TLDR:
- A new $125 million venture fund, Synapses, has been launched by former IFC executive, Ruchira Shukla, and startup VC, Karthik Chandrasekar.
- The fund will focus on STEM-based solutions for climate change and health challenges, aligning with the Government of India’s goals for research and development.
Article Summary:
Former South Asia head of technology investments at International Finance Corporation (IFC), Ruchira Shukla, and Karthik Chandrasekar, partner at early-stage venture fund Sangam Ventures, have announced the launch of a new $125 million venture fund named Synapses. The fund aims to identify and support STEM-based solutions for climate change and health-related challenges, in line with the Indian government’s efforts to position India as a global research and development hub and meet its Nationally Determined Contributions (NDCs) under the Paris Agreement.
According to the founders, Synapses is built on the belief that science and technology are key to solving these challenges at scale. The fund aims to deliver 5-7x returns at the fund level. With India targeting a 45% reduction in the emissions intensity of its GDP by 2030 and significant increases in non-fossil fuel-based energy resources, Synapses sees the need for STEM innovations to enable large-scale decarbonization and climate adaptation.
India requires over US$ 170 billion annually in climate finance to meet its NDCs. Synapses intends to commercialize innovations that sit at the intersection of STEM-innovation and infrastructure-like solutions required for climate and health challenges. The fund aims to drive both financial returns and positive impact through its investments in startups focused on addressing climate change and healthcare challenges.
