven genomic foundation model with an $8 million seed round, backed by Ahren Innovation Capital. The platform combines proprietary lab data, population genetics, and machine learning to design gene-editing therapies at scale. By replacing trial-and-error with predictive engineering, Cassidy addresses persistent challenges: target selection, delivery, and off-target effects.

The founding team unites CRISPR pioneers and AI leaders with the aim of moving genome editing from isolated successes to reliable, scalable medical solutions for millions of patients worldwide.

(01:56) Swedish chipmaker secures €15 million for advanced etching tech

AlixLabs has closed a €15 million Series A investment led by Navigare Ventures to accelerate Atomic Layer Etching Pitch Splitting (APS) technology. The breakthrough enables cost-effective production of advanced chips without expensive multi-patterning or exclusive EUV reliance. By slashing process complexity and energy consumption per wafer, APS addresses a critical challenge in chip economics.

Beta testing with foundry partners begins in 2026, targeting full manufacturing deployment by 2027. The innovation could reshape semiconductor accessibility globally, lowering barriers for advanced chip production.

(02:47) Agnikul secures $17 million in fresh funding for its space rockets

Agnikul Cosmos, a Chennai-based space-tech startup, has secured Rs. 150 crore ($17 million) in fresh funding, bringing its valuation to $500 million. The capital will support its next orbital launch mission featuring barge-based booster recovery — a global first for small launch vehicles.

Agnikul, which is pioneering India’s private small launch vehicles with 3D printed engines, will expand manufacturing, launch frequency, and establish a 350-acre campus in Tamil Nadu, targeting customers in Europe, Asia, and the US.

(03:30) Cambridge team enables LEDs from ‘un-powerable’ nanoparticles

Researchers at the University of Cambridge in Britain have achieved a breakthrough by powering electrically insulating lanthanide-doped nanoparticles using organic molecular antennas. The new approach, discovered by a Cavendish Laboratory-led team, enables highly pure near-infrared LEDs, promising advances in biomedical imaging and optical communications. and published the findings in Nature.

AI generated image for illustration. India is backing the international solar alliance with a call for global action on energy for small island developing nations, at the COP30 meet.

(00:20) India calls joint crediting mechanism a model for equitable climate action

At UNFCCC COP30 in Brazil, India’s Environment Minister Bhupender Yadav said the Joint Crediting Mechanism (JCM) is crucial for scalable, technology-driven climate solutions. India-Japan cooperation under JCM will mobilise investments, deploy low-carbon technologies, and build capacity, supporting national climate goals and Article 6 implementation. India’s Carbon Market portal will aid JCM transparency and impact.

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(00:50) India urges global solar push for energy security in small island states

Separately, Minister Yadav highlighted support for Small Island Developing States through the International Solar Alliance. India showcased rooftop solar, solar pumps, and battery projects, calling for global action to boost clean energy, cut diesel imports, and build climate resilience. Over 124 nations now participate in ISA’s initiatives.

(01:18) Mehta Family Foundation announces two conferences with IITs 

The Mehta Family Foundation will host two conferences under its collaboration for academic and research excellence or CARE initiative in partnership with IIT Madras and IIT Guwahati. The events focus on bioengineering and AI, convening global and Indian researchers to advance interdisciplinary collaboration and showcase innovations, marking the Foundation’s growing role in India’s academic ecosystem.

(01:48) Glow-in-the-gut pill offers non-invasive colonoscopy alternative 

Researchers in China have developed a pill embedded with heme-sensing bacteria that glow in response to gastrointestinal bleeding, enabling early colitis detection without invasive colonoscopies. Tested safely in mice, the pill’s magnetic microspheres are retrieved from feces and produce light proportional to disease severity, potentially revolutionizing gut health diagnostics.

