India Climate-Tech Map / Graduation Funnel
Graduation Funnel
Of India climate-tech companies that raised Seed in year N, what percentage reached Series A? Series B? By sub-sector and cohort year.
Methodology note: India's climate-tech VC ecosystem is nascent. Cohort sizes are small, and some years have fewer than 5 seed rounds per sub-sector. Graduation rates are computed within this dataset only: a company that raised Series A without press coverage in approved sources may show as 0%. Only cohorts with N≥3 seed companies are shown by default. Use directional patterns, not precise benchmarks.
The read
Transportation shows the highest and fastest graduation rates: the 2022 cohort converted 33% to Series A and 17% to Series B within two years, anchored by River (Yamaha). Food & Agriculture 2021 and 2022 cohorts show ~43–50% Seed→A conversion, driven by precision agri companies with defensible data moats. The most striking finding is Industrial Decarbonisation: no cohort has produced a single in-dataset Series A graduation, consistent with the longer capital cycles and higher technical risk in hard-to-abate sectors. Carbon & Climate Management's 2022 cohort graduated well (67%), but the 2023 cohort has yet to produce any follow-on, either still on runway or reflecting a market reset after the voluntary carbon market downturn.
Seed cohort
Reached Series A
Reached Series B
Strongest cohort in the dataset: 4/6 reached Series A, 4/6 reached Series B. Two companies (EMotorad and The ePlane Company) bypassed Series A entirely — going from Seed directly to Series B — a pattern unique to this sub-sector's momentum. Exponent Energy and Kazam both reached Series B within 3 years of their Seed rounds.
Seed cohort
Reached Series A
Reached Series B
2/3 reached Series A (67%). Celcius Logistics (cold-chain logistics) reached Series B in 2025, the only food & agri company in this cohort to do so. Evo Foods (alt-protein) has not raised a follow-on in the dataset. Note: Evo Foods Pre-seed was a very small check (pre-product stage) — cohort skews toward agri-infrastructure plays that have clearer revenue models.
Seed cohort
Reached Series A
Reached Series B
50% Series A conversion — below the 2021 cohort. EVage and Minus Zero have no follow-on rounds in the dataset. Turno (EV3W marketplace) and Clean Electric (fleet charging) both graduated to Series A by 2024. No Series B conversions yet from this cohort.
Seed cohort
Reached Series A
Reached Series B
Weak cohort: only 1/5 reached an explicit Series A (Eeki Foods). AquaExchange (aquaculture marketplace) bypassed Series A and went directly to Series B in Mar 2026 — an unusual path. Loopworm (insect protein) raised a Pre-Series A bridge in Jul 2025 (a positive signal) but has not reached a formal Series A yet. Shaka Harry (plant-based) and GreenPod Labs (post-harvest tech) have no follow-on rounds in the dataset. The low graduation rate suggests alt-protein and post-harvest plays face longer commercialisation timelines than initially expected. Note: Cercle X (waste aggregator) was previously miscategorised here — it is tagged Industrial Decarbonisation in the dataset and is counted in that sub-sector's cohort.
Seed cohort
Reached Series A
Reached Series B
3/4 reached Series A (75%). SolarSquare is the standout: it raised a $4.2M Seed in Jun 2022, followed with Series A (Nov 2022) just 5 months later, and reached Series B ($40M, Lightspeed + Lightrock, Dec 2024). Aerem (solar financing) reached Series A ($12M, BII + SE Ventures) in Apr 2025. Offgrid Energy Labs (zinc-gel storage) reached Series A ($15M) in Sep 2025. EdgeGrid (DER software) remains pre-Series A. Note: Newtrace (green hydrogen electrolyser) was previously in this cohort but has been reclassified to Industrial Decarbonisation — its primary addressable market is industrial green hydrogen, not energy generation.
Seed cohort
Reached Series A
Reached Series B
0/3 reached Series A in this dataset. Metastable Materials (lithium-ion solid-state batteries) and BatX Energies (lithium battery recycling) raised Pre-Series A bridges but no confirmed A round in the dataset. Cercle X (industrial waste aggregator marketplace) has no follow-on at all. Technology risk and long development cycles in recycling make Series A conversion harder than asset-light marketplace models.
