Transition VC launches $155 million fund to back India's energy‑transition startups

India‑based venture capital firm Transition VC announced the launch of Fund II, targeting INR 15 billion (about US$155 million), more than double the capital raised for its inaugural fund. Fund I had delivered a 57 % internal rate of return and generated over a 3‑times multiple on invested capital.

Fund II will invest across the energy‑transition value chain and adjacent deep‑tech sectors such as advanced manufacturing, application engineering, nuclear, geothermal and next‑generation energy infrastructure. The firm says it will focus on the “missing middle” – engineering‑led companies that have proven technical feasibility and early commercial traction but have not yet achieved scale. Partners Shantenu Chaturvedi and Raiyaan Shingati emphasized the three investment pillars of technology readiness, large‑scale economic viability and backing resilient founders, and highlighted India’s unique market size and engineering capability as a driver of global energy‑transition leadership.