(02:17) JuliaHub and Synopsys partner to power AI-driven digital twins 

JuliaHub will integrate its Dyad simulation platform with Synopsys’ Ansys TwinAI
, blending physics-based modelling and adaptive AI for more accurate, cloud-based digital twins. The collaboration aims to accelerate innovation in hardware design and system optimization, merging JuliaHub’s SciML tech with Synopsys’ robust simulation ecosystem.

(02:45) Rift raises €4.6M to launch Europe’s first on-demand aerial network 

French startup Rift has raised €4.6 million to deploy autonomous drone stations across Europe, creating a real-time aerial intelligence network for public safety and critical infrastructure monitoring. The “Surveillance-as-a-Service” platform aims to mitigate wildfires, border breaches, and infrastructure threats with plans to deploy 20 stations by 2027.

(03:14) Teradar exits stealth with $150M series B for terahertz vision sensors 

Teradar, a Boston startup, has unveiled its terahertz vision sensor technology for automotive safety after raising $150 million in Series B funding. The modular terahertz sensor offers all-weather perception to enhance autonomous driving and commercial vehicle safety, with production targeted by 2028. Investors include Lockheed Martin Ventures and VXI Capital.

AI generated image of Chandrayaan on the Lunar surface for illustration. India’s Karnataka state has unveiled its space tech policy 2025-30.

(00:21) Karnataka unveils India’s first Quantum City plan, space policy

Karnataka launched India’s first Quantum City blueprint at the Bengaluru Tech Summit this week, with a plan to create a Rs. 1,000 crore integrated quantum cluster in Hesaraghatta. The project targets global leadership in quantum research, chip manufacturing, and talent export, with dedicated parks, startup zones, and international collaborations to boost Bengaluru’s quantum ecosystem.

(00:51) Separately, the state government also unveiled its Space Technology Policy 2025–2030 at the Summit, seeking to make the state a global leader in space innovation, manufacturing, and research. The policy emphasizes building skilled talent, fostering deep-tech startups, and integrating space technology in governance, aiming to capture 50 percent of India’s space market by 2030.

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(01:18) Skycore Semi bags €5M to boost AI datacenter chips

Danish fabless design startup Skycore Semiconductors has raised €5 million in seed funding led by Amadeus APEX, with participation from First Momentum, Mätch VC, and Balnord. The funds will accelerate the commercial rollout of high-density Power ICs tailored for 800V HVDC data centers, targeting the power bottleneck in next-gen AI infrastructure.

(01:47) Steele Group opens Boston’s deep tech hub BASE-X

Steele Group has launched BASE-X, a 25,000-square-foot headquarters in downtown Boston dedicated to deep tech innovation, the US real estate developer said in a press release. Serving as a hub for venture capital, operators, and partners, BASE-X aims to catalyze investment, operational excellence, and collaboration in fields including AI, energy, defence, and advanced manufacturing.

(02:18) Breakthrough in rare-earth magnetism promises quantum tech leap

Scientists in India have discovered a new type of magnetism in neodymium nitride (NdN) thin films driven by orbital angular momentum, not just electron spin. This finding, led by JNCASR, enables the tuning of materials for faster, more efficient quantum and spintronic devices, enhancing India’s role in rare-earth and advanced materials research.

(02:51) India launches first indigenous CRISPR gene therapy for sickle cell

Union Minister Dr. Jitendra Singh launched ‘BIRSA 101’, India’s first indigenous CRISPR-based gene therapy for sickle cell disease, developed at CSIR-IGIB and transferred to the Serum Institute. The therapy aims to make advanced gene-editing cures affordable for Indian patients, particularly tribal populations, supporting the ambition for a Sickle Cell–free India by 2047.

A chip built by Princeton’s Nathalie de Leon, Andrew Houck, Robert Cava and their research teams supports qubits with coherence times longer than 1 millisecond — three times longer than the best ever reported in a lab setting, and nearly 15 times longer than the industry standard.
Image by Matthew Raspanti, Office of Communications, Princeton University.