Seed cohort
Reached Series A
Reached Series B
0% Series A graduation so far — all three (StepChange, Breathe ESG, sentra.world) have no follow-on in the dataset. This likely reflects the 12–18 month runway still playing out: 2023 seed companies would naturally be fundraising for Series A in 2025–2026. It may also reflect genuine difficulty — sustainability reporting and carbon intelligence platforms face commoditisation risk as large incumbents launch competing products.
Seed cohort
Reached Series A
Reached Series B
0% Series A graduation (n=4). DigitalPaani and Uravu Labs have raised Pre-Series A bridge rounds but no confirmed Series A yet. Smarter Dharma (sustainability SaaS for real estate, Seed Oct 2023 from Rainmatter + Gruhas) and Solinas Integrity (water pipeline inspection robots, Seed Jun 2023 from Neev Fund + Rainmatter) both have no follow-on rounds in the dataset. Built Environment remains the weakest graduation sub-sector — dominated by Series A+ entrants (Smart Joules, INDRA Water, Ecofy) rather than seed-to-A graduates.
Seed cohort
Reached Series A
Reached Series B
n=3. Moonrider (autonomous electric delivery vehicles, Seed Jan 2025) reached Series A by Dec 2025 — an 11-month seed-to-A pace, the fastest in this cohort and a strong signal for autonomous last-mile logistics. VoltUp (EV charging, Seed Jan 2025) and Dreamfly Innovations (drone battery systems, Seed Feb 2025 from Avaana + Sunicon) have no follow-ons yet. 1/3 Series A graduation rate so far.
Seed cohort
Reached Series A
Reached Series B
n=3, too early (all raised 2025). Covers three distinct sub-categories: Fragaria Fruits (fresh fruit indoor farming, Seed Oct 2025 from WEH Ventures + Rainmatter), Green Grahi (insect-based biotech / black soldier fly protein, Seed Apr 2025 from Avaana + Huddle + Blume — largest-ever India insect-biotech seed), and High Time Foods (shelf-stable alt-protein for B2B HoReCa, Seed May 2025 from Avaana). Graduation signals expected 2027.
Seed cohort
Reached Series A
Reached Series B
n=3, too early (all raised 2025). Vimano (nanotech membranes for energy storage, Seed anchored by Ankur Capital), Stride Green (renewables asset financing SaaS, Seed from Micelio + Incubate Fund), and Arkle Energy Solutions (grid-scale energy storage, Seed Mar 2025) cover energy storage and grid infrastructure themes. Graduation signals expected 2026–2027.
Seed cohort
Reached Series A
Reached Series B
n=4 but too early (all raised 2025; < 12 months elapsed). Green chemicals and synthetic biology dominate — Dashamlabs, Cellarim Labs, Climitra, and Lemnisca. Theia Ventures and Momentum Capital are the most active early backers. Note: Beyond Renewables and Recove (solar module recycling) were previously listed here but are tagged Circular Economy in the dataset and counted in that sub-sector's 2025 cohort. Graduation signals expected 2026–2027.
Seed cohort
Reached Series A
Reached Series B
n=4 but too early (all raised 2025). Covers two sustainable-materials plays — Zerocircle (seaweed-based plastic alternatives, Seed Jan 2025 from Rainmatter + 1Crowd) and Alt Mat (agricultural-fibre textiles for fashion, Seed Oct 2025 from Rainmatter + H&M Group + Fashion for Good) — plus two solar module recycling plays — Beyond Renewables (Seed Oct 2025) and Recove (Seed Sep 2025). No follow-ons yet across any of the four. Graduation signals expected 2027.
Seed cohort
Reached Series A
Reached Series B
n=4 but too early (all raised 2025). Equilibrium (full-stack carbon removal) attracted Kalaari, Peak XV, and Avaana at Seed — an unusually strong lead trio for a 2025 pre-revenue company, signalling high expectations. SatLeo Labs progressed to Seed in Apr 2026 (from Pre-seed in Apr 2025) — an internal graduation within the entry stage. Graduation signals for Series A expected 2027.
Graduation rates computed within this dataset only. A company's Series A may exist but not appear here if coverage in approved sources is incomplete. Seed year is assigned by the earliest Seed or Pre-seed round in the dataset. Series A graduation is detected if any Series A round appears for the same company name.