Infuse Ventures

Infuse Ventures is an early-stage venture capital fund focused on the sustainability and clean energy sector in India, founded in 2013 and housed at IIM Ahmedabad's Centre for Innovation Incubation and Entrepreneurship (CIIE). The fund was created as a unique partnership between the Government of India, academia, and the private sector, raising INR 110 crore (approximately $13 million), exceeding its original target of INR 75 crore. The initial closing in May 2013 included committed support from BP, the International Finance Corporation, the Ministry of New and Renewable Energy, and the Technology Development Board. Subsequent backers include Godrej Industries, ICICI Bank, SIDBI, Bank of India, and Union Bank. Founder and Managing Partner Kunal Upadhyay leads a team of 16 including two partners. Infuse leads rounds and invests INR 1 to 10 crore (approximately $120,000 to $1.2 million) at seed and Series A stages in cleantech startups spanning renewable energy, energy efficiency, water and waste management, distributed energy, sustainable agriculture, green buildings, sustainable transport, and green IT. The portfolio spans 16 companies, predominantly India-based with one US investment. Notable portfolio companies include Altizon, an industrial IoT and software firm; TESSOL, a cold chain logistics cleantech company that received seed funding in July 2018; and Silvan Electronics, which was acquired by Polycab in June 2021. Aspiration Energy, Proviera, and Glowship are additional portfolio companies. Infuse Ventures served a catalytic role in establishing institutional cleantech investing in India during a period when the sector had limited dedicated capital. The fund's placement at IIM Ahmedabad gave it direct access to deep technical and entrepreneurial talent, and its multi-stakeholder LP base reflected broad alignment between government energy priorities and private sector growth objectives.