(00:21) Princeton’s qubit breakthrough extends coherence threefold
Princeton University researchers have demonstrated a quantum qubit with coherence times exceeding one millisecond — triple the laboratory record and fifteen times the industry standard, Science Daily reports. The team built a functioning quantum chip proving the design supports error correction at scale, addressing the fundamental challenge limiting quantum processors.

Their architecture is compatible with systems used by Google and IBM. According to analysis, replacing key components in Google’s Willow processor with Princeton’s approach could yield a thousandfold performance increase, signalling meaningful progress toward fault-tolerant quantum systems essential for practical applications.

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(01:10) Google quantum AI achieves 13,000× speedup on physics
Separately, some of you may recall that last month Google announced that its Willow quantum processor executed a physics simulation 13,000 times faster than classical supercomputers using a novel “Quantum Echoes” algorithm published in Nature. The breakthrough demonstrates the first verifiable quantum advantage running a physically meaningful algorithm — measuring quantum interference effects called out-of-time-order correlators.

Beyond raw speed, the work establishes quantum computing’s practical relevance to experimental science, particularly nuclear magnetic resonance spectroscopy, validating a path toward real-world quantum applications within five years.

(01:54) Sentinel-6B launches to continue climate monitoring mission

The European Space Agency and NASA successfully launched Copernicus Sentinel-6B aboard a SpaceX Falcon 9 rocket on Nov. 17, continuing a decades-long mission tracking sea-level rise — a critical indicator of climate change, Spaceflight Now reports.

The satellite carries advanced altimetry instruments measuring ocean surface heights with centimetre precision, directly supporting climate science and international efforts to understand planetary warming. This mission exemplifies the growing convergence of space infrastructure and environmental monitoring, with satellite data becoming indispensable for climate policy and adaptation planning worldwide.

(02:43) Emulate launches organ-on-chip platform for drug development

Emulate, a leader in organ-on-chip technology, unveiled its Brain-Chip R1 in partnership with FUJIFILM Cellular Dynamics to accelerate neurological drug discovery, the company said in a press release. The platform uses living human brain cells to model central nervous system responses, addressing a critical gap in preclinical testing where traditional methods fail to predict clinical outcomes.

This technology promises faster, more reliable validation of neurological therapeutics while reducing dependence on animal testing—positioning Emulate at the intersection of biotechnology and advanced manufacturing innovation.

(03:27) Cornerstone Robotics raises $200 million for surgical robot platform

Hong Kong’s Cornerstone Robotics secured $200 million in fresh funding to accelerate global commercialization of its multi arm Sentire Endoscopic Surgical System, Fierce Biotech reports.

Recently approved in China and now in UK clinical trials, the platform targets colorectal and urologic surgeries. The round, backed by major global funds, affirms demand for accessible next-gen surgical robotics as the company deepens its global footprint.

An ISRO SSLV with an Earth Obervation Satellite. Govt backing for space tech startups is soaring. Image source ISRO website.

(00:21) SIDBI hits first close of Antariksh, India’s largest space fund

SIDBI Venture Capital announced the first close of its Antariksh fund at Rs 1,005 crore, anchored by a Rs 1,000 crore commitment from IN-SPACe, Times of India reports. Registered as a Category II alternative investment fund with a decade-long tenure, it represents India’s largest dedicated space-tech vehicle and among the biggest globally.

The Rs. 1,600 crore fund will back early and growth-stage companies across launch systems, satellites, ground infrastructure, earth observation and downstream applications. The initiative advances India’s ambition to build a $44 billion space economy by 2033.

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(01:03) IIT Delhi spin-off delivers quantum-grade laser breakthrough

Prenishq unveiled India’s first indigenous high-precision compact diode laser, marking a significant step forward in the nation’s quantum technology efforts. Supported by the National Quantum Mission, Prenishq’s laser delivers high beam quality, superior stability and long-term reliability across wavelengths from ultraviolet to near infrared, according to a statement from the ministry of science and technology.

