‘Tech for good ideas’ are fine, but it is impact at scale that matters: Anjali Bansal, founder, Avaana Capital

Anjali spoke to indianexpress.com about tech for good, the need for impact at scale, startups that are making an impact, and the big problems that need to be solved. Edited excerpts:

Venkatesh Kannaiah: What do you focus on at Avaana Capital?

Anjali Bansal: We invest across the energy spectrum in generation, transmission, and distribution, but at the innovation level rather than at the utility or Commercial & Industrial (C&I) level. These include areas like energy access, smart grids, battery energy storage systems, and new forms of generation. We have even begun exploring nuclear energy, though it is still early days. Biofuels and other emerging energy sources are also part of our focus. In short: generation, transmission, distribution — all of it.

We also work in the food and agriculture sectors, which make up a huge part of the economy and present significant market opportunities. These sectors are ripe for disruption, and we work on themes of food security and supply chain security.

Our third area of focus is supply chain resilience across all the sectors we invest in, including manufacturing, precision engineering, and advanced materials. Advanced materials might be new battery chemistries, biomaterials for packaging, or biomaterials for food. Much of what we do falls into the deep tech domain, though we occasionally invest in other areas too. Our focus is on both product and process innovation in deep tech, materials, manufacturing, energy, supply chains, and agriculture.

Venkatesh Kannaiah: Is there a change from your earlier focus on climate tech and sustainability?

Anjali Bansal: It is not a change., We have simply gone deeper. Think of it as peeling away labels, because labels are becoming increasingly confusing. If you look under the hood, nothing has changed. Our core focus remains the same. We are focused on core innovation, which could be product innovation or process innovation. Some of our companies might focus on one or end up doing both. To put it simply, we are returns-led, with impact built in.

Venkatesh Kannaiah: Can you explain your idea of impact?

Anjali Bansal: For us, impact needs to be mainstream. Take the case of microfinance, which started in the mid-nineties. Earlier, it was development-oriented and to a large extent led by philanthropic capital. But if you want to have an impact at scale, you have to let enterprises and business models evolve. Now you have Bandhan Bank, Ujjivan, and Equitas.

The same is the case with solar power. The first cycle of solar required a subsidy, and now you don’t need a subsidy. And frankly, in the world, there is no green premium, no green discount. No one will pay you more or accept less, just because you are green.

Venkatesh Kannaiah: How is AI integrated into your operations?

Anjali Bansal: For us, AI is not a sector, it is a tool, much like “digital” was fifteen years ago. Today, everything from better decision-making to analytics will require AI. You might see it in grid management, in accelerating advanced materials development, or in biotech. AI is pervasive, and we apply it wherever it can enhance outcomes.

Venkatesh Kannaiah: Tell us about some of your startups and the problems they are solving.

Anjali Bansal: Let’s start with AmpereHour Energy, which is in the energy space. They are the first large independent battery energy storage systems (BESS) company from India. They manufacture the battery management systems (BMS) and balance-of-system components at the grid scale.

AmpereHour fits into our thesis that it needs to be innovative, and the core technology development needs to happen in India. If you can solve for India, you can build in India for the world. Everything we back must be globally competitive. The Indian market is a great place for experimentation.

AmpereHour’s tech is affordable and accessible, and even outperforms some well-known global players. They are already expanding to Africa. The case is clear. India has a target of 500 GW of renewable installed capacity. To integrate 100 units of renewable energy, you need about 30 units of storage. Storage can come from batteries, pumped hydro, or other novel methods like hydrogen and aluminum. While pumped storage will exist, it is highly capital-intensive. Right now, battery storage is the most flexible and cost-effective option.

In mobility and supply chains, we have backed Kazam, based in Bengaluru. Kazam is the largest interoperable charging provider for two- and three-wheelers (both personal and commercial), and now buses as well. They promote open-access charging networks, integrating across OEMs to create efficiencies for manufacturers, fleet operators, and individual users.

From a grid management perspective, their system helps balance EV charging loads and smoothens fluctuations that would otherwise stress the renewable-powered grid. Kazam sits at the intersection of mobility, supply chain, and energy.

Another example is Enlite, which we recently invested in. Enlite builds building-environment management systems that improve energy efficiency, competing with giants like Siemens, Johnson Controls, and Schneider. They have been adopted across Blackstone’s real estate portfolio and are working with major commercial real estate players in the Global Capability Centres. Given that India’s infrastructure is yet to be built, we see a huge opportunity to build energy efficiency into these assets from the start.

There is Dreamfly Innovations, from Bengaluru. They are building batteries for drones. These are high-power fire-resistant batteries, with a focus on lithium and graphene-based solutions. They resolve issues of overheating, limited flight time, and safety risks of drones. In due course, it would reduce our reliance on imported components.

