Avaana Capital’s Vikas Verma (left) and Shruti Srivastava
Mumbai-based early-stage venture capital firm Avaana Capital has strengthened its leadership team as it prepares for the next phase of growth and accelerates its focus on deep technology investments.Â
The India-based venture capital firm has appointed Vikas Verma as partner and elevated Shruti Srivastava to partner, expanding senior leadership capacity as the fund scales up its portfolio and investment activity.
Verma’s appointment formalises a long association with Avaana Capital. He has previously worked with the firm as a venture partner and earlier as an investment director. He brings more than two decades of experience across investing, entrepreneurship, and operational leadership.Â
Prior to this role, he served as partner at Sun Asset Management, where he led investments across artificial intelligence, critical minerals, and energy infrastructure, managing a global portfolio of over $1 billion.
On the other hand, Srivastava has been elevated to partner from her earlier role as investment director. She brings over 15 years of experience across early-stage investing, private equity, and development finance. At Avaana Capital, she has played a role in sourcing, evaluating, and supporting portfolio companies, working closely with founders across the fund’s core focus areas.
Avaana Capital backs deep technology entrepreneurs building solutions across sectors such as energy, mobility and supply chains, advanced manufacturing, artificial intelligence and robotics, semiconductors and quantum computing, agriculture and food systems, biotechnology, and advanced materials. Its first cheques typically range from $1 million to $5 million (around Rs 9 crore to Rs 45 crore).Â
The first fund was also focussed on technology and innovation and included companies in agriculture, energy, and deep-tech, along with some financial inclusion investments.
In late 2024, the deep-tech-focused VC firm closed its Avaana Sustainability Fund at $135 million, well above its target, with backing from marquee institutions such as the Green Climate Fund, the UK-India Development Cooperation Fund, SIDBI, and other limited partners.
Since then, Avaana has backed a range of companies, including drone battery solutions provider Dreamfly Innovations, agri-biotech startup GreenGrahi, and electric powertrain design and manufacturing firm Tsuyo Manufacturing.
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