In this episode, I’m joined by Simmi Sareen and Shravan Shankar, co-founders of Climake, a climate finance platform and advisory, to talk about their fifth annual report on the state of climate finance in India – 2025 edition.
In 2024, equity capital deployed reached $9.4 billion, about double from the previous year, with public markets absorbing 60 percent of all funding. Simmi and Shravan also talk about some consequential shifts: such as the emergence of a public capital ecosystem that routes money to climate solutions that can be vital while not being attractive to venture capital investors.
The two co-founders have formally tracked this evolution ever since they founded Climake in the middle of the Covid pandemic, and much longer in various capacities before that. Simmi brings to Climake two decades of mainstream finance experience, including at a global investment bank, and she’s previously built a climate-focused fintech and debt platform.
Shravan has built his career across sustainability policy, innovation ecosystems, and climate entrepreneurship. Their annual State of Climate Finance reports are increasingly widely accepted in the industry as investor look at India-specific decisions.
In this conversation they talk about what their fifth report reveals: a $2 trillion capital requirement through 2035, a substantive shift toward adaptation financing, and the expanding role of public markets in sectors like wastewater treatment and solar components that aren’t attractive from a VC’s perspective.
The discussion spans emerging technologies from sustainable fuels and flow batteries to seaweed-based biochar solutions, the persistent gaps in growth-stage capital for asset-heavy climate enterprises, and how adaptation will reshape investment contours as it becomes increasingly urgent.