The plug-and-play system will enable quantum-safe transactions for financial institutions, protecting sensitive data against future quantum computing threats. It also supports photonic quantum computers tackling drug discovery and chemical process analysis.

(01:49) Government backs Rs 7,172 crore electronics manufacturing push

The Ministry of Electronics and IT has approved seventeen proposals under the Electronics Components Manufacturing Scheme, spanning nine states with cumulative investment of Rs 7,172 crore. The projects will generate Rs 65,111 crore in production and create 11,808 direct jobs.

Key approvals include India’s first optical transceiver manufacturing facilities by Jabil Circuit India and Zetchem Supply Chain Services, alongside oscillators for communication devices and industrial electronics. The scheme targets components for smartphones, IT hardware, electric vehicles, defence and renewable energy sectors.

(02:40) Hyderabad biotech startup forges Japan regenerative med tie-up

BioVaram, incubated at the University of Hyderabad’s ASPIRE-BioNEST, entered a strategic partnership with Japan’s Teijin Limited to expand regenerative medicine between the two nations, UNI reports. The collaboration will bring Teijin’s cardiovascular repair patch SYNFOLIUM and Japan Tissue Engineering’s regenerative products to India, whilst Teijin supports commercialisation of BioVaram’s exosome-based diagnostics, therapeutics and bio-derived materials in Japan.

Founded in 2020 and recognised among the top five startups at BioAsia 2024, BioVaram develops artificial intelligence-driven peptides, exosomes and biomaterials for regenerative medicine. The alliance strengthens India’s capabilities in advanced tissue engineering and scalable manufacturing.

(03:36) Varaha raises $30M for India’s regenerative agriculture programme

Climate tech startup Varaha has raised $30 million from French sustainable investor Mirova to expand its Kheti soil-carbon project across Haryana and Punjab, TechCrunch reports. The transaction, structured as project-level investment against future carbon credits, represents Mirova’s largest single carbon deal and its first in India.

The funds will support over 337,000 smallholder farmers implementing regenerative practices across 675,000 hectares. Varaha operates four removal pathways: regenerative agriculture, biochar, agroforestry on degraded lands and enhanced rock weathering. The company runs experiments with institutions including IARI Pusa and IIT Kharagpur to quantify net carbon change. Earlier this year, Varaha signed a multi-year biochar offtake agreement with Google.

L-R: Shravan Shankar and Simmi Sareen, co-founders of Climake, have recently released the fifth edition of their annual state of climate finance in India report.

In this episode, I’m joined by Simmi Sareen and Shravan Shankar, co-founders of Climake, a climate finance platform and advisory, to talk about their fifth annual report on the state of climate finance in India – 2025 edition.

In 2024, equity capital deployed reached $9.4 billion, about double from the previous year, with public markets absorbing 60 percent of all funding. Simmi and Shravan also talk about some consequential shifts: such as the emergence of a public capital ecosystem that routes money to climate solutions that can be vital while not being attractive to venture capital investors.

The two co-founders have formally tracked this evolution ever since they founded Climake in the middle of the Covid pandemic, and much longer in various capacities before that. Simmi brings to Climake two decades of mainstream finance experience, including at a global investment bank, and she’s previously built a climate-focused fintech and debt platform.

Shravan has built his career across sustainability policy, innovation ecosystems, and climate entrepreneurship. Their annual State of Climate Finance reports are increasingly widely accepted in the industry as investor look at India-specific decisions.

In this conversation they talk about what their fifth report reveals: a $2 trillion capital requirement through 2035, a substantive shift toward adaptation financing, and the expanding role of public markets in sectors like wastewater treatment and solar components that aren’t attractive from a VC’s perspective.

The discussion spans emerging technologies from sustainable fuels and flow batteries to seaweed-based biochar solutions, the persistent gaps in growth-stage capital for asset-heavy climate enterprises, and how adaptation will reshape investment contours as it becomes increasingly urgent.