India, Dec. 10 -- Energy transition-focussed venture capital (VC) firm Transition VC has closed its maiden fund at INR 700 Cr over two years after its launch. The SEBI category-II fund would focus on cleantech startups operating in sub-sectors like e-mobility, green hydrogen, energy storage and climate tech.

Till date, the VC firm has invested in 17 startups including CIMware, Comminent, Matel, EMO, HYDGEN, Dynolt, and Promethean. Typically, its average ticket size per investment is in the range of $500K to $1 Mn.

While half of the fund's corpus has already been deployed, it plans on backing eight more startups to take its final portfolio count to 25.

Speaking about its portfolio, the firm said that five of its portfolio startups are c...