India Tech Report

Simmi Sareen and Shravan Shankar co-founders of Climake have released the 5th edition of their annual report on the state of climate finance in India.

Coming up, in the next episode of India Tech Report: In Conversation, Simmi Sareen and Shravan Shankar at Climake discuss their State of Climate Finance in India 2025 report.

Catch the full conversation tomorrow right here, or wherever you get your podcasts.
Meanwhile, here’s a 90-second view point on how there are sectors and companies that aren’t necessarily suited for VC funding, but still can do very well and sometimes via the public markets route.
While VCs optimise for venture returns, public markets accommodate businesses with steady but modest growth profiles.
Neither model is superior; rather, their coexistence creates a broader funding ecosystem.

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India’s public markets are funding climate businesses that venture capital investors won’t find attractive. VCs have historically avoided sectors like wastewater treatment, solar pumps, and heat exchangers — industries they deem to lack sufficient competitive moats. Yet these same businesses are thriving on public exchanges.
Of 39 climate IPOs they tracked recently, 18 were valued below $10 million, suggesting companies aren’t listing for traditional exit valuations but rather to access capital unavailable through VC channels.
This matters because sectors excluded from venture portfolios are often critical to India’s decarbonisation pathway. Wastewater treatment and agricultural technology address real climate adaptation needs, but conventional VC return thresholds misalign with their economics.
For climate entrepreneurs, the implication is clear: IPO routes may not necessarily be about scale, but they provide access. India’s climate finance challenge requires utilising all available capital channels, and public markets are filling a void that private capital has held back from.

Simmi Sareen and Shravan Shankar co-founders of Climake have released the 5th edition of their annual report on the state of climate finance in India.

Listen to the preview

Catch the full conversation on Friday, Nov. 14 right here or wherever you get your podcasts. Here’s a one-minute preview.

Climake

https://www.climake.co

Dr. S Somanath, former chairman of the Indian Space Research Organisation, delivering a keynote at the deep tech VC firm Speciale Invest’s annual summit in Chennai on Nov. 3.

News, views, and conversations with founders, investors, industry leaders and other stakeholders building India’s deep tech and climate tech ecosystems.

In this episode I bring you a lightly edited version of a speech made by Dr. S. Somanath, former Chairman of the Indian Space Research Organisation (ISRO). Dr. Somanath was speaking at the VC firm Speciale Invest’s annual deep tech summit, in Chennai on Nov. 3.

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In his talk, Dr. Somanath outlines his views on India’s nascent but fast evolving deep tech ecosystem, drawing from his transformative tenure at the helm of the nation’s space programme. He reflects on ISRO’s journey from a closed-door organization to an enabler of private space enterprises, catalyzed by the landmark space sector reforms in India in recent years.

Dr. Somanath discusses India’s ambitious goal to grow its share of the global space economy from 2 percent to 10 percent, tapping the space applications opportunities in critical deep tech domains including AI, biotechnology, quantum computing, advanced manufacturing, and semiconductor production.

He addresses the scaling challenges faced by deep tech startups, emphasizing the crucial role of government as an anchor customer, the need for patient capital from investors, and regulatory reforms that can unlock growth. With India’s youth population and vast untapped markets, Dr. Somanath presents a vision where indigenous capability development, academic-industry collaboration, and strategic policy interventions can position India as a global deep tech powerhouse.

Dr. S Somanath

https://www.isro.gov.in/DrS_Somanath.html

Speciale Invest

https://www.specialeinvest.com/about

News, views, and conversations with founders, investors, industry leaders and other stakeholders building India’s deep tech and climate tech ecosystems.

QpiAI Founder Nagendra Nagaraja is has unveiled a 64-qubit quantum processor.

Nvidia, Qualcomm join alliance to mentor Indian deep tech startups

Nvidia has joined the $2 billion India Deep Tech Alliance as a founding member, pledging mentorship and advanced training to support local AI, semiconductor, and robotics startups, CNBC reports. Qualcomm Ventures, Activate AI, InfoEdge Ventures, Chirate Ventures and Kalaari Capital also joined the US-India alliance, which was announced in September initially comprising eight VC and PE firms as founding members, with a commitment of $1 billion. The partnership comes ahead of India’s AI Impact Summit, planned for February 2026.

