DPIIT Partners With Avaana Capital To Boost Manufacturing And Deep-Tech Startups

New Delhi, Jan 18 (KNN) Climate-focused venture capital firm Avaana Capital has entered into a memorandum of understanding with the Department for Promotion of Industry and Internal Trade (DPIIT) to enhance support for manufacturing and deep-tech startups in India. 

The partnership, formalised on Friday, aims to leverage Avaana's expertise to assist startups in developing manufacturing capabilities and implementing innovative technologies.

Under the agreement, Avaana Capital will provide strategic guidance to help startups refine their business models and build competitive manufacturing operations. 

The venture capital firm will specifically focus on facilitating the transition to low-carbon systems across various market segments, combining their experience in manufacturing, innovation, and deep technologies.

Anjali Bansal, Founding Partner, Avaana Capital, emphasised the crucial role of innovation, deep-tech, and green technologies in establishing India as a global manufacturing hub. 

She highlighted India's position as the world's third-largest startup ecosystem, noting that Indian entrepreneurs are well-positioned to transform the manufacturing sector through advanced technologies and innovative processes, particularly in India and the global south.

DPIIT Joint Secretary Sanjiv underscored the strategic nature of the collaboration, stating that the partnership aligns with the department's vision to create a robust ecosystem for innovation. 

He expressed confidence that Avaana's expertise in climate-focused innovation and mentorship programs would help startups accelerate their growth while promoting sustainability and global competitiveness.

(KNN Bureau)