Persistence Can Transform Climate-Tech Markets, Says Founder & CEO Vasudha Madhavan

Operating in finance and energy both traditionally male-dominated sectors meant navigating the gender gap that still exists in venture capital and investment ecosystems. There were moments where biases were evident, but I approached them by focusing on outcomes, building credibility through a strong track record and supporting others along the way.

I have also made it a priority to mentor women entering the industry through platforms like Aspire For Her, while using visibility to encourage broader representation. What ultimately helped us stand out was our hands-on approach working closely with founders to refine their value propositions, conducting rigorous market research, developing high-impact investor materials and connecting them with the right global investors.

The biggest lesson has been that being early in a new sector requires persistence, but with clarity, consistency and a mission-driven approach, it’s possible to shift both markets and mindsets.

The pivot toward climate-tech was largely inspired by my experience leading the acquisition of Ampere Vehicles by Greaves Cotton. That deal was a turning point, it highlighted the enormous potential of India’s electric mobility sector, but it also exposed a critical gap in the ecosystem. Many climate-tech founders were building powerful, innovative solutions, yet they struggled to access the right kind of capital.

At the same time, investors were interested but often lacked the sector knowledge and confidence needed to invest in emerging climate technologies. After the deal, I began hearing directly from founders facing these challenges, and it became clear that while innovation was accelerating, there wasn’t a dedicated platform with deep technical and sector expertise to guide capital effectively into climate-tech.

That realisation led to the creation of Ostara Advisors, India’s first investment bank focused entirely on climate-tech, including electric mobility, energy storage, and the broader energy transition. Our goal was to bridge the gap helping founders raise strategic capital while equipping investors with the insights needed to back the right opportunities. To young women aspiring to build careers in climate finance, clean energy, or sustainable entrepreneurship, my message is that this is one of the most important and opportunity-rich sectors of our time.

Don’t be discouraged if the ecosystem seems complex or male-dominated, expertise, persistence and a mission-driven mindset can create real impact. The climate transition needs diverse leadership, and there is immense scope for women to shape how capital, technology, and policy come together to build the next generation of sustainable businesses.

Over the past five years, investor interest in India’s electric mobility and decarbonisation sectors has accelerated sharply, moving from early-stage experimentation to large-scale capital deployment. In about 2020–2021, investments were largely concentrated in EV start-ups (two-wheelers, fleet electrification, and charging infrastructure) backed by venture capital testing market viability.

Since then, policy clarity, incentives and growing domestic demand have strengthened the ecosystem across batteries, charging networks, mobility platforms, and climate-tech solutions. By 2023–2025, institutional investors including global private equity and infrastructure funds, sovereign funds and corporate venture funds have begun treating these sectors as long-term infrastructure and energy transition opportunities in India rather than just venture bets.

At the same time, the decarbonisation theme has broadened beyond EVs to include renewable energy integration, energy storage, circular economy, carbon markets and industrial decarbonisation technologies. Investors are increasingly focusing on scalable business models with clear unit economics and policy alignment, while also looking at platform plays that link mobility, energy, and digital infrastructure.

As a result, deal sizes have grown, growth-stage funding has become more common and partnerships between global climate funds, development finance institutions and domestic investors are shaping the next phase of capital flow into the energy transition ecosystem.

One of the biggest bottlenecks Indian climate-tech start-ups face today is access to the right kind of capital, particularly for technologies that sit between early innovation and large-scale infrastructure deployment.

While venture funding has supported EVs, mobility platforms and some software-driven climate solutions, hardware-heavy segments such as advanced batteries, grid-scale storage, carbon capture and industrial decarbonisation often require longer gestation periods and patient capital.

Many start-ups struggle to secure growth-stage or project finance once they move beyond pilots, creating a “valley of scale”. Although government initiatives like Start-up India and sectoral incentives such as the Production Linked Incentive Scheme have improved the landscape, gaps remain in blended finance, risk-sharing mechanisms and domestic institutional capital willing to fund first-of-a-kind climate infrastructure.

Another major challenge lies in policy predictability, infrastructure readiness and market adoption across different parts of India. Climate-tech businesses often depend on evolving regulations such as carbon markets, energy storage mandates, EV charging standards, or green hydrogen frameworks which can take time to stabilise and vary across states. In parallel, infrastructure constraints like grid capacity, charging networks, and supply chains for critical minerals or components can slow deployment.

Finally, technology readiness and customer adoption remain uneven: many solutions require integration with legacy energy and industrial systems and large buyers tend to adopt new climate technologies cautiously due to cost sensitivities and operational risk. Together, these factors make scaling slower and more complex compared to purely digital start-ups.

Ensuring greater participation of women across the climate ecosystem in India requires expanding the pipeline at multiple levels entrepreneurship, capital allocation, and policy leadership. One of the most effective steps is increasing access to networks, mentorship, and targeted funding for women building climate-tech and sustainability ventures, particularly in sectors like clean energy, mobility and circular economy where technical and capital barriers are high.

Dedicated climate-focused funds with gender mandates, accelerator programmes and leadership fellowships can help women transition from operators and researchers into founders and fund managers. Equally important is improving representation in investment committees and boards, as capital allocation decisions significantly influence which climate solutions scale. We need more women in decision-making positions across the board.

At the policy and institutional level, governments, development finance institutions, and industry bodies can play a catalytic role by embedding gender inclusion into climate and energy transition frameworks. This includes encouraging more women in regulatory bodies, advisory panels and public climate funds, as well as supporting education and career pathways in STEM, climate finance, and public policy.

Visibility also matters highlighting successful women leaders across climate-tech, infrastructure investing, and sustainability policymaking helps normalise their presence in decision-making roles.

Over time, a combination of capital access, institutional representation, and ecosystem support can ensure women are not just participants but key architects of India’s climate transition.