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QpiAI unveils 64-qubit Kaveri, India’s top quantum processor

QpiAI has unveiled a 64-qubit superconducting quantum processor, named Kaveri, marking India’s most powerful quantum chip. Introduced at India’s first emerging tech and innovation conclave in Delhi on Nov. 3, the processor could be useful in cryptography, machine learning, materials research and drug discovery. Its commercial release is slated for Q3 2026. Founder CEO Nagendra Nagaraja, started the venture in 2019. It’s raised $32 million in funding from backers including the Government of India’s National Quantum Mission.

UK Lawmakers warn nation’s science sector faces critical decline

A parliamentary report in the UK says the nation’s science sector is “bleeding to death,” citing stagnant research budgets, policy churn, and aid cuts, Science reports. Lawmakers warn that delays in promised funding, loss of global competitiveness, and growing deficits at universities threaten the nation’s research leadership, urging urgent government action to prevent lasting damage.

New drug candidate shows promise against drug-resistant tuberculosis

Scientists have developed CMX410, a compound that blocks a key enzyme in tuberculosis bacteria, proving highly effective even against drug-resistant strains, Science Daily reports. Created using click chemistry, CMX410 targets cell wall synthesis, showing safety in animal trials and compatibility with existing therapies. Early results indicate strong potential for improved, shorter, and safer TB treatments, according to the report.

Magnons could unlock ultrafast, energy-saving computers of future

University of Delaware engineers have discovered that magnetic waves called magnons can generate electric signals in special materials – a breakthrough that may enable computer chips to merge magnetic and electrical systems, which in turn could enable ultrafast operation at terahertz speeds with drastically lower energy use, Science Daily reports. The work advances hybrid quantum material research for next-generation computing technologies, according to the report.

LambdaVision raises $7M to build artificial retina in space

LambdaVision has raised $7 million in seed funding to advance manufacturing of its protein-based artificial retina aboard the International Space Station, Tech Funding News reports. The microgravity process yields highly uniform films, aiming to restore sight for patients with degenerative eye diseases. Investors include Seven Seven Six, Aurelia Foundry Fund, and Seraphim Space.

In Conversation

High voltage harvest: Anoop Srikantaswamy’s electric vision for the future of Indian agriculture

by Hari ArakaliMay 19, 2026

Autonomous tractors: Anoop Srikantaswamy at Moonrider on the bigger picture — full interview coming soon

by Hari ArakaliMay 16, 2026

In today’s episode, Neil Shah, co-founder and vice president at Counterpoint Technology Market Research, gives us a quick take on Intel’s new Panther Lake processor and its potential use cases in robotics and physical AI.

Intel’s new Panther Lake SoC marks a defining turn in the company’s roadmap toward robotics-ready edge computing. In this quick-take episode, Neil explains how the chip’s modular ‘chiplet’ design, delivering up to 180 trillion operations per second (TOPS), could make Intel a contender below Nvidia’s high-end robotics tier.

He also weighs in on the ‘physical AI’ applications for robots that sense, analyze, and act locally. And is there an opportunity here for India’s fabless chip design startups? Stay on to hear Neil’s views on this.

Neil Shah
https://counterpointresearch.com/default.htm/opinion-leader/Shah?id=10

Intel’s Panther Lake press release
https://newsroom.intel.com/client-computing/intel-unveils-panther-lake-architecture-first-ai-pc-platform-built-on-18a

More on Intel’s Physical AI software suite
https://community.intel.com/t5/Blogs/Tech-Innovation/Artificial-Intelligence-AI/Simplify-Physical-AI-Deployment-with-Intel-Robotics-AI-Suite/post/1719666

Ganapathy ‘Gani’ Subramaniam, founding managing partner at Yali Capital.

In today’s episode, Ganapathy ‘Gani’ Subramaniam, founding managing partner of Yali Capital, a deep-tech VC firm in Bengaluru, joins me for Part 2 of our discussion on the firm’s debut deep-tech fund.

In this conversation, we picked up with Yali’s investment in Perceptyne, a company developing humanoid robotics for manufacturing and eventually physical AI applications. Gani then speaks about the semiconductor industry in India, identifying opportunities for both globally competitive and domestically focused fabless chip design companies, with the C2i Semiconductors in the first category.

And if you stay on, you’ll get Gani’s insights into the importance of diverse co-founding teams, global thinking, and why storytelling holds the key to funding – something that India’s deep tech founders need to master.

Bhaktha Ram Keshavachar, founder and CEO of Chara Technologies.

In this episode, Bhaktha Ram Keshavachar, founder and CEO of Chara Technologies, talks about a new funding round at his startup.

