Infuse Venture gets commitment of Rs. 110 cr for cleantech startups.

Indian Institute of Management– Ahmedabad’s Centre for Innovation Incubation and Entrepreneurship (CIIE) on Wednesday announced that it had received commitments of over Rs.110 crore for its cleantech focused fund, Infuse Ventures.

Initially, four startups from different parts of the country will be supported by Infuse Ventures in the field of cleantech segment.

'The startups require piloting support at the initial stage. We have been able to bring global partners to support these entrepreneurs. This would benefit entrepreneurs in getting global expertise and finance and a right ecosystem to grow,' said Kunal Upadhyay, Chief Executive, CIIE.

Infuse had announced its initial closing in May 2013 with committed support from global energy major BP, International Financial Corporation (IFC) and Government of India's Ministry of New and Renewable Energy (MNRE) and Technology Development Board (TDB). Over the past one year, additional partners including Godrej Industries, ICICI Bank, SIDBI, Bank of India and Union Bank have emerged.

So far, Infuse has disbursed Rs. 15 crore among the startups. Earlier, Infuse had announced its co-investment with IFC in Ecolibrium Energy, an energy management startup in Ahmedabad.

HBL