Harsha Moily, the former Karnataka Chief Minister M Veerappa Moily’s son, is set to launch a $200 million venture capital (VC) fund that will focus on the new climate technology sector. The fund will focus on promising enterprises and platforms from India as well as Israel working on green buildings, sustainable agriculture, alternative energy, and energy storage. The focus is climate-smart enterprises.
The VC has 4 general partners and up to 5 investors who will close the deal in December. Moily has over two decades of experience across domains of private equity, infrastructure, and agribusiness. He founded ‘Moksh Yug’ back in 2006, which is a microfinance platform working with dairy farmers.
The VC will not support wind, solar, or hydropower initiatives, since it involves heavy use of fossil fuels at some stage in the supply chain and the heavy waste generation associated with it. They will in turn focus on nuclear plants that use depleted Uranium.