Chara, based in Bengaluru, specializes in building rare earth-free motors and matching controllers. That China, which has a near monopoly on the supply chain of rare earth minerals, has intensified its restrictions on their exports, is something of a tailwind for ventures like Chara.

In this briefing, Bhaktha covers the company’s Series A funding of Rs. 52 crore, or about $6 million, led by Arkam Ventures, with participation from Exfinity Venture Partners, Kalaari Capital, and IIMA Ventures, and how the money will help.

Plans include, ramping up sales, further investment in new technology and products, and a significant increase in motor production capacity.

Daily brief on deep tech and climate tech news from India and around the world.

IFC proposes $6M equity investment in African Catalyst Fund

The International Finance Corporation (IFC) plans to invest up to $6 million in Catalyst Fund, which is targeting a corpus of $40 million for early-stage climate-tech startups across Africa, Africa Private Equity News reports. Managed by Catalyst Impact Partners, the fund focuses on fintech for climate resilience, sustainable livelihoods, and climate-smart services in multiple African countries including Nigeria and Kenya. This investment supports the growth of early-stage climate solutions continent-wide.

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Spain stands out for ESG and climate tech startups amid extreme weather

Spain, highly impacted by extreme climate events like heatwaves and floods, is emerging as a European leader in ESG and climate tech startups. Companies like Credibl use AI-powered platforms to help over 150 organizations meet sustainability goals, Novobrief reports. Supported by €163 billion EU green funds, Spain is advancing toward a low-carbon, resilient economy aligned with the EU Green Deal.

Iceland reigns as global climate tech leader in 2025

Iceland is recognized globally for its leadership in climate tech, excelling in geothermal energy, carbon capture and storage, and biotech innovations, Energy Digital reports. With projects like Carbfix converting CO2 to stone and advanced geothermal power, Iceland combines strong public leadership, research, and cross-sector collaboration to pioneer scalable, impactful climate solutions. Its renewable energy-powered tech scene is rapidly growing and influential worldwide.

India and UAE deepen cooperation in climate action and biodiversity

In Abu Dhabi, India’s Union MoS for Environment Kirti Vardhan Singh met with UAE Environment Minister Dr. Amna Al Shamsi to strengthen collaboration on climate action, biodiversity, and sustainable development, Ministry of Environment, Forest and Climate Change states in a press release. India praised UAE’s leadership at COP28 and its Mangrove Alliance for Climate initiative. Both nations plan to boost partnerships in global climate initiatives like ISA, CDRI, and LeadIT, advancing Mission LiFE goals together.

Ministry of New & Renewable Energy completes preparatory phase of Special Campaign 5.0

The Ministry of New & Renewable Energy (MNRE), along with its CPSUs and autonomous institutes, successfully completed the preparatory phase of Special Campaign 5.0 from September 15-30, 2025, as stated in a Ministry of New and Renewable Energy press release. The campaign aims to institutionalize cleanliness and efficiency in government offices. The implementation phase began October 2 and will run through October 31, focusing on achieving cleanliness and operational targets.

GPS Renewables names ex-L&T executive as CPO

GPS Renewables has appointed Harikrishnan B as its Chief Projects Officer, a critical leadership position as the company expands its portfolio of large-scale biofuel infrastructure projects, it said in a press release. The full-stack renewable oil & gas firm tapped the former L&T executive for his two decades of Engineering, Procurement, and Construction (EPC) expertise, which includes managing a $1 billion+ project for Saudi Aramco. His 

GalaxEye sets 2026 Q1 for multi-sensor satellite launch

GalaxEye’s founders: (L-R) Denil Chawda CTO, Pranit Mehta VP of Business Development, Suyash Singh CEO, Kishan Thakkar VP of Engineering, Rakshit Bhatt VP of Product Development.

Space-tech startup GalaxEye has announced plans for its inaugural ‘Mission Drishti’ in the first quarter of 2026, to put its first synthetic aperture radar and high-resolution optical payloads on a single platform in space in low Earth orbit.

This first satellite is said to be India’s largest privately built spacecraft, weighing 160 kg. It also has the highest-resolution, according to a press release from GalaxEye. This launch initiates a constellation programme comprising 8–12 satellites to be deployed through 2029, aiming for near real-time Earth observation.

Mission Drishti utilizes GalaxEye’s proprietary SyncFused Opto-SAR technology. This multi-sensor configuration is designed to provide all-weather, all-time Earth observation data with 1.5-metre spatial resolution. The system, which recently underwent successful structural testing at ISRO, will support governments, defense agencies, and industries with geospatial analysis for applications including border surveillance, disaster management, and infrastructure monitoring.

