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Business Standard
8 hours ago
- Business
- Business Standard
Climate technology startups stumble in a cold investment climate in India
Investment by private equity (PE) and venture capital (VC) funds in the country's climate technology (tech) startups has seen a sharp fall, despite the big focus of the government on reducing carbon emissions and pushing for cleaner fuels. The reason: There is a big gap between startup climate tech needs for long-term funding and what VCs find bankable. According to data by research agency Tracxn, PE and VCs in 2023 put in substantial $1.66 billion in over 157 climate tech companies, with an average deal size of $10.57 million. But that number nosedived to $910 million in 2024, with the average deal size falling by half to an average of $5.5 million. And in 2025 to date, PE/VCs have put in a mere $270 million in the first six months of the year, but in only 37 companies — a third of what they did in the last year. The value of the largest deal this year to date has been in Euler Motors, which raised $75 million from the UK government climate fund British International Investment, a development finance institution of the UK government, and Hero MotoCorp in May of this year. The top five deals (which collectively received $188 million) until now accounted for over 68 per cent of the total PE/VC investment. Explaining the trend, Vasudha Madhavan, founder and chief executive officer of Ostara Advisors — which has facilitated deals worth over $125 million in the climate tech space, where they have focused exclusively for the past four years — says that they get a lot of demand for organising investments from startups in this space — ranging from agritech firms working on smart regenerative practices, Internet of Things-based models to make places and buildings more energy efficient, electric mobility, and companies in the recycling space, etc. But, says Madhavan: 'Only a few make the cut. One of our key criteria is that the company should be in a position to raise $2-4 million. Only then do we take them to the larger fund audience and support them at a strategic level. We come in at the Series A level — when the company is generating $2-4 million in annualised revenue and has some visibility towards profitability, even if it is at the earnings before interest, tax, depreciation, and amortisation level.' She also points out that government policy support helps in making investors comfortable — for instance, Ostara is talking to companies in the solar space, where the government has a big role and a supportive policy. However, despite the problems, some of the key funds that have invested in the tech space include British International Investment (it has done two deals this year already), Zerodha founder Nithin Kamath's Rainmatter Foundation (two deals this year), UK-based EM Impact Capital, an independent investment firm focused on emerging markets (one deal this year), and Zurich-based responsAbility (one deal until now this year), which invests in climate finance and impact-driven startups, among others.
The Hindu
25-05-2025
- General
- The Hindu
Damaged and missing manhole covers are a matter of concern
Damaged, missing or inadequately covered manholes in various parts of Chennai remains a matter of concern, even after many complaints were sent to the Greater Chennai Corporation (GCC). Members of the public have complained about damaged manholes on footpaths and roadsides, and near schools and Metro Rail stations. While cities such as Pune, Ahmedabad, Indore, Nagpur, Surat, and Hyderabad have piloted or implemented Internet of Things-based sensors in manholes to monitor gas build-up and drainage conditions, Chennai is yet to adopt such a technology. A member of the Chennai Corporation Council's Standing Committee (Town Planning) said that at a recent meeting, officials informed that at least 25 additional manhole covers were kept in stock in each region to replace the damaged ones immediately. 'Uncovered drains are dangerous when pedestrians walk at night. Further, owing to sewage entering the storm water drain, mosquito-breeding is rampant, posing a health hazard to residents living close to the exposed manholes,' he said. Zonal officials lax The member, a councillor of the ruling DMK, said that while the Corporation Commissioner attended to the complaints promptly, zonal and ward officials did not act with the same vigour. This was a reason for the delay in implementing projects, including the one to cover all manholes of the storm water drains across the 15 zones in the city. He said that similar to the manhole covers on the roads managed by the Chennai Metro Water Supply and Sewage Board (CMWSSB), the manhole covers on the footpaths, which are looked after by the Greater Chennai Corporation, were uneven. This caused inconvenience to pedestrians. Vendors occupied the storm water drains, and the weight of the eateries damaged the drains and the manhole covers, he added. Prabha K., a resident of the Kodambakkam Zone, said a manhole near the Moopathamman Temple at T. Nagar, was patched with plywood and a slab. He said that he had given a complaint to the Corporation on May 19, stating that the manhole posed a grave threat to pedestrians, especially at night, and requesting that the damaged cover be replaced immediately. Closed with debris Balaji Gopalan, a civic activist, flagged the damaged manhole covers in many parts across K.K. Nagar. He said the manholes were partially closed with construction debris or wooden boards. He also pointed to a manhole in the same area, which was not fully covered. This was unsafe for pedestrians, especially children. A manhole was left uncovered near a matriculation school at CIT Nagar West, said a resident. The matter was taken up with officials earlier this month, but no action was taken, he added. Residents pointed to an uncovered manhole on a footpath on South Canal Bank Road at Mandaveli. This footpath is used by many people. Another broken cover of a manhole along a footpath on 12th Avenue, Ashok Nagar, was reported by a local to the Corporation. it was yet to be set right, the resident said. Online registry A senior official said 1.6 lakh underground drainage manholes in the city are under the Chennai Metropolitan Water Supply and Sewerage Board, while the Greater Chennai Corporation is responsible for about 3 lakh manholes, mostly on the pavements. 'A city-wide mapping of all manholes, which began last year, is still under way. Once the mapping is completed, the Corporation will implement an online registry to monitor the condition of the manholes. The registry will help in real-time tracking and prompt replacement in the event of damage or theft,' the official said. The Chennai Corporation initiated storm water drain projects between August and September 2024, besides repairing and replacing the damaged manhole doors, providing ductile iron gratings, and painting silt catch pits and covers across the Madhavaram, Tondiarpet, Royapuram, Kodambakkam, and Adyar Zones. The projects also included laying of pipes on the 75th Street of R.V. Nagar in Division 139. Another Corporation official confirmed that the survey of the damaged manhole covers was still under way and would likely be completed soon.
