Energy transition-focused venture capitalist Transition VC has launched its first fund with a target fund size of Rs 400 crore.

The firm will make seed investments in startups across industries transitioning to electric vehicles, green hydrogen, energy storage and net-zero emissions to build climate technology solutions.

Tickets range from $500,000 to $1 million (roughly Rs 4-8 crore), and the VC hopes to back as many as 40 early-stage startups over the next three years, the VC said in a statement on Wednesday.

“Transition VC, India’s first energy transition-focused venture capital fund, has launched its first fund with a target fund size of Rs 400 crore, which also includes a greenshoe option of Rs 200 crore,” said.

The Bengaluru-based VC recently received Sebi’s approval for the fund and plans to complete its first close by the end of 2022. The fund was established last year. Apart from investing in Indian startups, the fund intends to allocate 25% of its capital to global startups.