The Department for Promotion of Industry and Internal Trade on Friday said it has signed an agreement with venture capital fund Avaana Capital to extend support to the manufacturing and deep-tech startups.
It said that Avaana Capital will share expertise in manufacturing through mentorship programmes and refine business models.
"In a bid to boost India's manufacturing and deep-tech startup ecosystem, Avaana Capital, the country's first institutional climate-focused venture capital fund investing in the formative startups, has signed a Memorandum of Understanding with the DPIIT," it said.
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Joint Secretary in the DPIIT Sanjiv said that by leveraging Avaana's expertise in climate-focused innovation and strategic mentorship programmes, the department aims to enable startups to accelerate their growth while driving sustainability and global competitiveness.
Anjali Bansal, Founding Partner, Avaana Capital, said the partnership aims to provide the necessary support across policy, capital and industry, enabling startups to scale, and enhance efficiency.
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Avaana and its affiliates have invested in over 35 startups having a focus on manufacturing.
Similar memorandum of understandings have been signed by the DPIIT with ITC Ltd, Walmart, boAT, and Flipkart.
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