Venkatesh Kannaiah: Your startups in the agri and biotech space..

Anjali Bansal: In food and agriculture, we have Eeki Foods, based out of Kota, Rajasthan. They have developed a proprietary, patented polymer-based growing chamber, in collaboration with IIT Jodhpur, that maintains a consistent environment for plant root systems. Most controlled-environment farming today focuses on the entire plant, often in energy-intensive greenhouses. Eeki Foods focuses on the roots, allowing them to avoid greenhouses altogether.

This approach is highly energy-efficient. Roots are monitored continuously with IoT sensors, which allows for natural ventilation and sunlight-based photosynthesis without the need for LED lights, heating, or air conditioning.

In Rajasthan’s extreme climate, this system uses 80-90% less water, requires no arable land, and consumes minimal electricity. In India, where land-use competition between manufacturing, agriculture, solar, and housing is fierce, this is significant. They have perfected agronomy for water-intensive crops like tomatoes, cucumbers, green chillies, and eggplants, achieving 4-5 times the yield per acre compared to traditional farming. Unlike many greenhouse-based ventures that end up producing crops like strawberries due to high costs, Eeki’s method produces affordable vegetables year-round.

In alternative and advanced materials, there is GreenGrahi, which produces proteins, functional oils, and bio-inputs from black soldier fly larvae, upcycling food waste to create biofertilisers and pet food ingredients. This approach enhances soil health, increases crop yields, and reduces environmental impact. This is commercial-scale, not cottage industry level, and is part of our thesis that deep tech in tier-2 and tier-3 cities is both possible and globally competitive.

Farmart is India’s largest farm output linkage company, operating in the agriculture sector with a focus on connecting farmers to markets. It is profitable and scalable, already doing forward integration into value addition, food processing, and export. It is part of our broader thesis of building resilient supply chains through technology-driven solutions.

Venkatesh Kannaiah: What global innovations in your space do you think have created a significant impact, and what holds potential?

Anjali Bansal: Tesla, without doubt, has mainstreamed electric mobility. They advanced battery technology, improved safety, and innovated on business models. Their partnership with the US government — a public-private partnership — created the infrastructure for EV adoption. Their work has impacted multiple industries: mobility, batteries and energy storage, public infrastructure, and even policy.

Nuclear energy is another area to watch. The challenge is replacing fossil-fuel baseload power, which renewables alone cannot do yet. The ITER (International Thermonuclear Experimental Reactor) Initiative is making progress in nuclear fusion.

Cooling technology is also critical. In Europe, the challenge is heating; in India and the global south, it’s cooling. Solutions like phase-change materials and heat pumps are emerging, but nothing at scale yet. We are actively scouting this space.

And if you’ve read or seen the film Dune, you’ll remember the “stillsuits” worn in the desert — personal cooling and water-conservation suits powered by advanced material science. That is the kind of leap we need in real life: wearable, energy-efficient personal cooling devices that are actually affordable for the people who need them most — outdoor workers, farmers, labourers.

Venkatesh Kannaiah: How mature is India’s ecosystem for climate and sustainability ventures?

Anjali Bansal: It’s very mature in energy, especially non-fossil and renewable generation. Solar is no longer “new”; it is now at the core. Policy support in India is strong, with mandates, incentives, and tariffs creating clear markets. For example, the blending mandate has built a biofuel industry out of agricultural waste.

Financing is abundant for technologies at Technology Readiness Level (TRL)-7 and above, but risk capital for TRL-3 to TRL-7 stages is scarce. Talent is strong, but the physical infrastructure for piloting and scaling deep tech is lacking. We need more shared facilities like bioreactors, pilot-scale manufacturing labs, and industrial testing environments.

And finally, the Indian industry must support Indian innovation with more partnerships and early adoption.

Venkatesh Kannaiah: What’s your take on the recent shifts in US climate policy and funding?

Anjali Bansal: Every administration prioritises energy security, supply chain resilience, and control over production factors. There could be some capital pullback from “green” sectors, but much of this is part of a broader trend: the breakdown of globalisation. Countries are securing their resources and capabilities.

India’s energy mix decisions differ from the US. We import most fossil fuels, so we need to balance renewables with locally available coal and build domestic manufacturing for batteries, solar components, and more.

Venkatesh Kannaiah: If you could solve one big problem, what would it be?

Anjali Bansal: Let us look at three. I am waiting for a product or process to eliminate fossil-fuel use, whether through round-the-clock renewables, nuclear, or any other solution. I am also looking for a true alternative to plastic packaging with the same functional properties but without environmental harm. I am also waiting for affordable, energy-efficient personal cooling solutions for increasingly hot climates, something closer to a real-world stillsuit from Dune. I would add space technology as an emerging focus with propulsion systems, navigation, and even food production in space.