Philosophy & Opportunity

Impact + returns.
Not a trade-off.

Thesis-driven, bottom-up sector analysis with TRL discipline. We invest seed to Series A — when the product is ready and the team is hunting for product-fit. Every conviction passes three tests.

— 01

The Problem Test

Large, structural, growing problem. Not niche. Not pilot-stage. Measurable in billions.

— 02

The Technology Test

Defensible tech or operational moat. Proprietary IP, process or domain expertise hard to copy.

— 03

The ESG Alpha Test

Green positioning generates real business advantage — lower cost, better access, premium pricing.

The Opportunity

The problem is the opportunity.

60 GT global emissions in 2023. A $3T annual clean-energy gap. India industry & power alone account for 74% of national emissions. CBAM enforcement goes live in 2026. This isn't a niche — it's one of the largest capital allocation moments in history.

$200B+

India energy transition by 2030

30–40%

Mfg. cost vs China

60–70%

Mfg. cost vs USA

$1.17T

Annual transport gap

— Thirteen ESG sectors

Where we deploy conviction.

— 01$28B

EV & Mobility

· Integrated Motor-Controller Systems
· India-Tuned Battery Pack Systems
· Retrofit xEV Platforms

— 02$21B

Energy Storage

· LFP & advanced chemistries
· Long-duration storage
· Flow battery membranes

— 03$25B

Industrial Decarbonization

· Waste Heat Recovery (highest conviction)
· Sector-specific carbon monitoring
· Novel carbon capture

— 04$7.5B

Green Hydrogen

· AEM electrolyser stacks
· Electrolyser power electronics
· Domestic membrane manufacturing

— 05$14B

Built Environment & Infrastructure

· Whole-system HVAC optimisation
· Data-centre thermal management
· Geopolymer cement & alt materials

— 06$14B

Power Electronics

· SiC bidirectional EV chargers · V2G
· GaN power electronics for BoP
· Integrated motor drive controllers

— 07$5B+

Carbon Monitoring

· Sector-specific MRV
· CBAM-grade sensor stacks
· Industrial reporting platforms

— 08—

Circular Economy

· Hydrometallurgical battery recycling
· Bio-based materials
· Second-life EV battery systems

— 09—

Alternative Fuels

· CBG plants with co-products
· E-fuel platforms
· Distributed bio-refineries

— 10—

Advanced Manufacturing & Supply Chain Tech

· Precision manufacturing
· Robotics for industrial use
· Factory automation
· Localized supply chain platforms

— 11—

Data Centers & Energy-Heavy Infra

· Data center cooling
· Energy optimization
· AI infra energy systems

— 12—

Next-Gen Materials

— Underrated but huge

· Green cement / geopolymer
· Lightweight materials
· Thermal materials
· Industrial coatings

— 13—

Digital & Intelligence Layer

· Enabling software & AI platforms
· Optimisation for physical systems
· Infrastructure orchestration tools

Impact + Returns

Institutional returns. Measurable impact. Same portfolio.

Every company in the portfolio is underwritten on three dimensions — financial return, ESG alpha, and system-level impact. We report on all three. Climate outcomes aren't a side-effect of our capital; they're the thesis.

5–10x

Target MOIC

Fund-level

22–28%

Target Net IRR

Net of fees & carry

50M+

tCO₂e avoided

Cumulative portfolio ambition by 2035

₹2,500 Cr+

MSME financing enabled

Via Folks Finance green lending

— Financial

Power-law returns

Conviction-led positions in seed → Series A. Concentrated portfolio. Proactive exit planning.

— ESG Alpha

Competitive advantage

Green positioning that creates lower cost, better market access and premium pricing — not just compliance.

— System Impact

Infrastructure at scale

Each investment is evaluated on avoided emissions, enabled MSMEs, and contribution to India's transition.

Impact + returns.Not a trade-off.