Harsha – the son of former Karnataka chief minister M. Veerappa Moily, is expected to launch a venture capital fund which will cost $200 million, focusing on the growing climate technology area.
This fund will help with acknowledging promising companies and entrepreneurs from Israel and India that will be working on 4 verticals: green buildings, energy storage, long-term agriculture and alternative energy.
”India is nowhere close to the US, Europe and Israel in developing technology-enabled solutions to climate change. Since climate change is a vast area with huge potential, we have picked out four verticals that account for 80% of our GDP.” stated Moily.
4-5 investors have been funded by the VC company that has 4 partners along with Moily. Such investors have shown interest to apply 30-40% of its target fund.
”I will reach out to a few more investors in the US once the borders open.” added Moily. The plans are estimated to be finalized by December. For more than 20 years, Moily has worked in sectors such as private equity, infrastructure and agribusiness. Back in 2006, he also founded Moksh Yug – a micro finance enterprise who has worked with rural dairy farmers.
Due to the immense use of fossil fuels in their supply chain, the VC fund will not help hydro, solar and wind power-related enterprises.
”We will back disruptive technology to small nuclear power plants that operate using depleted uranium.” further added Moily.