Ganapathy Subramaniam, founding managing partner of Yali Capital.

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Coming up on Wednesday, Oct. 15

The importance frugal engineering, diverse co-founder teams, and strong customer focus for deep tech startups.

In Part 2 of my conversation with Ganapathy Subramaniam, founding managing partner at Yali Capital, in which Gani discusses his firm’s focus on deep tech and semiconductor startups in India. We picked up from where we left off in the first part of our chat two weeks ago, with an overview of Perceptine, a humanoid robotics company Yali has invested in.

He highlights the startup’s opportunities in serving Electronics Manufacturing Services (EMS) providers, and the future potential for physical AI. Gani also details the broader landscape of the Indian semiconductor industry, noting opportunities for companies targeting global markets (like C2i Semiconductors, which focuses on power components for high-compute processes) and those serving the domestic Indian market in segments such as energy meters or surveillance cameras.

Finally, Gani offers takeaways from his own entrepreneurial journey with Cosmic Circuits, emphasizing the importance of frugal engineering, diverse co-founder teams, and strong customer focus for deep tech founders today. You can catch the full conversation right here or wherever you get your podcasts. Here’s a two-minute preview.

Daily brief on deep tech and climate tech news from India and around the world.

illustrative image of an automotive assembly line. China controls over 90 percent of the processing capacity of rare earth minerals needed in magnets that go into EVs. Its tightening restrictions are impacting global supply chains.

China tightens rare earth export controls

China has expanded its restrictions on rare earth exports to safeguard national security and interests, a move seen as Beijing strengthening its leverage in trade talks with the US. The new rules add five more rare-earth elements to the existing control list, bringing the total to 12, Reuters reports. Export licenses will now be required for the production technologies of these minerals and for their overseas use, including for military and semiconductor applications.

China is seeking assurances from India that rare earth magnets supplied by it will only be used locally for civilian purposes, and also that they will not be exported to the US, Economic Times reports.

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India targets 5MMT annual hydrogen output by 2030

India’s Petroleum and Natural Gas Minister, Hardeep Singh Puri, said that the country’s “Hydrogen Age has begun,” with a target to produce 5 million metric tonnes of green hydrogen annually by 2030, ET Energyworld reports. This would account for 10% of the global market. A key project is the NTPC Green Hydrogen Hub near Visakhapatnam, which will be one of the country’s largest integrated green hydrogen facilities. The government’s National Green Hydrogen Mission has an outlay of Rs. 19,744 crore to help achieve these goals.

Andhra Pradesh forms hydrogen advisory panel

The Andhra Pradesh government has formed a high-level advisory committee to promote the green hydrogen initiative ‘Green Hydrogen Valley – Amaravati,’ The Hindu reports. The panel, co-chaired by Dr. V.K. Saraswat and Chief Secretary K. Vijayanand, will guide the state’s efforts in technology adoption, research, and infrastructure development. The goal is to make Andhra Pradesh India’s largest green hydrogen hub by 2030, contributing to the country’s sustainable hydrogen economy.

Tokamak Energy and Gauss Fusion partner to advance fusion

Tokamak Energy and Gauss Fusion have announced a strategic collaboration to accelerate the commercialization of fusion technology. The partnership will focus on advancing high temperature superconducting (HTS) magnets. This alliance brings together Tokamak Energy’s expertise in HTS technology with Gauss Fusion’s leadership in industrializing fusion energy. The companies aim to pool their industrial know-how to accelerate the path to the first generation of European fusion power plants.

Aavishkaar Group launches defence and deep-tech fund

Aavishkaar Group has partnered with Jamwant Ventures to launch the ‘Jamwant Ventures Fund 2’, India’s first veteran-led defence and deep-tech fund. The new fund, targeting a corpus of INR 500 crore, is the first initiative under Aavishkaar’s new ‘OneAavishkaar’ platform. The partnership aims to provide catalytic capital and strategic mentorship to indigenous startups, empowering them to drive innovation for national security.

Newtral raises funds for global expansion

Newtral Technologies, a climate-tech startup in Bengaluru, has raised $600,000 in funding from NOW Accelerate, Indian Startup Times reports. The capital will help Newtral expand its sustainability platform and prepare for a Series A funding round. As part of the partnership, NOW will provide venture-building resources and expertise to help Newtral scale its platform, which helps businesses measure, report, and reduce their emissions.